8991 Morris Rd Extroute 31, Canastota, NY 13032

Description

6-Unit Multifamily Investment Opportunity – Offered at $295,000

This six-unit multifamily property offers an excellent value-add investment in one of Central New York's strongest rental markets. Conveniently located near Oneida Lake, Sylvan Beach, Turning Stone Resort Casino, multiple marinas, and the New York State Thruway, the property benefits from strong year-round rental demand.

The 6,250± square-foot building includes one two-bedroom apartment and five oversized one-bedroom units, each with spacious living areas and full kitchens. Approximately 90% rebuilt in 1991, the property also features ample off-street parking and a large yard.

At current market rents of $1,000–$1,250 per month, projected gross annual income is approximately $81,000, with an estimated Net Operating Income (NOI) of $47,200. At the $295,000 asking price, the property offers a projected 16% cap rate, providing exceptional cash flow potential.

With room for continued rent growth, a desirable location, and limited competing inventory, this property presents a rare opportunity to acquire a high-yield multifamily asset with both immediate income and long-term upside.