Multifamily Investment with Development
For Sale
$999,999
4810 W Seneca, Syracuse, NY 13215
100% leased multifamily portfolio with income and development upside.
Property Size7,206 SF
Days on Market143
Property Features for 4810 W Seneca
General Information
Standard status
Active
Size
7,206 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$20,775
Building Details
Building Size
7,206 SF
Year Built
1985
Stories
2
Units
10
Listing Agency:
Acropolis Realty Group LLC
(315) 396-0493
Listed By:
Jonathan LaSala · License #10301218799
(315) 396-0493
Source:
Homeprocny
Added: Apr 3
Changed: Aug 23
Last Checked: Aug 22 at 11:13AM
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 multifamily investment opportunity is 100% leased and offers both immediate income and long-term development potential within a strong residential corridor of Syracuse. The offering includes three contiguous parcels located at 4810, 4816, and 4820 W Seneca Turnpike. The property at 4810 W Seneca Turnpike is a 7-unit multifamily building that generates stable rental income. The properties at 4816–4820 W Seneca Turnpike comprise a 3-unit, 15-bed dorm-style asset featuring multiple kitchens and bathrooms, suitable for student or group housing. The portfolio provides a yield plus upside profile, allowing for the maintenance of strong in-place cash flow while exploring commercial rezoning or higher-density multifamily redevelopment. The property is positioned in a high-traffic corridor with strong accessibility, benefiting from both residential demand and commercial viability. The bike score is 19, indicating it is somewhat bikeable, and the walk score is 31, indicating car dependence. This property is suitable for investors seeking current yield with long-term upside.
Key Highlights
- 100% Leased, providing immediate income.
- Significant future development potential due to three contiguous parcels.
- Compelling yield + upside profile, allowing for strong cash flow.
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
$68,036
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
6.80%
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%
$1,360,720
$1.4M
Cap Rate 7%
$971,943
$971.9K
Cap Rate 9%
$755,956
$756.0K
Market Conditions
NOI Build-Up for 7,206 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
$132.3K $18.36/SF
− Vacancy
−$8.6K −$1.19/SF
EGI
$123.7K $17.17/SF
− OpEx
−$55.7K −$7.72/SF
NOI
$68.0K $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%
$1,360,720
Cap Rate 7%
$971,943
Cap Rate 9%
$755,956
Alternative Uses
Best Use
Apartment 5plus
$971.9K
$850.5K – $1.13M
NOI $68,036 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,662 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,275
Businesses Nearby
Explore this area
Business Placement
Demographics for 13215, NY
15,007
Population
5,925
Households
2.5
Avg Household Size
44
Median Age
49%
College-Educated
97%
High-School Grad
33.5 sq mi
ZIP Area
448
Density / Sq Mi
$112,328
Median Household Income
$60,559
Median Earnings
$1,254
Median Rent
$272,500
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 - 100% leased multifamily portfolio with income and development upside.
Where is this apartment building located?
The property is located at 4810 W Seneca Syracuse, NY.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: 100% Leased, providing immediate income.; Significant future development potential due to three contiguous parcels.; Compelling yield + upside profile, allowing for strong cash flow.
