5-Unit Historic Apartment
For Sale
Contact for pricing
2215 JAMES ST, Syracuse, NY 13206
Historic multifamily property with five apartments in Syracuse’s Eastwood neighborhood.
Property Size3,956 SF
Price / SF$174.17
Days on Market10
Property Features for 2215 JAMES ST
General Information
Standard status
Active
Size
3,956 SF
Class
A
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$49,060
Additional Details
Multifamily Units
5
Building Details
Year Built
1930
Buildings
1
Stories
3
Units
5
Tenancy
Multi
Listing Agency:
Benchmark Realty Advisors, LLC
(585) 303-8017
Listed By:
Mark Chiarenza · License #NY 10491211530
Source:
Crexi
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 12:18AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Benchmark Realty Advisors, LLC
Investment Insights
Based on property information with market context.
Built in 1930, this multifamily property contains five apartments within a historic mansion-style building totaling 3,956 square feet. The asset is located in Syracuse’s Eastwood neighborhood and is presented as a residential income property.
The property is positioned minutes from major regional employers and institutions, providing established proximity to important employment and institutional destinations. Its five-apartment configuration offers a defined multifamily layout within a distinctive historic structure.
The property is positioned minutes from major regional employers and institutions, providing established proximity to important employment and institutional destinations. Its five-apartment configuration offers a defined multifamily layout within a distinctive historic structure.
Key Highlights
- Five apartments in a historic mansion‑style property
- 3,956 square feet of building area
- Built in 1930
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$37,351
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$747,020
$747.0K
Cap Rate 7%
$533,586
$533.6K
Cap Rate 9%
$415,011
$415.0K
Market Conditions
NOI Build-Up for 3,956 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$72.6K $18.36/SF
− Vacancy
−$4.7K −$1.19/SF
EGI
$67.9K $17.17/SF
− OpEx
−$30.6K −$7.72/SF
NOI
$37.4K $9.44/SF
Area
Syracuse, NY
Vacancy
6.50%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$747,020
Cap Rate 7%
$533,586
Cap Rate 9%
$415,011
Alternative Uses
Best Use
Apartment 5plus
$533.6K
$466.9K – $622.5K
NOI $37,351 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$687.5K
$601.6K – $802.1K
NOI $48,125 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
766
Businesses Nearby
Explore this area
Business Placement
Demographics for 13206, NY
16,599
Population
8,460
Households
2
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,049
Density / Sq Mi
$60,314
Median Household Income
$40,429
Median Earnings
$952
Median Rent
$130,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic multifamily property with five apartments in Syracuse’s Eastwood neighborhood.
Where is this apartment building located?
The property is located at 2215 JAMES ST Syracuse, NY.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: Five apartments in a historic mansion‑style property; 3,956 square feet of building area; Built in 1930
