Three-Unit Triplex with Remodeled
For Sale
$260,000
Pending
709 Oak Street, Syracuse, NY 13203
Residential, Syracuse, NY
Property Size2,476 SF
Lot Size0.14 Acres
Days on Market130
Property Features for 709 Oak Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Basement, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 3, Bedroom 2
Parking features
Garage
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Syracuse
Middle school district
Syracuse
High school district
Syracuse
Subdivision
Syracuse City-311500
Standard status
Pending
APN
311500-015-000-0012-027-000-0000
Size
2,476 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
3878
Utilities
Heating system
Forced Air, Natural Gas, Electric (Heating)
Water source
Public
Amenities
garage
enclosed front porch
Building Details
Year built
1890
Floors in Building
2
Number of units
3
Flooring type
Varies, Marble, Hardwood
Building materials
WoodSiding
Architectural style
Other
Listing Agency:
Empire Realty Group
(585) 347-4900
Listed By:
Tonya Britton · License #10401333644
(315) 807-1751
Added: Apr 24
Changed: Aug 19
Last Checked: Aug 31 at 9:06AM
MLS# S1676047
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit triplex at 709 Oak Street in Syracuse includes a desirable unit mix: one three-bedroom, one two-bedroom, and one one-bedroom apartment. Interiors have been updated across all units with new flooring, fresh paint, and updated appliances. Flooring finishes include hardwood, marble, and other varieties, and the home is heated with forced air using natural gas and electric heating. A gas water heater is included.
On the exterior, the property offers a driveway with a garage and a charming enclosed front porch. The building includes a basement and wood siding construction, and it was built in 1890. Public water services are available.
The total lot size is 0.1394 acres, and the property size is 2,476 square feet. Parking is supported by the garage, and the existing room layout includes multiple bedrooms and three bathrooms across the units.
On the exterior, the property offers a driveway with a garage and a charming enclosed front porch. The building includes a basement and wood siding construction, and it was built in 1890. Public water services are available.
The total lot size is 0.1394 acres, and the property size is 2,476 square feet. Parking is supported by the garage, and the existing room layout includes multiple bedrooms and three bathrooms across the units.
Key Highlights
- Three‑unit triplex with one three‑bedroom, one two‑bedroom, and one one‑bedroom apartment
- Remodeled interiors across all units: new flooring, fresh paint, updated appliances
- 0.1394‑acre lot and 2,476 SF total building size
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,377
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$467,540
$467.5K
Cap Rate 7%
$333,957
$334.0K
Cap Rate 9%
$259,744
$259.7K
Market Conditions
NOI Build-Up for 2,476 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.5K $18.36/SF
− Vacancy
−$3.0K −$1.19/SF
EGI
$42.5K $17.17/SF
− OpEx
−$19.1K −$7.72/SF
NOI
$23.4K $9.44/SF
Area
Syracuse, NY
Vacancy
6.50%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$467,540
Cap Rate 7%
$333,957
Cap Rate 9%
$259,744
Alternative Uses
Best Use
Multifamily LT 5
$376.4K
$329.3K – $439.1K
NOI $26,345 @ 7.0% cap · market cap 10.13%
Second Best
Apartment 5plus
$334.0K
$292.2K – $389.6K
NOI $23,377 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$430.3K
$376.5K – $502.0K
NOI $30,121 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,157
Businesses Nearby
Explore this area
Business Placement
Demographics for 13203, NY
16,240
Population
9,092
Households
1.8
Avg Household Size
37
Median Age
28%
College-Educated
84%
High-School Grad
1.7 sq mi
ZIP Area
9,553
Density / Sq Mi
$46,526
Median Household Income
$38,240
Median Earnings
$953
Median Rent
$148,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Updated three-unit triplex with a mix of one three-bedroom, one two-bedroom, and one one-bedroom apartment.
Where is this triplex located?
The property is located at 709 Oak Street Syracuse, NY.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Three‑unit triplex with one three‑bedroom, one two‑bedroom, and one one‑bedroom apartment; Remodeled interiors across all units: new flooring, fresh paint, updated appliances; 0.1394‑acre lot and 2,476 SF total building size
