Student Housing Apartment
For Sale
$1,190,000
423 Euclid Ave, Syracuse, NY 13210
Fully occupied apartment properties include off-street parking and coin-operated laundry.
Property Size7,924 SF
Price / SF$150.18
Days on Market50
Property Features for 423 Euclid Ave
General Information
Standard status
Active
Size
7,924 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 1BR, 4 x 2BR, 1 x 3BR, 2 x 4BR
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$30,523
Amenities
Off Street Parking
Coin op Laundry
Building Details
Buildings
2
Listing Agency:
Acropolis Realty Group LLC
Listed By:
Andrea Bucci · License #40BU0998964
(315) 396-0493
Source:
Exprealty
Added: Aug 9
Changed: Sep 9
Last Checked: Sep 26 at 10:23AM
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 Acropolis Realty Group LLC
Investment Insights
Based on property information with market context.
This offering combines two Syracuse apartment properties serving student housing demand. The building at 423 Euclid Avenue contains 9 units and 15 beds, arranged as 4 one-bedroom, 4 two-bedroom, and 1 three-bedroom apartments. The property includes off-street parking and coin-operated laundry. The owner covers gas, electric, and water, while tenants pay for Wi-Fi. Flat roofs were replaced in 2024, and 2 new water heaters are scheduled for 2026.
The property at 826-28 Ackerman Avenue is a two-family building with 2 four-bedroom apartments. Tenants pay all utilities and Wi-Fi, while the owner pays water. A new roof was installed in 2023, and 1 new water heater was added in 2024. Both properties are reported as 100% occupied.
The property at 826-28 Ackerman Avenue is a two-family building with 2 four-bedroom apartments. Tenants pay all utilities and Wi-Fi, while the owner pays water. A new roof was installed in 2023, and 1 new water heater was added in 2024. Both properties are reported as 100% occupied.
Key Highlights
- 100% occupied apartment properties
- 423 Euclid Avenue includes 9 units and 15 beds
- Unit mix at 423 Euclid: 4 one‑bedroom, 4 two‑bedroom, and 1 three‑bedroom apartments
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
$84,314
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
7.09%
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%
$1,686,280
$1.7M
Cap Rate 7%
$1,204,486
$1.2M
Cap Rate 9%
$936,822
$936.8K
Market Conditions
NOI Build-Up for 7,924 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
$128.4K $16.20/SF
− Vacancy
−$7.9K −$1.00/SF
EGI
$120.4K $15.20/SF
− OpEx
−$36.1K −$4.56/SF
NOI
$84.3K $10.64/SF
Area
Syracuse, NY
Vacancy
6.17%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,686,280
Cap Rate 7%
$1,204,486
Cap Rate 9%
$936,822
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.41M
NOI $84,314 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$1.07M
$935.2K – $1.25M
NOI $74,815 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$1.38M
$1.20M – $1.61M
NOI $96,396 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
11
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
883
Businesses Nearby
Explore this area
Business Placement
Demographics for 13210, NY
23,150
Population
9,774
Households
2.4
Avg Household Size
27
Median Age
50%
College-Educated
92%
High-School Grad
3.8 sq mi
ZIP Area
6,092
Density / Sq Mi
$38,783
Median Household Income
$20,554
Median Earnings
$1,081
Median Rent
$167,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied apartment properties include off-street parking and coin-operated laundry.
Where is this apartment building located?
The property is located at 423 Euclid Ave Syracuse, NY.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: 100% occupied apartment properties; 423 Euclid Avenue includes 9 units and 15 beds; Unit mix at 423 Euclid: 4 one‑bedroom, 4 two‑bedroom, and 1 three‑bedroom apartments
