| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Good |
| Demographics | 37th | Poor |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 318 Schaffer Ave, Syracuse, NY, 13206, US |
| Region / Metro | Syracuse |
| Year of Construction | 1980 |
| Units | 24 |
| Transaction Date | 2005-06-06 |
| Transaction Price | $750,000 |
| Buyer | BROOK MANOR REALTY LLC |
| Seller | KNAPP WAYNE |
318 Schaffer Ave, Syracuse — 24-Unit Multifamily
Steady renter demand and above-median neighborhood occupancy suggest durable cash flow potential, according to WDSuite s CRE market data. With 1980 construction in a corridor dominated by older stock, the asset can compete on functionality while leaving room for targeted upgrades.
The property sits in a suburban Syracuse neighborhood rated A- and ranked in the top quartile among 247 metro neighborhoods, per WDSuite. Neighborhood occupancy is solid and above the national median (65th percentile), a supportive backdrop for stabilization and lease retention at this scale.
Vintage positioning is favorable: built in 1980 against a neighborhood average year of 1947, the asset is newer than much of the nearby housing stock. That typically reduces near-term capital surprises compared with pre-war buildings while still offering value-add potential through modernization of interiors and systems as needed.
Daily-life access is mixed. Restaurant and cafe density ranks in the top quartile locally, with parks and pharmacies also comparatively accessible, but grocery options are thinner in the immediate area. Investors should plan around this amenity mix when marketing to residents who prioritize quick-service dining and convenience over full-service grocers.
Tenure dynamics point to a viable renter base. Within a 3-mile radius, a majority of housing units are renter-occupied, supporting depth for workforce-oriented leasing. Neighborhood rents sit near the national midpoint, and the local rent-to-income picture indicates manageable affordability pressure, which can aid renewal rates while limiting near-term pricing power.
Demographics within 3 miles show modest population growth historically and projections for a larger household count over the next five years, implying a smaller average household size and a broader renter pool. These trends, based on WDSuite s commercial real estate analysis, support occupancy stability more than outsized rent growth.
Safety indicators are mixed and best viewed in context. Overall crime levels track close to the national middle, with the neighborhood s rank positioned around the metro average among 247 Syracuse neighborhoods. Property-related offenses compare weaker nationally, yet recent year-over-year trends show improvement.
According to WDSuite, estimated property offense rates declined over the past year, and violent offense trends improved notably, placing the neighborhood in a stronger improvement tier nationally. For underwriting, this suggests monitoring is warranted, but recent directionality is constructive relative to many peer areas.
Nearby employers such as ADP, WestRock, and Frontier Communications provide a diversified employment base that supports renter demand and commute convenience for workforce tenants.
- ADP Syracuse corporate offices (3.8 miles)
- WestRock corporate offices (4.3 miles)
- Frontier Communications corporate offices (41.9 miles)
This 24-unit, 1980-vintage asset offers a practical balance of stability and upside. Neighborhood occupancy is above the national median and the area ranks in the top quartile among 247 Syracuse neighborhoods, indicating competitive fundamentals for resident retention. Against an older local housing base, the property s later vintage enhances competitiveness versus pre-war stock, while selective renovations can unlock value.
Within a 3-mile radius, a majority-renter landscape and projections for household growth point to a larger tenant base and supportive leasing conditions. Home values are comparatively low for owners in the immediate area, which can create some competition from entry-level ownership; however, the concentration of renters and steady employment anchors nearby underpin consistent demand. According to CRE market data from WDSuite, neighborhood rents and affordability sit near the national middle, favoring stable occupancy over outsized rent growth.
- Above-median neighborhood occupancy supports cash flow durability
- 1980 construction competes well versus older local stock; targeted upgrades can add value
- Majority-renter 3-mile area and household growth expand the tenant base
- Amenity mix favors dining and convenience; limited grocery options to consider for positioning
- Risk: low home values may compete with rentals; safety metrics improving but require monitoring