1216 Bellevue Ave · Syracuse, NY 13204

$315,000

8 bd · 4.0 ba · 5,810 sqft · MultiFamily public records · 24 Days on market

Built 1960 0.52 ac lot Est $337k · 7% under

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Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +10.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to 1216 Bellevue Ave, a rare opportunity to own a spacious 4-unit multi-family property in the heart of Syracuse. Offering nearly 6,000 square feet of living space, this building provides strong rental potential and a solid foundation for long-term investment. Key features include: Four units, each with separate gas and electric meters for easy tenant management. A newer roof, ensuring peace of mind and reduced maintenance costs. Freshly painted exterior, boosting curb appeal and protecting the structure. Excellent size and layout, ideal for maximizing rental income. Located in a convenient Syracuse neighborhood, this property offers accessibility to downtown, major highways, shoppi

Key facts

• Newer roof
• 0.52 acre lot
• 2 parking spots

Tags

• MULTI-FAMILY PROPERTY
• NEWER ROOF
• FRESHLY PAINTED EXTERIOR
• ACCESSIBILITY TO DOWNTOWN

Property features AI

Finance

• Financial info: Owner pays water (water included in rent); Operating expense details: see remarks

Exterior

• Parking: Two or more off-street parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: 2-story multifamily property; Existing construction
• Construction: Wood siding; Built (existing)
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 114 x 198

Interior

• Kitchen: Gas water heater
• Bedrooms: 4 units (multifamily)
• Flooring: Carpet; Varies by unit
• Bathrooms: Four full bathrooms
• Heating & cooling: Gas forced-air heating; Has heating
• Interior features: Full basement
• Laundry & utility: Separate gas meters for each unit; Separate electric meters for each unit

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $315k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $726/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $315k).
• Recommended offer: $310k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.4% vs local median 8.2% in Syracuse — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#187 in NY, #2,869 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, crime F, employment D-.
• Syracuse City School District (urban): math 18% / reading 26% proficiency, ranked #590 of 590 in NY (top 100%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.2%/yr); 119 active listings in the ZIP; 616 units permitted in Onondaga County in 2024 (256 in 5+ unit buildings).
• At $6,151/mo this rent would consume 163% of the median local household income ($45k/yr) (locally 2073% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Onondaga County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $88k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$54k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $310,275 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.95% ✓
• Cap rate: 17.35%
• Cash-on-cash: 39.50%
• DSCR: 2.76
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $336,980
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1600 S Geddes St	0.09mi	8/4.0	5,016 (-14%)	23mo	$290,000	$58	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 58.1%
• Equity multiple: 5.41×
• Total profit: $388,919
• Equity at exit: $283,777

10-year hold

• IRR: 53.6%
• Equity multiple: 13.25×
• Total profit: $1,080,345
• Equity at exit: $611,976

Cash invested: $88,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13204

• Home prices YoY: 31.6%
• Rents YoY: 8.2%
• Active inventory: 119
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $6,151 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$173 /mo · $2,077/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,292
• Net cashflow: $2,903

Break-even live

Break-even rent $2,476

Max offer price $315,000

Occupancy floor 48%

Sensitivity live

Price	-10% $3,081	-5% $2,992	+0% $2,903	+5% $2,814	+10% $2,725
Rent	-10% $2,417	-5% $2,660	+0% $2,903	+5% $3,146	+10% $3,389
Rate	-1.0pp $3,062	-0.5pp $2,983	base $2,903	+0.5pp $2,821	+1.0pp $2,738

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,152
Total (4 units)			$6,151

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Listing history 41 events

1. 2026-06-18
   days on market $315,000 Active 24 DOM
2. 2026-06-17
   days on market $315,000 Active 23 DOM
3. 2026-06-16
   days on market $315,000 Active 22 DOM
4. 2026-06-15
   days on market $315,000 Active 21 DOM
5. 2026-06-14
   days on market $315,000 Active 19 DOM
6. 2026-06-13
   days on market $315,000 Active 18 DOM
7. 2026-06-10
   days on market $315,000 Active 16 DOM
8. 2026-06-09
   days on market $315,000 Active 15 DOM
9. 2026-06-08
   days on market $315,000 Active 14 DOM
10. 2026-06-07
    days on market $315,000 Active 13 DOM
11. 2026-06-05
    days on market $315,000 Active 10 DOM
12. 2026-06-02
    days on market $315,000 Active 8 DOM
13. 2026-06-01
    days on market $315,000 Active 7 DOM
14. 2026-05-31
    days on market $315,000 Active 6 DOM
15. 2026-05-30
    days on market $315,000 Active 5 DOM
16. 2026-05-18
    listed $315,000 Active
17. 2026-01-27
    status Pending
18. 2026-01-22
    historical Active Under Contract
19. 2026-01-21
    historical
20. 2025-11-24
    status Active
21. 2025-09-29
    status Pending
22. 2025-09-29
    historical Active Under Contract
23. 2025-09-22
    listed $299,900 Active
24. 2023-09-26
    historical
25. 2023-06-28
    price $159,900
26. 2023-05-26
    listed $169,900 Active
27. 2022-03-08
    soldstatus $513,333
28. 2017-09-25
    status Under Contract- Do Not Show
29. 2017-09-25
    historical
30. 2017-09-04
    price $35,000
31. 2017-08-27
    listed $1 Active
32. 2016-04-18
    status Pending Sale
33. 2016-04-04
    historical
34. 2016-03-19
    status Active
35. 2015-10-06
    historical Continue to Show- Under Contract
36. 2015-10-02
    listed $90,000 Active
37. 2014-06-05
    listed $109,500
38. 2012-03-20
    historical
39. 2012-03-15
    soldstatus $23,000
40. 2012-01-25
    listed $39,000
41. 1997-12-23
    soldstatus $109,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $2,077 · $173/mo
• Projected year-2 tax: $3,700 · $308/mo
• Expected delta: +$1,623/yr (+$135/mo · 78.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $73,812
• − Mortgage interest: −$17,645
• − Property taxes: −$2,077
• − Insurance: −$1,575
• − Repairs & maintenance: −$5,905
• − Management: −$5,905
• − Depreciation: −$9,164
• Taxable income: $31,542
• Est. tax owed @ 24.0%: −$7,570
• After-tax cash flow: $27,267/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Syracuse City School District
• NCES district ID: 3628590
• Math proficiency: 18% ▼ -5.00%
• Reading proficiency: 26% ▬ 0.00%
• Median HH income: $32,097
• Composite: 17.83/100
• National rank: #9007
• State rank: #590 of 590 in NY

Livability — Syracuse

• Score: 77/100
• State rank: #187
• US rank: #2869

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Syracuse, NY
• County: Onondaga County · 247,257 people
• City population: 152,627
• Metro: Syracuse, NY
• Population (ZIP): 19,440
• Household income: $45,351
• Rent vs Own: 70.8% rent · 29.2% own
• Severe rent burden: 2073.0

Population outlook (Onondaga County) Hauer SSP2

• Today (2025): 467,894 people
• By 2030: 463,381 · -1.0%
• By 2040: 447,697 · -4.3%
• By 2050: 426,399 · -8.9%
• By 2075: 373,661 · -20.1%
• By 2100: 307,967 · -34.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 47% Black 26% Hispanic / Latino 17% Two or more races 13% Native American 1%
• Hispanic origin (detail): Puerto Rican 12% Cuban 2% Dominican 1%
• Common ancestry: Romanian 5% Lithuanian 2% Subsaharan African 2%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 83% English-only · Spanish 11% Russian/Polish/Slavic 3% Arabic 1%

Political lean MEDSL · Onondaga

• 2024 margin: D (+17.3) · D 58.6% · R 41.4%
• 2008→2024 swing: -3.0pp toward R · 2008: 20.3pp · 2024: 17.3pp
• All cycles: 2024: D+17.3 2020: D+20.6 2016: D+12.8 2012: D+21.1 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 100.14%
• Current HPI: 416.7272
• Rent YoY: ▲ 8.24%
• Metro: Syracuse, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+189.0% since first listed

26 events — show timeline

• 2026-05-18 Listed $315,000 CNYIS
• 2026-01-27 Pending — CNYIS
• 2026-01-22 Contingent — CNYIS
• 2026-01-21 Listing Removed — CNYIS
• 2025-11-24 Relisted — CNYIS
• 2025-09-29 Pending — CNYIS
• 2025-09-29 Contingent — CNYIS
• 2025-09-22 Listed $299,900 CNYIS
• 2023-09-26 Listing Removed — CNYIS
• 2023-06-28 Price Changed $159,900 CNYIS
• 2023-05-26 Listed $169,900 CNYIS
• 2022-03-08 Sold (Public Records) $513,333 Public Records
• 2017-09-25 Pending — CNYIS
• 2017-09-25 Listing Removed — CNYIS
• 2017-09-04 Price Changed $35,000 CNYIS
• 2017-08-27 Listed $1 CNYIS
• 2016-04-18 Pending — CNYIS
• 2016-04-04 Listing Removed — CNYIS
• 2016-03-19 Relisted — CNYIS
• 2015-10-06 Contingent — CNYIS
• 2015-10-02 Listed $90,000 CNYIS
• 2014-06-05 Listed $109,500 CNYIS
• 2012-03-20 Listing Removed — CNYIS
• 2012-03-15 Sold (MLS) $23,000 CNYIS
• 2012-01-25 Listed $39,000 CNYIS
• 1997-12-23 Sold (Public Records) $109,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $2,077 · +0.0% YoY. Source: county tax records.