| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 37th | Good |
| Demographics | 37th | Poor |
| Amenities | 64th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 519 Schaffer Ave, Syracuse, NY, 13206, US |
| Region / Metro | Syracuse |
| Year of Construction | 1987 |
| Units | 24 |
| Transaction Date | 2007-04-24 |
| Transaction Price | $430,000 |
| Buyer | ASAP INVESTORS LLC |
| Seller | SCHAFFER RESIDENCE LLC |
519 Schaffer Ave Syracuse 24-Unit Rental Investment
Neighborhood occupancy sits in the mid-90s and supports leasing stability, while a broader 3-mile renter base and improving safety trends point to durable demand, according to WDSuite’s CRE market data.
This suburban Syracuse neighborhood ranks 50th among 247 metro neighborhoods, placing it in the top quartile locally for overall livability. Amenity density is balanced for daily needs, with restaurants, parks, and pharmacies comparing favorably to many areas nationwide, though grocery options are thinner within the immediate blocks.
For investors, tenure and demand signals are mixed but constructive. Within the neighborhood, the share of renter-occupied housing is modest at roughly one-third, suggesting less direct competition among rentals on the block. However, within a 3-mile radius, renter concentration is higher (around half of occupied units), indicating a deeper tenant base that can support leasing and retention across the subarea.
Occupancy at the neighborhood level is around 94%, above many U.S. neighborhoods and consistent with stable operations. Median contract rents in the neighborhood sit near the middle of national comparisons, while the 3-mile view shows rising household incomes over the last five years and projections for more households by 2028, with smaller average household sizes. Together, these trends suggest an expanding renter pool and support for sustained absorption rather than reliance on broad in-migration.
Ownership costs are comparatively accessible in this part of Onondaga County, which can create some competition with entry-level for-sale options. That said, a rent-to-income ratio near 0.20 indicates manageable affordability pressure for many renters, which can aid lease renewal and reduce turnover risk. Average school ratings in the immediate area are lower, an operational consideration for family-oriented unit mixes, but proximity to employment and daily-use amenities can help sustain demand from workforce renters.
Built in 1987, the property is newer than the neighborhood’s average vintage (1940s). That positioning can be competitive versus older stock, while still warranting attention to aging systems and common-area updates typical for late-1980s assets—often aligning with value-add strategies focused on interiors and energy efficiency.
Safety indicators are mixed and should be contextualized. Overall crime ranks 100th out of 247 Syracuse metro neighborhoods—roughly middle of the pack for the region and near the national middle as well. Property incidents run higher than national norms in this area, but recent data shows a notable year-over-year decline.
Trend momentum is a relative bright spot: estimated violent incidents have decreased sharply year over year, placing the improvement pace among the stronger performers nationally, and property offenses have also moved lower. Investors should underwrite to current patterns but note the directionality, using block-by-block diligence to calibrate security, lighting, and tenant-experience plans.
Nearby employers provide a steady base of workforce renters, with commute-friendly access to corporate services and packaging operations. The list below highlights key names within a manageable drive that can support leasing and retention.
- ADP Syracuse — payroll & HR services (3.8 miles)
- WestRock — packaging & paper products (4.4 miles)
- Frontier Communications — telecommunications (42.0 miles)
The investment case centers on stable neighborhood occupancy, a broader 3-mile renter base, and a 1987 vintage that is competitive versus older housing nearby. Based on multifamily property research from WDSuite, the area’s rent levels and rent-to-income dynamics suggest manageable affordability pressure, which can support retention and cash flow durability, while an expanding household count and smaller household sizes by 2028 point to a larger tenant pool over time.
Counterweights include limited grocery options in the immediate vicinity, lower average school ratings, and property-crime exposure that warrants security planning—mitigated in part by improving year-over-year safety trends. The asset’s late-1980s construction provides a practical runway for value-add upgrades to interiors and building systems to enhance competitiveness and rent positioning against older local stock.
- Neighborhood occupancy near mid-90s supports leasing stability versus national peers.
- Deeper 3-mile renter base and projected household growth expand the tenant pool.
- 1987 vintage offers value-add potential to outperform older neighborhood stock.
- Affordability levels (rent-to-income near 0.20) support renewal and retention strategies.
- Risks: limited nearby grocery, lower school ratings, and property-crime exposure requiring proactive operations.