Kaneb Apartments - Massena, NY
Multifamily | 7.46% CAP
Marketing description
90 unit Kaneb Apartment, Massena NY. 81 units are traditional apartments and nine are Airbnb. The units are located in 12 buildings, all located within 1/4 mile of each other. Multiple Cap Ex investments have been made into the properties in recent years, including: new roofs, new kitchens, siding, and floorings. Family-owned and developed. Units are all electric with tenants directly metered. Please see the offering memorandum for more details.
Update: New Job Opportunities in Massena with NYPA Alcoa Agreement
NYPA and Alcoa have agreed to a decade-long power contract that will usher in 50 additional jobs and $145 million in upgrades for the Massena plant—reinforcing its local importance and strengthening the area's economic stability. Alcoa’s Massena facility is a vital economic engine, being one of the longest continuously operating aluminum smelters in the world and a key employer in St. Lawrence County. The investment not only supports job growth but also signals a long-term commitment to the region’s industrial future.
Investment highlights
90 Apartment Units (9 of which are currently used as Airbnb’s) • 154 on-site parking spaces, plus eight garage units • Utilities: • All units are All Electric and separately metered with Tenants paying directly to municipally owned utility company. Low cost electric – just 8.84 cents /kWh. • Tenant Pays : Heat; A/C; Electric; Hot Water. • Landlord Pays : Water; Trash; Sewer (where applicable) • 88 0f 90 units on Public Sewers. • Amenities: • Each units comes with: washer/dryer; dishwasher; full size refrigerator/freezer; range/stove; window A/C unit; hot water tank. • Workout rooms located in 2 Elizabeth Ave and 158 Highland Ave. • Most units have been converted to LVP (luxury vinyl plank) flooring. • Large closets throughout properties, including many walk-in closets.
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