Duplex with Renovated Lower
For Sale
$279,900
1038 Wadsworth Street #40, Syracuse, NY 13208
Each apartment has separate gas and electric meters, its own furnace and hot water heater, and basement laundry hookups.
Property Size2,316 SF
Price / SF$120.85
Days on Market35
Property Features for 1038 Wadsworth Street #40
General Information
Standard status
Active
Size
2,316 SF
Property subtype
Multi Family Home
Units
Multifamily Units
2
Individually Metered Utilities
gas, electric
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$4,311
Amenities
separate laundry hookups
washer/dryer
off-street parking
garage
Building Details
Building Size
2,316 SF
Year Built
1920
Buildings
1
Stories
2
Units
2
Listing Agency:
Hunt Real Estate ERA
(315) 682-7197
Listed By:
Dante Belmonte · License #10401323828
(315) 446-4681
Source:
Gentryrealtyproperties
Added: Sep 22
Changed: Oct 25
Last Checked: Oct 23 at 3:58PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Hunt Real Estate ERA
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Investment Insights
Based on property information with market context.
This 2,316-square-foot duplex, built in 1920, contains two two-bedroom apartments. The vacant lower unit has been renovated with new vinyl windows, glass block basement windows, luxury vinyl plank flooring, fresh paint, and LED lighting. Its updated kitchen includes shaker cabinets, granite counters, a tile backsplash, and stainless steel appliances. The bathroom has new plumbing, a tub, tile finishes, vanity, and toilet. A washer and dryer are included for both apartments, and each has an upgraded electrical panel with circuit breakers.
The upper apartment is occupied on a month-to-month basis and has one full bathroom. Both units have separate gas and electric meters, individual furnaces and hot water heaters, and laundry hookups in the basement. The property also offers private driveway parking and a two-car garage, currently used for storage by the lower-unit tenant.
The upper apartment is occupied on a month-to-month basis and has one full bathroom. Both units have separate gas and electric meters, individual furnaces and hot water heaters, and laundry hookups in the basement. The property also offers private driveway parking and a two-car garage, currently used for storage by the lower-unit tenant.
Key Highlights
- Two‑bedroom apartments in a 2,316‑square‑foot duplex built in 1920
- Vacant lower apartment renovated with updated kitchen, bathroom, flooring, windows, and lighting
- Upper apartment is occupied month‑to‑month and includes two bedrooms and one full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,643
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$492,860
$492.9K
Cap Rate 7%
$352,043
$352.0K
Cap Rate 9%
$273,811
$273.8K
Market Conditions
NOI Build-Up for 2,316 SF
Gross rent
$37.5K $16.20/SF
− Vacancy
−$2.3K −$1.00/SF
EGI
$35.2K $15.20/SF
− OpEx
−$10.6K −$4.56/SF
NOI
$24.6K $10.64/SF
Area
Syracuse, NY
Vacancy
6.17%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$492,860
Cap Rate 7%
$352,043
Cap Rate 9%
$273,811
Alternative Uses
Best Use
Multifamily LT 5
$352.0K
$308.0K – $410.7K
NOI $24,643 @ 7.0% cap · market cap 8.80%
Second Best
Apartment 5plus
$312.4K
$273.3K – $364.5K
NOI $21,867 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$402.5K
$352.2K – $469.6K
NOI $28,174 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
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Business Placement
Demographics for 13208, NY
23,603
Population
10,325
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
77%
High-School Grad
4.1 sq mi
ZIP Area
5,757
Density / Sq Mi
$40,641
Median Household Income
$35,015
Median Earnings
$999
Median Rent
$110,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Each apartment has separate gas and electric meters, its own furnace and hot water heater, and basement laundry hookups.
Where is this duplex located?
The property is located at 1038 Wadsworth Street #40 Syracuse, NY.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two‑bedroom apartments in a 2,316‑square‑foot duplex built in 1920; Vacant lower apartment renovated with updated kitchen, bathroom, flooring, windows, and lighting; Upper apartment is occupied month‑to‑month and includes two bedrooms and one full bathroom
