| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 34th | Good |
| Demographics | 50th | Fair |
| Amenities | 59th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 460 N Franklin St, Syracuse, NY, 13204, US |
| Region / Metro | Syracuse |
| Year of Construction | 1990 |
| Units | 115 |
| Transaction Date | 2010-04-15 |
| Transaction Price | $1,700,000 |
| Buyer | 460 NORTH FRANKLIN STREET ASSOCIATES LLC |
| Seller | FRANKLIN SQUARE HOUSING A SSOCIATES |
460 N Franklin St Syracuse Multifamily Investment
High renter concentration and improving neighborhood occupancy point to durable demand at an institutional scale, according to CRE market data from WDSuite. The location’s amenity density supports leasing velocity without relying on premium pricing.
This Inner Suburb neighborhood carries an A- rating and ranks 41st among 247 Syracuse metro neighborhoods, placing it in the top quartile locally for overall investment fundamentals. Restaurant and café density is strong (nationally high percentiles), reinforcing day‑to‑day livability that can aid resident retention without requiring luxury finishes.
Neighborhood occupancy is measured for the neighborhood (not the property) at a healthy level and has trended upward over five years, based on CRE market data from WDSuite. Renter-occupied housing accounts for a large share of units locally, signaling a deep tenant base that can support stabilized multifamily operations through cycles.
The property’s 1990 vintage is newer than the neighborhood’s older housing stock (average year built is 1927), which can provide competitive positioning versus legacy buildings while still warranting targeted system upgrades or modernization to unlock value-add upside.
Within a 3-mile radius, households have increased in recent years and are projected to expand further alongside smaller average household sizes. This combination generally points to a growing renter pool and demand skew toward smaller floor plans, supporting occupancy stability and steady leasing in line with broader metro trends.
Ownership costs in the surrounding area are relatively moderate by national standards, which can temper near-term pricing power; however, rent-to-income levels in the neighborhood indicate manageable affordability pressure that supports lease retention. Amenity access is a strength (notably restaurants, cafés, parks, and groceries), though limited school performance metrics suggest the submarket competes best for singles, couples, and workforce renters rather than school-driven demand.
Safety indicators are mixed when benchmarked across the Syracuse metro. The neighborhood’s crime rank sits in the lower half of the 247-neighborhood metro distribution, but recent trend data shows meaningful year‑over‑year declines in both property and violent incident estimates, according to WDSuite. Nationally, the area falls below the median percentile, so investors should underwrite prudent security measures while recognizing the improving trajectory.
In practical terms, this translates to a setting where risk management (lighting, access controls, and partnerships with local patrols) can support resident peace of mind and leasing performance. The multi‑year trend improvement is a constructive signal, yet underwriting should remain conservative relative to the broader region.
Nearby corporate offices provide a stable employment base that supports renter demand and commute convenience, particularly for operations and professional services. Key employers include WestRock, ADP Syracuse, and Frontier Communications.
- WestRock — packaging & paper (2.5 miles)
- ADP Syracuse — payroll & HR services (3.6 miles)
- Frontier Communications — telecommunications (42.3 miles)
460 N Franklin St offers 115 units in an A‑rated Inner Suburb location that sits in the top quartile among 247 metro neighborhoods. Strong amenity access and a high share of renter-occupied housing units indicate depth of tenant demand, while neighborhood occupancy has improved over the past five years. The 1990 vintage positions the asset ahead of much of the surrounding housing stock, suggesting competitive appeal with potential for selective renovations to enhance rents and retention.
Within a 3‑mile radius, recent household growth and a projected increase in households alongside smaller household sizes point to renter pool expansion, supportive of steady lease-up and renewal trends. Moderate ownership costs may limit outsized rent premiums, but rent-to-income levels suggest manageable affordability pressure. According to CRE market data from WDSuite, amenity density (restaurants, cafés, groceries, parks) is a local strength, which can reinforce leasing fundamentals over a full cycle.
- Top‑quartile neighborhood fundamentals in the Syracuse metro support durable multifamily demand.
- 1990 vintage offers competitive positioning versus older local stock with value‑add modernization potential.
- High renter-occupied share and growing 3‑mile household counts support occupancy stability and renewal rates.
- Amenity-rich setting bolsters leasing velocity without requiring luxury finishes.
- Risks: below-median national safety benchmarks and moderate ownership costs may temper pricing power; prudent security and disciplined underwriting recommended.