58-Unit Apartment
New
For Sale
$4,830,000
304 Court & Alvord Street N, Syracuse, NY 13208
MultiFamily, Syracuse, NY
Property Size25,212 SF
Lot Size0.40 Acres
Price / SF$191.58
Days on Market6
Property Features for 304 Court & Alvord Street N
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
16
Rooms
Bedroom 5, Bedroom 16, Bedroom 6, Bedroom 12, Bedroom 4, Bedroom 3, Bedroom 15, Bedroom 14, Bedroom 8, Bedroom 9, Bedroom 10, Bedroom 13, Bedroom 7, Bedroom 11, Bedroom 2, Basement, Bedroom 1
Parking features
Garage
Exterior features
BlacktopDriveway
Appliances
ExhaustFan, ElectricWaterHeater, GasWaterHeater, Refrigerator, RangeHood
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Syracuse
Middle school district
Syracuse
High school district
Syracuse
Directions
304 Court Street is located on the corner of Court Street and N. Alvord Street
Subdivision
Syracuse City-311500
Standard status
Active
APN
311500-007-000-0012-001-000-0000
Size
25,212 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Annual Amount
66448
Utilities
Heating system
Zoned, Natural Gas, Electric (Heating), Baseboard
Cooling system
Zoned
Water source
Public
Amenities
coin laundry
Building Details
Year built
1965
Floors in Building
3
Number of units
58
Flooring type
Carpet, Varies, Vinyl
Building materials
Cedar
Roof type
Asphalt
Listing Agency:
Candy Costa Real Estate LLC
(315) 505-6609
Listed By:
Candy Costa · License #10491209117
(315) 447-0668
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 27 at 11:06AM
MLS# S1712632
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 58-unit apartment property contains 25,212 square feet on 0.3973 acres and was built in 1965. The unit mix includes 42 studio-style efficiencies, 4 one-bedroom apartments, 10 two-bedroom apartments, and 2 three-bedroom apartments. Residences include full-size refrigerators and electric stoves, while rent includes heat, hot water, and electric. The property has three boiler systems, one hot water tank, zoned heating and cooling, and a combination of vinyl and carpet flooring.
An owner-operated coin laundry adds an on-site service component, and management is available at the property. Additional features include garage parking, a blacktop driveway, public water, an asphalt roof, and cedar construction. The property is located at 304 Court & Alvord Street N in Syracuse, NY 13208.
An owner-operated coin laundry adds an on-site service component, and management is available at the property. Additional features include garage parking, a blacktop driveway, public water, an asphalt roof, and cedar construction. The property is located at 304 Court & Alvord Street N in Syracuse, NY 13208.
Key Highlights
- 58 total apartments with 42 efficiencies, 4 one‑bedroom, 10 two‑bedroom, and 2 three‑bedroom units
- 25,212 square feet on 0.3973 acres; built in 1965
- Rent includes heat, hot water, and electric
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
$238,042
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
4.93%
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%
$4,760,840
$4.8M
Cap Rate 7%
$3,400,600
$3.4M
Cap Rate 9%
$2,644,911
$2.6M
Market Conditions
NOI Build-Up for 25,212 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
$462.9K $18.36/SF
− Vacancy
−$30.1K −$1.19/SF
EGI
$432.8K $17.17/SF
− OpEx
−$194.8K −$7.72/SF
NOI
$238.0K $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%
$4,760,840
Cap Rate 7%
$3,400,600
Cap Rate 9%
$2,644,911
Alternative Uses
Best Use
Apartment 5plus
$3.40M
$2.98M – $3.97M
NOI $238,042 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.38M
$3.83M – $5.11M
NOI $306,707 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
58
Residential units
Location Intelligence
Trade Area within ½ mile
990
Businesses Nearby
Explore this area
Business Placement
Demographics for 13208, NY
23,603
Population
10,325
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
77%
High-School Grad
4.1 sq mi
ZIP Area
5,757
Density / Sq Mi
$40,641
Median Household Income
$35,015
Median Earnings
$999
Median Rent
$110,300
Median Home Value
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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 - Large multifamily property with varied unit layouts, on-site laundry, management, and garage parking.
Where is this apartment building located?
The property is located at 304 Court & Alvord Street N Syracuse, NY.
What is the asking price?
The asking price for this property is $4,830,000.
What are key features of this property?
This property features: 58 total apartments with 42 efficiencies, 4 one‑bedroom, 10 two‑bedroom, and 2 three‑bedroom units; 25,212 square feet on 0.3973 acres; built in 1965; Rent includes heat, hot water, and electric
