Syracuse University Student Housing Package
Multifamily | 7.0% CAP | 6 Units
Marketing description
University Hill Realty is pleased to present a rare offering of two contiguous, stabilized three-family investment properties on Clarendon Avenue in Syracuse's premier rental submarket. 556-558 and 560-562 Clarendon Avenue are nearly identical assets - same vintage, same block, same tenant profile - both fully occupied with leases in place through mid-2026 and all six units already committed for 2026-2027.
An investor acquiring the pair controls a fourteen-bedroom, six-unit corridor position in a market that consistently absorbs quality inventory at full asking rents. These are not value-add plays. There is nothing to fix, reposition, or stabilize. Both properties are turnkey, well-maintained, and performing today.
Clarendon Avenue occupies the core of the University Hill rental corridor - Syracuse's most durable and demand-driven submarket. Institutional anchors include Syracuse University, SUNY Upstate Medical University, Crouse Hospital, and the VA Medical Center. The Westcott Street retail and dining corridor is within walking distance. Tenant demand in this submarket is perennial, vacancy is structurally low, and well-maintained properties at this price point command consistent renewal activity.
Investment highlights
- Fully stabilized - all six units occupied, zero lease-up risk
- Forward committed - all six units already rented for 2026-2027
- Rent growth in place - 26-27 leases reflect 2-4% increases over current rents
- Sub-22% expense ratio on gross income before vacancy and maintenance
- Contiguous assets - rare opportunity to control adjacent properties on the same block
- Turnkey condition - no deferred maintenance, no capital requirements at closing
- 7.0% cap rate on a fully loaded basis including vacancy and maintenance
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