Five-Unit Multifamily
For Sale
$429,000
328 Ashdale Avenue, Syracuse, NY 13206
Five-unit multifamily asset with month-to-month tenants in Syracuse, positioned on a quiet residential street.
Property Size4,032 SF
Price / SF$106.40
Days on Market109
Property Features for 328 Ashdale Avenue
General Information
Standard status
Active
Size
4,032 SF
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
5
Listing Agency:
CBRE | Syracuse
(315) 784-2524
Listed By:
Lawrence Papaleo · License #Associate Real Estate Broker
Source:
Cbre
Added: May 8
Changed: Aug 23
Last Checked: Aug 24 at 11:41AM
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 CBRE | Syracuse
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.
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 = 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
$38,069
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
8.87%
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%
$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
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
$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 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%
$761,380
Cap Rate 7%
$543,843
Cap Rate 9%
$422,989
Alternative Uses
Best Use
Apartment 5plus
$543.8K
$475.9K – $634.5K
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
NOI $49,050 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
