Two-Unit Residential Income
For Sale
$279,000
1109 Wolf Street, Syracuse, NY 13208
Two-family duplex with hardwood floors and separate tenant utility responsibility.
Property Size2,500 SF
Days on Market147
Property Features for 1109 Wolf Street
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,902
Amenities
hardwood floors
Building Details
Building Size
2,500 SF
Year Built
1900
Listing Agency:
University Hill Realty Ltd
Listed By:
Daniel Murphy · License #10301206321
(315) 460-0024
Source:
Griffith-realty
Added: Apr 19
Changed: Sep 8
Last Checked: Sep 11 at 3:38PM
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 University Hill Realty Ltd
Investment Insights
Based on property information with market context.
This two-unit residential income duplex on the north side of Syracuse features hardwood floors throughout. The property is described as low-maintenance, with tenants paying their own utilities to help keep operating expenses in check.
The offering includes two units rented at $1,660 per month each, with the current tenant structure accounting for utilities paid directly by occupants.
Overall, the home is presented as an income-producing two-family with straightforward, residential-scale finishes and an expense-conscious utility setup.
The offering includes two units rented at $1,660 per month each, with the current tenant structure accounting for utilities paid directly by occupants.
Overall, the home is presented as an income-producing two-family with straightforward, residential-scale finishes and an expense-conscious utility setup.
Key Highlights
- North side Syracuse two‑family duplex with separate tenant utility responsibility
- Both units rent for $1,660/month each; tenants pay their own utilities
- Hardwood floors throughout with ceramic tile flooring
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
$23,604
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
8.46%
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%
$472,080
$472.1K
Cap Rate 7%
$337,200
$337.2K
Cap Rate 9%
$262,267
$262.3K
Market Conditions
NOI Build-Up for 2,500 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
$45.9K $18.36/SF
− Vacancy
−$3.0K −$1.19/SF
EGI
$42.9K $17.17/SF
− OpEx
−$19.3K −$7.72/SF
NOI
$23.6K $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%
$472,080
Cap Rate 7%
$337,200
Cap Rate 9%
$262,267
Alternative Uses
Best Use
Multifamily LT 5
$380.0K
$332.5K – $443.4K
NOI $26,601 @ 7.0% cap · market cap 9.53%
Second Best
Apartment 5plus
$337.2K
$295.1K – $393.4K
NOI $23,604 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$434.5K
$380.2K – $506.9K
NOI $30,413 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Explore this area
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
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?
Duplex - Two-family duplex with hardwood floors and separate tenant utility responsibility.
Where is this duplex located?
The property is located at 1109 Wolf Street Syracuse, NY.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: North side Syracuse two‑family duplex with separate tenant utility responsibility; Both units rent for $1,660/month each; tenants pay their own utilities; Hardwood floors throughout with ceramic tile flooring
