| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Good |
| Demographics | 53rd | Fair |
| Amenities | 32nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 916 State Fair Blvd, Syracuse, NY, 13209, US |
| Region / Metro | Syracuse |
| Year of Construction | 2003 |
| Units | 24 |
| Transaction Date | 2005-06-13 |
| Transaction Price | $6,050,000 |
| Buyer | SNOWBIRDS LANDING LLC |
| Seller | JTJ LLC |
916 State Fair Blvd, Syracuse NY Multifamily Investment
Stabilized neighborhood fundamentals and a 2003 vintage support durable cash flow potential, based on CRE market data from WDSuite. Investor takeaway: steady renter demand with manageable capital planning versus older local stock.
The property sits in a Syracuse metro neighborhood rated B+ and is competitive among Syracuse neighborhoods (rank 76 of 247). According to WDSuite’s CRE market data, neighborhood occupancy trends are in the low-to-mid 90s, indicating resilient leasing even through cycles.
Daily needs are reasonably served with grocery and park access comparing above national medians, while cafes and pharmacies are limited nearby. Average school ratings in this neighborhood track well below national norms, which can modestly temper family-driven demand; investors should emphasize unit finishes and convenience to offset school quality perception.
The 3-mile radius around the asset shows population growth over the last five years with additional gains projected, alongside a rising household count. This points to a larger tenant base and supports occupancy stability over the medium term. Within this radius, about one-third of housing units are renter-occupied, indicating a meaningful renter pool for multifamily leasing.
Home values locally are lower relative to national markets and the value-to-income ratio is modest, which can introduce some competition from ownership options. However, rent-to-income levels appear favorable for renters, aiding retention and providing room for disciplined pricing power. For multifamily property research, these affordability dynamics suggest balanced, sustainable demand rather than speculative growth.
Safety indicators for this neighborhood are near the metro average overall (rank 113 of 247 within the Syracuse metro). Compared nationally, the area sits around the middle of the pack, with property crime metrics weaker than average but recent violent offense trends improving.
WDSuite’s CRE market data shows violent offense rates tracking around national mid-range levels with a recent year-over-year improvement, while property offenses compare less favorably versus national peers. Investors often address this through lighting, access control, and resident engagement, while highlighting proximity to employment and conveniences.
Nearby employers provide a practical commuter base that can support leasing and retention, particularly for workforce and office-oriented households. Key nearby names include ADP and WestRock.
- ADP Syracuse — payroll & HR services (2.8 miles)
- WestRock — packaging & paper products (3.0 miles)
Built in 2003, the asset is materially newer than the neighborhood’s older housing stock, offering competitive positioning versus mid-century properties while still allowing targeted updates for systems and finishes. According to CRE market data from WDSuite, neighborhood occupancy trends have been solid, and 3-mile demographic growth in population and households supports a deeper renter pool and steady lease-up/retention.
Affordability metrics are constructive: rent-to-income appears favorable for renters, while relatively accessible home values suggest monitoring for ownership competition. Limited cafe/pharmacy density and below-average school ratings are operational considerations, but proximity to employers and essential retail, plus stable occupancy, underpin a balanced long-term thesis.
- 2003 vintage competes well against older local stock, with selective value-add potential
- Solid neighborhood occupancy and expanding 3-mile renter base support leasing stability
- Favorable rent-to-income dynamics aid retention and measured pricing power
- Nearby employers (ADP, WestRock) provide a practical commuter tenant pool
- Risks: below-average school ratings, limited certain amenities, and potential ownership competition