| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 33rd | Fair |
| Demographics | 69th | Best |
| Amenities | 36th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 59 State St, Tully, NY, 13159, US |
| Region / Metro | Tully |
| Year of Construction | 1976 |
| Units | 66 |
| Transaction Date | 1997-12-03 |
| Transaction Price | $760,000 |
| Buyer | BELMONT HILL APARTMENTS LLC |
| Seller | --- |
59 State St, Tully NY Multifamily — 66 Units in Syracuse Metro
Rural-suburban fundamentals and strong household incomes point to durable renter demand and retention, according to WDSuite’s CRE market data. Affordability headroom versus incomes supports steady operations while leaving room for targeted value-add.
The property sits in an A-rated rural neighborhood within the Syracuse metro, competitive among local peers and in the top quartile nationally on several livability indicators, per commercial real estate analysis from WDSuite. Local schools average roughly 3.5 out of 5 and rank in the top quartile nationally, a support for family-oriented renter demand.
Renter-occupied housing accounts for roughly 21% of units in the neighborhood, indicating a smaller but stable renter base that can favor tenant retention for well-positioned multifamily assets. Neighborhood occupancy is around the mid-80% range, suggesting leasing depth is present but requires hands-on management and amenity alignment.
Within a 3-mile radius, population has increased over the past five years, and households have grown at a faster pace, expanding the local renter pool. Median household incomes are strong for the region, and rent-to-income levels are low by national standards, which can support occupancy stability and measured rent growth without overextending affordability.
Amenities reflect a rural profile: everyday needs like parks and pharmacies are reasonably accessible and cafes/food options are present but limited at lower densities. Home values are moderate for the region, indicating a more accessible ownership market; for investors, this can mean some competition with for-sale options, making property condition, management quality, and pricing strategy important for retention.
Safety indicators compare favorably against national benchmarks: violent-offense rates trend in the top quartile nationally, while property-offense measures sit near national averages, based on WDSuite’s CRE market data. Recent year-over-year declines in both violent and property incidents point to improving momentum; investors should still underwrite to typical rural-suburban risk management and maintain lighting, access control, and resident engagement to sustain performance.
Regional employment is diversified across packaging, payroll/business services, and telecommunications, supporting commute-friendly renter demand for workforce housing in the south-of-Syracuse corridor. Employers below reflect the nearby drivers that influence leasing and retention.
- WestRock — packaging (19.3 miles)
- ADP Syracuse — payroll & business services (21.9 miles)
- Frontier Communications — telecommunications (32.1 miles)
59 State St offers 66 units with scale for professional management in a rural A-rated pocket of the Syracuse metro. Built in 1976, the asset is newer than much of the surrounding stock and presents practical value-add potential through systems upgrades and interior renovations to enhance competitiveness against both older rentals and attainable ownership. According to CRE market data from WDSuite, household incomes are strong, rent-to-income levels are low, and 3-mile household growth expands the tenant base—all supportive of occupancy stability and measured rent increases.
Balanced underwriting should account for a smaller renter concentration in the neighborhood and an ownership market that’s relatively accessible, which can increase competition for residents. Execution around maintenance, amenities, and leasing strategy will be key to capturing demand from commuters tied to Syracuse-area employers while maintaining retention.
- Income strength and low rent-to-income support pricing power and retention
- 1976 vintage allows targeted value-add to outperform older neighborhood stock
- Household growth within 3 miles expands the renter pool and supports occupancy
- Rural amenities adequate for daily needs; management focus can enhance leasing velocity
- Risk: accessible ownership and a smaller renter base require competitive finishes and disciplined pricing