Leased Apartment
For Sale
$999,999
4810 West Seneca Turnpike, Syracuse, NY 13215
Fully occupied multifamily property with apartment units, dorm-style housing, and multiple kitchens and bathrooms.
Property Size7,206 SF
Price / SF$138.77
Days on Market237
Property Features for 4810 West Seneca Turnpike
General Information
Standard status
Active
Size
7,206 SF
Property subtype
Residential Income / Commercial
Occupancy
100%
Additional Details
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$20,775
Amenities
Two
Electric, Gas, Baseboard, Forced Air
Dishwasher, Gas Cooktop, Gas Oven, Gas Range, Gas Water Heater, Microwave, Refrigerator, Washer
Yes
No
7206.0
Coin Operated
Hardwood, Laminate, Luxury Vinyl, Tile, Varies
None, Partially Finished
7
Asphalt, Metal
Blacktop Driveway, Deck
Laundry Facilities
Vinyl Siding, Wood Siding
Deck, Open, Porch
Building Details
Year Built
1985
Stories
2
Listing Agency:
Acropolis Realty Group LLC
(315) 396-0493
Listed By:
Jonathan LaSala · License #10301218799
(315) 396-0493
Source:
Compass
Added: Jan 6
Changed: Aug 31
Last Checked: Aug 31 at 2:04AM
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 offering combines a 7-unit apartment building with a separate 3-unit, 15-bed dorm-style property. The buildings provide multiple kitchens and bathrooms, along with on-site laundry facilities. Interior finishes include hardwood, laminate, luxury vinyl, and tile flooring, while heating is provided by electric, gas, baseboard, and forced-air systems. The property was built in 1985 and encompasses 7,206 square feet.
The offering includes three contiguous parcels at 4810, 4816, and 4820 West Seneca Turnpike in Syracuse, within Onondaga County. The site has access from a blacktop driveway and includes decks, porches, and open exterior areas. All units are currently leased, providing an existing multifamily income stream across the apartment and dorm-style components.
The offering includes three contiguous parcels at 4810, 4816, and 4820 West Seneca Turnpike in Syracuse, within Onondaga County. The site has access from a blacktop driveway and includes decks, porches, and open exterior areas. All units are currently leased, providing an existing multifamily income stream across the apartment and dorm-style components.
Key Highlights
- 100% leased multifamily offering across apartment and dorm‑style housing
- 7‑unit multifamily building at 4810 West Seneca Turnpike
- 3‑unit, 15‑bed dorm‑style property at 4816–4820 W Seneca Turnpike
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
$76,674
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
7.67%
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%
$1,533,480
$1.5M
Cap Rate 7%
$1,095,343
$1.1M
Cap Rate 9%
$851,933
$851.9K
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
$116.7K $16.20/SF
− Vacancy
−$7.2K −$1.00/SF
EGI
$109.5K $15.20/SF
− OpEx
−$32.9K −$4.56/SF
NOI
$76.7K $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%
$1,533,480
Cap Rate 7%
$1,095,343
Cap Rate 9%
$851,933
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$958.4K – $1.28M
NOI $76,674 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$971.9K
$850.5K – $1.13M
NOI $68,036 @ 7.0% cap · market cap 6.80%
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
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
113
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 - Fully occupied multifamily property with apartment units, dorm-style housing, and multiple kitchens and bathrooms.
Where is this apartment building located?
The property is located at 4810 West Seneca Turnpike 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 multifamily offering across apartment and dorm‑style housing; 7‑unit multifamily building at 4810 West Seneca Turnpike; 3‑unit, 15‑bed dorm‑style property at 4816–4820 W Seneca Turnpike
