The Uncommon Apartments 900-916 E Fayette St 36 Unit Apartment Building $17,295,000 CAD ($480,417 CAD/Unit) 7.08% Cap Rate Syracuse, NY 13210

The UnCommon Apartments is a 36-unit, 42-bed student housing property in Syracuse, New York. Situated on East Fayette Street, the property is a 10-minute walk or 5-minute bike ride from Syracuse University; the property features a mix of one-bedroom and two-bedroom units.
Asset Composition & Design
A rare blend of adaptive reuse and purpose-built new construction delivering oversized layouts and modern finishes rarely found at this price point in the submarket.
Unit Mix & Physical Overview
42 Beds across 36 units, comprised of 14 furnished one-bedroom units (691 SF), 16 unfurnished one-bedroom units (697 SF), and 6 furnished two-bedroom units (1,849 SF), currently 92% occupied. The two-bedroom units are being repositioned as "Deluxe" one-bedroom units with a home office, targeting ±$2,000 per month, with the standard one-bedroom units flooring at ±$1,650 per month in the coming lease cycle.
Retail Income
Approximately 10,000 SF of street-level retail anchors the property across four tenants on structured leases with contractual escalations, generating roughly $25,556 per month in base retail, still to be captured in the T-12. The retail component provides a durable, diversified income stream that insulates overall NOI and adds a commercial dimension rare in student housing assets of this size.
Value-Add & Rent Upside
Clear near-term rent upside has yet to be fully captured in the current leasing cycle, with the ability to drive increases that outpace larger institutional-grade product in the market.
Prime Location & Leasing Velocity
The property is a 10-minute walk and a 5-minute bike ride from Syracuse University with a historical track record at/near 100% occupancy. Under new property management with the United Group of Companies, they are prepared to continue post-sale. During periods of broader market softness, The Uncommon Apartments holds with virtually no degradation.
Supply Constraint & Competitive Moat
Renters increasingly gravitate toward professionally managed, amenity-rich products, driving absorption toward assets like The Uncommon. The submarket is both supply and development-constrained, with meaningful barriers to new entrants.
University Anchor & One of the Largest U.S. Private Investments
Syracuse University, arguably one of New York's most stable private universities, anchors sustained housing demand alongside Micron Technology's landmark semiconductor campus in Clay, one of the largest private investments in U.S. history. The ripple effect on regional employment, population inflow, and housing demand positions Syracuse as a market with a generational tailwind behind it.