Eljay Development Project 1000 Bellevue Ave 18 Unit Apartment Building $2,200,000 ($122,222/Unit) 7.95% Cap Rate Syracuse, NY 13204

1000 Bellevue Avenue is a well-maintained, four-story Class C multifamily building, originally constructed in 1940 and positioned in Syracuse’s established Strathmore / Elmwood residential corridor. The property consists of 18 units in total: (7) three bedroom / one-bath apartments and (11) two-bedroom / one-bath apartments, offering a unit mix that appeals to families, working professionals, and students.
Located just minutes from Onondaga Park, Syracuse University, Upstate Medical University, St. Joseph’s Health, and the amenities of downtown Syracuse, the property sits in a high demand rental pocket of the city. With a strong tenant base and stable regional employment, this asset provides durable cash flow with multiple value-add levers.
•18 Total Units
•(7) 3 Bed / 1 Bath
•(11) 2 Bed / 1 Bath
•21,280 Sq. Ft. Building
•Four Levels + Basement
•Concrete Foundation & Brick Exterior
•Forced-Air Heat; Window A/C Units
•Laundry On-Site
•Owner Pays: Water, Hot Water, Garbage
•Tenants Pay: Gas & Electric (direct)
•0.17-Acre Parcel
•Street Parking
•City Water & City Sewer (Flat Rate)
•Currently self-managed
•Maintenance man on staff.
The building has been well maintained for its age, consistent with a Class C asset. Construction quality (brick exterior, concrete foundation), stable occupancy, and neighborhood character support this classification.
•The basement offers space suitable for conversion into tenant storage units, providing an immediate avenue for ancillary income.
•Two wireless carriers currently maintain equipment on the roof (and maintain their roof sections per contract). Approximately 25% of the roof remains available for a potential third tower, representing a rare opportunity for long-term, passive income growth.
Market Rent Upside:
According to BestPlaces.net, average rents in Syracuse are:
•1BR — $880
•2BR — $1,080
•3BR — $1,340
•4BR — $1,550
These averages support meaningful rent-growth potential given the size and features of the existing units.
1000 Bellevue Avenue is positioned in the well-established Strathmore / Elmwood neighborhood, known for its historic homes, mature trees, and proximity to Syracuse’s premier amenities. Residents enjoy walkable access to Onondaga Park, Upper Onondaga Lake, and nearby dining and services along South Avenue and Geddes Street.
The property provides quick access to major employers including:
•Upstate University Hospital
•Syracuse University
•St. Joseph’s Health
•Crouse Health
•Downtown business district
•Destiny USA retail and entertainment complex
Location Classification:
Analyzing age, neighborhood density, tenant base, amenities, and rent profile, this asset aligns with a Class C location— an established, middle-market residential area with consistent rental demand and strong occupancy trends.
1000 Bellevue Avenue is well-served by the region’s public transit system.
Public Transit Verification:
The property lies within walking distance of CENTRO bus routes, including stops along South Avenue and Hubbell Avenue, providing direct service to:
•Downtown Syracuse
•Syracuse University
•Syracuse Regional Transit Hub
•South Side and West Side neighborhoods
This makes the location highly attractive for tenants dependent on public transit or working in nearby employment centers.
•Parcel Size: 0.17 Acres
•Structure: Brick exterior, concrete foundation
•Four stories + basement
•City Water / City Sewer (Flat Rate)
•Street Parking
•Cross Street: Hubbell Avenue
•Directions: Take Hubbell Avenue to Bellevue
1000 Bellevue Avenue represents a strong, stable multifamily investment in a proven Syracuse rental neighborhood. With its desirable unit mix, solid construction, on-site laundry, tenant paid utilities, and unique upside from both basement storage and additional cell tower capacity, the property offers immediate cash flow with meaningful long-term appreciation potential.

LOCATION:

Syracuse is a city in New York, and the county seat of Onondaga County. With a population of 148,620 and a metropolitan area of 662,057, it is the fifth-most populated city and 13th-most populated municipality in the state of New York.
Syracuse is the economic and educational center of Central New York. It hosts a number of convention sites, including a large downtown convention complex, and is home to Destiny USA, the largest shopping mall in New York and the 10th largest in the country. Prominent academic and research institutions include Syracuse University, SUNY Upstate Medical University, SUNY ESF, Le Moyne College and Onondaga Community College.
The median home cost in Syracuse is $162,700. Home appreciation the last 10 years has been 63.4%. Home Appreciation in Syracuse is up 13.6%.
Renters make up 52.3% of the Syracuse population.
5.7% of houses and apartments in Syracuse, are available to rent.
The average 1-bedroom unit rents for $880/month.
The average 2-bedroom unit rents for $1,080/month.
The average 3-bedroom unit rents for $1,340/month.
The average 4-bedroom unit rents for $1,550/month.
The Median household income of a Syracuse resident is $40,490 a year. The US average is $69,021 a year.
Here are the largest employers in Onandaga County, NY:
•Upstate University Health System — 11,298
•Syracuse University — 4,621
•St. Joseph’s Health — 3,745
•United Health Services — 6,456
•Walmart — 4,600
•Oneida Nation Enterprises — 4,500
•Lockheed Martin — 4,100
•Crouse Health — 3,200
•National Grid — 3,092
•SUNY Oswego (regional) — 3,050
•Cayuga Health System — 2,562
•Stafkings — 2,500
•Binghamton University (regional) — 2,311
•Samaritan Medical Center — 2,300
Syracuse University is a private research university in Syracuse, New York, United States. It was established in 1870 with roots in the Methodist Episcopal Church but has been nonsectarian since 1920. Located in the city's University Hill neighborhood, east and southeast of downtown Syracuse, the large campus features an eclectic mix of architecture, ranging from nineteenth-century Romanesque Revival to contemporary buildings. Syracuse University is organized into 13 schools and colleges and is classified among "R1: Doctoral Universities – Very high research activity".
Total students enrolled at Syracuse University: 22,948