509 Delaware St, Syracuse, NY 13204

This turnkey 2-unit multifamily property offers strong in-place cash flow with minimal operational lift. The asset consists of one 3-bedroom / 1-bath unit and one 2-bedroom / 1-bath unit, both leased and performing.

Current rents are $1,650 for the 3-bedroom unit and $1,350 for the 2-bedroom unit, producing a net operating income of $28,741. At the current pricing, the property reflects a 16.42% cap rate, making it an attractive option for investors seeking high yield with stable income.

The property is fully turnkey, requiring no deferred maintenance or renovation work. It is well-suited for buyers looking for immediate cash flow without a value-add execution phase.

The tenant base consists of government-guaranteed income sources, including Department of Social Services and Section 8 placements. In many cases, rent payments are sent directly to the landlord, providing consistent and predictable income. Upon transfer, the new owner completes a W-9 with the city to ensure rent payments are properly redirected without interruption.

Financing assistance is available. A DSCR lender can be provided for qualified buyers, allowing for a streamlined acquisition process.

This is a simple, high-yield multifamily investment with reliable income, minimal management complexity, and strong downside protection.