607 James St, Syracuse NY is one of our most recent projects heading down the pipeline. I was approached a few weeks ago by someone who has been a Facebook friend for some time, they told me that an acquaintance of theirs had a project they may be interested in selling. It seems now that most of my deals come to me this way, I don’t seek them out as much as I used to. We have developed a reputation over the years of being the type of real estate investors / developers who always get deals closed and I think it is to our benefit. Though many of the smaller deals that I would have purchased even just last year simply don’t carry as much bang for the buck anymore but I am not one to leave good deals alone. I’ve been pushing these deals to North Shore REI, another fast growing real estate investment company who also happens to be owned by my Brother and Brother in law.
Getting back to the property mentioned previously and the entire point of this post. We don’t get many deals that are completely stripped down inside and ready for new development. This project came to us with a price tag of $1,500,000 acquisition and we estimate a $1,500,000 renovation cost; thankfully this project also came to us with Syracuse NY permit ready architectural drawings. This will speed things up and let us get to work much more quickly when we close. Due to the setup of this building I think it is worth putting a little more attention to detail and using finishes I would not typically use in C class apartments, things like stone countertops. We plan to create 32 industrial loft style apartments in this building and we will be asking a higher rental rate for them. The final rate is to be determined but the proximity to St. Joes is great and I feel that James St has a lot of upwards momentum right now.