Fayette Place 712-714 E Fayette St 39 Unit Apartment Building $8,000,000 ($205,128/Unit) Syracuse, NY 13210

Fayette Place Apartments is a 39-unit, 39-bed student housing property in Syracuse, New York. Situated on East Fayette Street, the property is a 10-minute walk or 4-minute bike ride from Syracuse University; the property features all one-bedroom units (furnished or unfurnished).
Unit Mix & Physical Overview
Fayette Place offers 39 beds across 39 units, comprising 4 furnished one-bedroom/one-bath units (706 SF, 10% of total units) and 35 unfurnished one-bedroom/one-bath units (718 SF, 90% of total units). The property is currently 87% occupied with 34 units leased. Furnished units are priced at $1,627 per month, with unfurnished units starting at $1,547 per month, with pro forma market rents projected at $1,692 and $1,609, respectively, in the coming lease cycle.
Asset Composition & Design
A boutique mid-rise student housing asset, Fayette Place features stainless steel appliances, granite countertops, and individually climate-controlled units throughout. Community amenities include utilities, digital cable, high-speed fiber optic internet, elevator service, secure keyless entry, coin-operated laundry, and bike storage, creating a fully amenitized living experience competitive with larger institutional products in the submarket.
Value-Add & Rent Upside
The Pro forma rents reflect a 4% lift above current market, a conservative and readily achievable target given the property’s historical leasing velocity and the structural undersupply of quality one-bedroom product near campus. The upcoming lease cycle represents a clear, near-term opportunity to capture that upside.
Supply Constraint & Competitive Moat
Downtown Syracuse’s core submarket remains supply- and development-constrained, with meaningful barriers to new entrants. As student renters increasingly gravitate toward professionally managed, amenity-rich products in walkable urban locations, Fayette Place is ideally positioned to absorb that demand with virtually no comparable competition at its price point.
Retail Income
Over the Cuse Deli and Grill, widely regarded as the most popular smash burger destination among Syracuse University students, anchors the street-level retail and draws a massive, loyal flow of SU students to the complex daily. The tenancy creates a built-in amenity that distinguishes Fayette Place Apartments from competing products in the submarket, adding reliable commercial income on a structured lease with contractual escalations while driving consistent foot traffic and visibility that benefits the residential leasing effort directly.
Prime Location & Leasing Velocity
Situated 0.8 miles from Syracuse University and within two blocks of SUNY Upstate Medical University, Fayette Place benefits from a dual demand driver rare in assets of this size. The property has achieved pre-lease occupancy at 100% year over year, consistently completing its leasing cycle early. New management has since been brought in to restore occupancy and position the asset for a strong upcoming leasing season, carrying forward a track record that speaks for itself.
University Anchor & One of the Largest U.S. Private Investments
Syracuse University, with over 22,000 students and consistent enrollment growth, anchors sustained off-campus housing demand with over 12,000 students seeking off-campus living each academic year. Layered on top is Micron Technology’s landmark semiconductor campus in Clay, one of the largest private investments in U.S. history, positioning Syracuse as a market with a generational demand tailwind and a local economy primed for continued growth.