| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 35th | Good |
| Demographics | 30th | Poor |
| Amenities | 77th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1033 James St, Syracuse, NY, 13203, US |
| Region / Metro | Syracuse |
| Year of Construction | 1975 |
| Units | 84 |
| Transaction Date | 2021-11-24 |
| Transaction Price | $3,400,000 |
| Buyer | JAMES COURT RENTALS LLC |
| Seller | JAMES COURT REALTY LLC |
1033 James St Syracuse Multifamily Investment
Renter demand is reinforced by a high neighborhood renter-occupied share and rising neighborhood occupancy, according to WDSuite’s CRE market data. Steady neighborhood fundamentals position this 1975 asset to compete for tenants seeking urban-core convenience.
Located in Syracuse’s Urban Core, 1033 James St benefits from dense, day-to-day amenities that support leasing and retention. The neighborhood ranks competitive among 247 Syracuse neighborhoods, with strong access to grocery, restaurants, and cafes (top national percentiles), which enhances daily convenience for residents and reduces reliance on long commutes for essentials.
Neighborhood rents sit below national medians while the renter-occupied share is high, indicating depth in the tenant base and consistent multifamily demand. Neighborhood occupancy is below national averages but has improved over the last five years, a constructive directional signal for operators focused on leasing execution and renewal management.
Within a 3-mile radius, households have grown recently and projections point to further population growth and a smaller average household size over the next five years. For investors, this suggests a larger tenant base and more single- and couple-tenant formations that can support occupancy stability and unit absorption. These demographic statistics are aggregated within a 3-mile radius and provide context for sustained renter pool expansion.
The property’s 1975 vintage is newer than much of the surrounding housing stock, which skews early-20th century. That positioning can be advantageous versus older comparables, while still calling for targeted capital planning (systems, interiors, common areas) to capture value-add upside and maintain competitive standing.
Home values in the neighborhood are lower than national norms, which can introduce some competition from ownership options. However, elevated amenity access and the neighborhood’s high renter concentration can help sustain rental demand and support lease retention for well-managed assets.
Safety metrics for the neighborhood track below national averages, and the area ranks below the metro median among 247 Syracuse neighborhoods. Recent trends, however, show year-over-year declines in both property and violent offense rates, indicating incremental improvement. Investors should underwrite with prudent assumptions, focus on property-level security measures, and monitor submarket trends over time rather than block-level variation.
- WestRock — packaging (3.6 miles)
- ADP Syracuse — payroll/HR services (4.1 miles)
- Frontier Communications — telecommunications (41.5 miles)
Nearby employers in packaging, payroll/HR services, and telecommunications help support workforce housing demand and commute convenience for residents in this urban-core location.
This 84-unit, 1975-vintage property offers a balanced value-add and operations thesis. The neighborhood shows high renter concentration and improving occupancy, while amenity density (grocery, restaurants, cafes) compares favorably at the national level—factors that can support leasing velocity and renewal performance. Based on CRE market data from WDSuite, neighborhood rents trend on the more attainable side, which can help sustain absorption and reduce exposure to demand volatility.
Forward-looking 3-mile demographics indicate population growth and a shift toward smaller households, expanding the renter pool and supporting occupancy stability. Against a backdrop of older nearby housing stock, the asset’s vintage can compete effectively with targeted renovations and system upgrades. Key risks include safety metrics below national averages and potential competition from lower-cost homeownership; disciplined underwriting and focused property management are important.
- High renter-occupied share and improving neighborhood occupancy support demand depth
- Dense amenities (grocery, dining, cafes) reinforce leasing and retention
- 1975 vintage offers value-add potential versus older local stock
- 3-mile projections point to renter pool expansion and occupancy stability
- Risks: below-average safety metrics and competition from ownership options