Your location is .

Switch to homepage to see content specific to your location?

For Sale property id: 70551967
USD 8,100,000 Mortgage Calculator
USD 8,100,000
400 James Street, Downtown, Syracuse, New York, United States
  • 6363.86 m²
  • Land Size
    0.1 m²
  • Completion Year
  • View
    City view
  • Parking Spots
  • No. of Storeys


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.

Property Features


  • Cooling & Heating
    • • Central Heating
  • Windows
    • • Blinds
  • Floor Type
    • • Carpet
  • Kitchen
    • • Gas Stove
  • Bedrooms
    • • Standard Bedroom
  • Bathrooms
    • • Bath
  • Other Rooms
    • • Entrance Foyer
  • Other Features
    • • High Speed Internet


  • Garden
    • • Backyard
  • Entertaining
    • • Courtyard
  • Exterior Features
    • • Balcony
  • Flooring Features
    • • Elevator

What's Nearby?

Medical Access
University Syracuse University
Park Hanover Square
public transport
Bus Syracuse Metro

Mortgage Calculator

Please set your own values to get your unique mortgage plan

Loan Term


Loan amount


Interest rate

Property Value

* The above information is the average for each state in United States For more details about loans, please send us an enquiry.

Enquire about this property

Disclaimer: Currency shown is based on currency conversion, please refer to actual currency price of the property.

Let us help you find your ideal house