Three-Unit Apartment
New
For Sale
$285,000
104 Peck Ave, Syracuse, NY 13206
Separate heating equipment and utility meters serve each apartment, with a full basement and rear off-street parking.
Property Size2,750 SF
Days on Market2
Property Features for 104 Peck Ave
General Information
Standard status
Active
Size
2,750 SF
Property subtype
Multi Family
Building Details
Building Size
2,750 SF
Year Built
1890
Stories
3
Units
3
Listing Agency:
Mauro Bros Real Estate Ser LLC
Listed By:
Andre B Mauro · License #10491201020
(646) 238-5965
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 3:28PM
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 Mauro Bros Real Estate Ser LLC
Investment Insights
Based on property information with market context.
The 1890-built property contains three apartments: two two-bedroom units and a one-bedroom attic apartment. Each apartment has its own furnace and hot water heater, along with separate gas and electric meters. A full basement provides access to mechanical systems and additional storage, while off-street parking is available at the rear.
The apartments are occupied under annual leases. The attic unit is described as having potential for a two-bedroom configuration.
The apartments are occupied under annual leases. The attic unit is described as having potential for a two-bedroom configuration.
Key Highlights
- Three apartments: two two‑bedroom units and one one‑bedroom attic unit
- Separate furnace, hot water heater, gas meter, and electric meter for each apartment
- Full basement with mechanical‑system access and additional storage
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
$25,964
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
9.11%
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%
$519,280
$519.3K
Cap Rate 7%
$370,914
$370.9K
Cap Rate 9%
$288,489
$288.5K
Market Conditions
NOI Build-Up for 2,750 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
$50.5K $18.36/SF
− Vacancy
−$3.3K −$1.19/SF
EGI
$47.2K $17.17/SF
− OpEx
−$21.2K −$7.72/SF
NOI
$26.0K $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%
$519,280
Cap Rate 7%
$370,914
Cap Rate 9%
$288,489
Alternative Uses
Best Use
Multifamily LT 5
$418.0K
$365.8K – $487.7K
NOI $29,261 @ 7.0% cap · market cap 10.27%
Second Best
Apartment 5plus
$370.9K
$324.6K – $432.7K
NOI $25,964 @ 7.0% cap · market cap 9.11%
Theoretical Best
Office A
$477.9K
$418.2K – $557.6K
NOI $33,454 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
Explore this area
Business Placement
Demographics for 13206, NY
16,599
Population
8,460
Households
2
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,049
Density / Sq Mi
$60,314
Median Household Income
$40,429
Median Earnings
$952
Median Rent
$130,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate heating equipment and utility meters serve each apartment, with a full basement and rear off-street parking.
Where is this triplex located?
The property is located at 104 Peck Ave Syracuse, NY.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Three apartments: two two‑bedroom units and one one‑bedroom attic unit; Separate furnace, hot water heater, gas meter, and electric meter for each apartment; Full basement with mechanical‑system access and additional storage
