楼盘描述
位于美国纽约州锡拉丘兹的房产。
Snowdon公寓是1902年阿基米德·罗素（Archimedes Russell）的原创作品，它是一块具有无限潜力的历史瑰宝。它位于詹姆斯街（James Street）和伯内特大道（Burnet Avenue）的拐角处，81号州际公路（Interstate 81）对面，是通往锡拉丘兹（Syracuse）市中心的大门。这里的租户步行即可到达锡拉丘兹市中心的所有设施场所，其中就包括了历史悠久的军械库广场（Armory Square）和Landmark 剧院、盐城市场（Salt City Market）、埃弗森艺术博物馆（The Everson Museum of Art）和伊利运河博物馆（The Erie Canal Museum）。这栋物业位于经济机会区域内，使其有机会为历史复垦和潜在的再开发寻求资助。这座六层砖结构建筑坐落于四英尺厚的石灰岩地基上，并由两座呈楔形的主翼组成。它带乔治亚复兴风格的建筑元素，如弓形门面、竖排阳台和锻铁露台等，都呈现了一种美学魅力，使其看起来仿佛凝固了时间。在20世纪30年代经济大萧条时期，Snowdon曾一度沦为酒店住客的避难所，后也被改建成拥有175个单人间（SRO）的住宅建筑。目前，该建筑的居住群体仍以租户为主，但由于锡拉丘兹市仍需要6000套低收入住房，因此短期内租房的需求量不会降低。随着城市内中产阶级化的影响，周围社区的发展也变得稳定，在改建之下，Snowdon公寓也将迎向恢复其昔日辉煌的机会。
它由175个可出租单位组成，增值潜力几乎是无限的。这里有25间两居室、62间一居室和88间单人间，同时配有宿舍式公用厨房和卫生间。这个物业最初是20世纪之交，锡拉丘兹市中心首屈一指的豪华建筑，只是在大萧条时期被改建为面向低收入租户的单人间（SRO）住房。如今，这里的主要租户群体仍然是领取某种形式社会服务津贴或接受政府援助的低收入群体。
锡拉丘兹市虽然拥有丰富的工业历史，但它的房地产市场已成过去，从更大的市场指数来看，租金与房地产价值之间的关系并不合理。这笔交易的真正关键在于该地区经济生态系统中一个主要商业驱动力的进入。美光科技（Micron）是全球第三大半导体制造公司。由于供应链中断和国家安全等问题，许多世界领先的先进制造公司都慢慢将业务迁回美国本土。2011年11月，美光科技宣布在北锡拉丘兹郊区的克莱（Clay）区域开发一个主要制造中心，并为其基础设施投资了1000亿美元。这是美国历史上同类投资中规模最大的一笔，并对锡拉丘兹大都市区产生了变革性的辅助影响。联邦政府正在根据这一进展开展人口迁徙研究，许多专家更将锡拉丘兹市称为“新美国深圳”。
这个物业非常有竞争力，它的利率上限为11.25%，预计2024年的净营业收入（NOI）为1440000美元。锡拉丘兹市场的租金收入每年都保持着10%的良好增长率，这相当于第一年的偿债覆盖率（DSCR）为1.41，预估年应计率为每年0.14.
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The Snowdon is an original 1902 Archimedes Russell, a historical gem that is truly a diamond in the rough with unlimited potential. It is located on the corner of James Street and Burnet Avenue across from Interstate 81, the colloquial gate to Downtown Syracuse. Tenants are within walking distance to all the amenities that Downtown Syracuse has to offer including historic Armory Square and Landmark Theatre, Salt City Market, The Everson Museum of Art, and The Erie Canal Museum. The property is located within an economic opportunity zone which will allow for the opportunity to seek grant funding for historical reclamation and potential redevelopment. The six-story brick structure sits on a four-foot-thick limestone foundation and consists of two main wings appointed in a wedge-shaped fashion. Elements of Georgian Revival style architecture such as bow fronts, vertical rows of balconies and wrought iron terraces note an aesthetic of charm in such a way that makes the Snowdon almost appear as if it were frozen in time. The Snowdon fell plague to transient hotel residents during the down economy of the 1930’s Great Depression era and was converted to a 175-unit SRO (single room occupancy) style of housing. This tenant base still makes up the population of the building, but with a need for 6,000 more low-income housing units in the city of Syracuse there will not be a shortage of tenants anytime in the near to medium term future. As the surrounding neighborhood becomes stabilized due to the ancillary effects of gentrification within the city opportunity will be rife to restore The Snowdon to its former glory through reconstruction into luxury high end apartments worth of the beauty and significance of such a property.
Consisting of 175 rentable units the possibilities for value add are virtually unlimited. There are 25 two bedrooms, 62 one bedrooms, and 88 single rooms with dormitory style shared kitchens and bathrooms. Initially built as the premier luxury building for center city Syracuse at the turn of the 20th century, the property was converted to SRO (single room occupancy) housing for low-income tenants during the Great Depression Era. The mainstay of the tenant base today is still low-income tenants that receive some form of social services benefit or government assistance.
Syracuse, while having a rich industrial history, is a bygone property market where rent to property value does not make sense when looking at greater market indices. The true crux of this deal is the entry of a major commercial driver to the area’s economic ecosystem. Meet Micron, the third largest semiconductor manufacturing company internationally. Due to supply chain disruptions and national security concerns, many of the world’s leading advanced manufacturing companies are relocating their operations back to the territorial United States. In November, 2022 Micron announced a $100 billion infrastructure investment to develop a major manufacturing hub in the North Syracuse suburb of Clay. This is the largest investment of its kind in United States history and will be transformative in an of the ancillary effects it has on the metropolitan area of Syracuse. The Federal Government is instituting a study on population migration based on this development and many experts are calling Syracuse the “New American Shenzen.”
Being offered at a highly competitive 11.25% cap rate, the property boasts a projected NOI for 2024 of $1,440,000. The Syracuse market has a healthy growth rate for rental income at 10% year over year. This equates to a first year DSCR of 1.41 with a projected annual accrual rate of .14 per year.
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