2 FALL ST Seneca Falls NY 13148-1429

CBRE Upstate NY is pleased to offer 2 Fall Street, known as the Lakeview Apartments, in Seneca Falls, New York.​ This is a unique opportunity to redevelop this property to take advantage of its underutilized waterfront potential.​ This property operated as a hospital from 1958 to 1978 and now houses 32 residential units.​ 2 Fall Street consists of roughly 34,000 square feet over three floors and features an updated elevator for tenants’ convenience.​

The property offers significant upside potential, including the addition of 12-15 more residential units in the unfinished sections of the building.​ Dock slips can potentially be installed to allow a buyer to capitalize on the waterfront location.​ Investors will have the rare benefit of income from the current units while they reposition and redevelop the property for additional units.​

+34,462 Square Feet

+1.4 Acres

+Three (3) stories

+Significant upside potential, including the addition of 12-15 more residential units in the unfinished sections of the building

+Recent $96,000 CapEx investment into elevator

+Potential to develop waterfront

+Certificate of Occupancy is transferable and valid through December 31, 2026

• Strong Operational History - Lakeview Apartments is 100% leased and occupied, evidencing the asset's strong positioning within the Seneca Falls market.
• Income Upside - Even with the asset's current operational profile, the opportunity exists-through limited capital improvements - to enhance its revenue profile by raising rents following unit upgrades. Offerd's underwritten renovation scope contemplates renovating all 33 units within the first two years of a hold period, with a targeted return on investment of 16.3%.
• Diverse Regional Economy- Due to the historic nature of the town, tourism is an economic driver for Seneca Falls, bolstered by its proximity to healthcare and educational institutions, as well as the del Lago Resort & Casino.
• Opportunity to Expand - there may be an opportunity to add between 10 and 15 additional apartments in the commercial space, expanding unit inventory by nearly 50%.