Potsdam student housing portfolio
Property Description
Nine student rental houses serving Clarkson University and SUNY Potsdam. There are a total of 49 bedrooms and 21 baths among the buildings. The students sign leases with rental amounts payable in Spring, Summer, and Fall seasons. Electric, gas, water, sewer, trash, internet, landscaping and snow removal expenses are paid by tenants or reimbursed back to the owner. A local site manager operates the nine houses and he is available to stay on for hire by the next owner. Buyer may opt to secure his own manager and seller will allow this additional contract contingency. Seller would assist buyer to locate an acceptable new manager. Currently only one 2 bedroom is not rented for Fall 2023 to Spring 2024. Once it is leased up, the asking price should generate a 12 Cap Rate or better. Located in St. Lawrence County in the north central portion of upstate New York, the tandem cities of Potsdam and Canton are just 10 miles apart with four colleges in this area.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Multifamily type: | Student Housing |
| Price: | $1,460,000 |
| No. of Units: | 49 |
| Cap Rate: | 10.68% |
| Year Built: | 1949 |
| No. of Stories: | 1 |
| Opportunity Zone: | No |
| Price per unit: | $29,796 |
| Property Website | Click Here |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Richard L Will | 3154723000 | [email protected] |
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