Duplex with Private
For Sale
$169,900
112 Pattison Street, Syracuse, NY 13203
Two-unit residential property with a vacant lower residence featuring three bedrooms and separate outdoor space.
Property Size1,552 SF
Days on Market10
Property Features for 112 Pattison Street
General Information
Standard status
Active
Size
1,552 SF
Property subtype
Multi Family Home
Occupancy
50%
Taxes and HOA fees
Annual Taxes
$2,189
Building Details
Building Size
1,552 SF
Year Built
1870
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Hunt Real Estate ERA
(315) 294-2416
Listed By:
Teri Scheirer
(315) 294-2416
Source:
Northstarwny
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 26 at 9:12AM
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
Investment Insights
Based on property information with market context.
This duplex, constructed in 1870, includes a lower unit that is currently vacant and arranged with three full bedrooms. The property also provides a private backyard, adding outdoor space for the occupants.
The two-unit configuration allows an owner to reside in one residence while renting the other, subject to applicable leasing and occupancy considerations. The upper unit is identified as the income-producing residence in the current setup, while the lower unit is available for occupancy.
The two-unit configuration allows an owner to reside in one residence while renting the other, subject to applicable leasing and occupancy considerations. The upper unit is identified as the income-producing residence in the current setup, while the lower unit is available for occupancy.
Key Highlights
- Duplex configuration with two residential units
- Lower unit is currently vacant
- Lower residence includes 3 full bedrooms
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
$14,653
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
8.62%
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%
$293,060
$293.1K
Cap Rate 7%
$209,329
$209.3K
Cap Rate 9%
$162,811
$162.8K
Market Conditions
NOI Build-Up for 1,552 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
$28.5K $18.36/SF
− Vacancy
−$1.9K −$1.19/SF
EGI
$26.6K $17.17/SF
− OpEx
−$12.0K −$7.72/SF
NOI
$14.7K $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%
$293,060
Cap Rate 7%
$209,329
Cap Rate 9%
$162,811
Alternative Uses
Best Use
Multifamily LT 5
$235.9K
$206.4K – $275.2K
NOI $16,514 @ 7.0% cap · market cap 9.72%
Second Best
Apartment 5plus
$209.3K
$183.2K – $244.2K
NOI $14,653 @ 7.0% cap · market cap 8.62%
Theoretical Best
Office A
$269.7K
$236.0K – $314.7K
NOI $18,880 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
911
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?
Duplex - Two-unit residential property with a vacant lower residence featuring three bedrooms and separate outdoor space.
Where is this duplex located?
The property is located at 112 Pattison Street Syracuse, NY.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Duplex configuration with two residential units; Lower unit is currently vacant; Lower residence includes 3 full bedrooms
