Listing Agency: CBRE | Syracuse

Listed By: Lawrence Papaleo · License #Associate Real Estate Broker Show Phone

Source: Cbre

Added: May 8 Changed: Oct 4 Last Checked: Oct 9 at 7:02PM

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Investment Insights

Based on property information with market context.

328 Ashdale Ave. is a five-unit multifamily property in Syracuse. The offering includes all units with month-to-month tenants, creating flexibility for ongoing leasing and management.

The property is positioned on a quiet residential street with convenient access to major retail corridors, employment centers, and downtown Syracuse. The seller notes the location’s proximity to shopping along James Street and easy connectivity to I-690.

According to the provided remarks, current rents are below market levels. This profile may appeal to investors looking for a steady in-place income stream alongside the ability to improve returns through enhanced lease management and operational efficiencies.

Key Highlights

• 5‑unit multifamily property in Syracuse’s Eastwood neighborhood
• Built in 1965
• All units have month‑to‑month tenants

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,069

Cap Rate

8.87%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$761,380 $761.4K

Cap Rate 7%

$543,843 $543.8K

Cap Rate 9%

$422,989 $423.0K

Market Conditions

NOI Build-Up for 4,032 SF

Gross rent

$74.0K $18.36/SF

− Vacancy

−$4.8K −$1.19/SF

EGI

$69.2K $17.17/SF

− OpEx

−$31.1K −$7.72/SF

NOI

$38.1K $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 Rate 5%

$761,380

Cap Rate 7%

$543,843

Cap Rate 9%

$422,989

Alternative Uses

Best Use

Apartment 5plus

$543.8K

$475.9K – $634.5K (±1% cap)

NOI $38,069 @ 7.0% cap · market cap 8.87%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$700.7K

$613.1K – $817.5K (±1% cap)

NOI $49,050 @ 7.0% cap · market cap 11.43%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Real Estate Agency Cafe & Coffee Shop Dental Office Travel Agency Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

942

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Five-unit multifamily asset with month-to-month tenants in Syracuse, positioned on a quiet residential street.

Where is this apartment building located?

The property is located at 328 Ashdale Avenue Syracuse, NY.

What is the asking price?

The asking price for this property is $429,000.

What are key features of this property?

This property features: 5‑unit multifamily property in Syracuse’s Eastwood neighborhood; Built in 1965; All units have month‑to‑month tenants