The Snowdon
175-unit multi-family apartment building with off-street parking
Marketing description
408 James Street is a six-story, 175-unit multifamily apartment building located in Syracuse, New York. The offering includes off-street parking and an additional parcel at 106 Burnet Avenue (Tax Map No. 103.-03-01.0), a surface lot providing approximately 30 parking spaces. Together, the properties present a sizable residential asset with both current income and long-term upside.
Investment highlights
The unit mix includes efficiency units, studios, one-bedroom, two-bedroom, and three-bedroom apartments, as well as Single Room Occupancy (SRO) units, which currently comprise the majority of the building and feature shared kitchens and bathrooms. This configuration provides in-place cash flow while creating a compelling repositioning opportunity.
A significant value-add opportunity exists through the elimination of the SRO units and conversion of the property into approximately 94+ conventional residential apartments. This repositioning strategy creates a clear path toward modernization, enhanced rent stability, and meaningful forced appreciation through transition to a traditional multifamily format, while providing the opportunity to recapture invested equity. The building’s size, configuration, and structural layout offer a strong foundation to successfully execute this conversion.
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