Two-Unit Three-Bedroom
New
For Sale
$324,900
1121-1123 Westcott Street, Syracuse, NY 13210
Residential, Syracuse, NY
Property Size2,600 SF
Lot Size0.12 Acres
Price / SF$124.96
Days on Market2
Property Features for 1121-1123 Westcott Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 6, Bedroom 2, Basement, Bedroom 5, Bedroom 3
Interior features
CeilingFans
Fireplace
1
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Syracuse
Middle school district
Syracuse
High school district
Syracuse
Directions
Westcott Street between Broad Street and Kensington Road
Subdivision
Syracuse City-311500
Standard status
Active
APN
311500-053-000-0022-019-000-0000
Size
2,600 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
5738
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
woodburning fireplaces
porches
Building Details
Year built
1935
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Varies, Hardwood
Building materials
CompositeSiding, Frame, CopperPlumbing
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Syracuse · Keller Williams Realty
(315) 701-6900
Listed By:
Jeffrey L. Roney · License #30RO0632845
(315) 254-6973
Added: Aug 27
Changed: Aug 28
Last Checked: Aug 28 at 5:06AM
MLS# S1709624
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 two-unit residential property contains 2,600 square feet arranged as two three-bedroom apartments. Each unit includes a wood-burning fireplace, open and enclosed porch areas, replacement windows, and updated mechanical systems. Separate utilities support independent operation, while hardwood and vinyl flooring, forced-air natural gas heat, ceiling fans, and gas water heating add to the existing configuration. The building dates to 1935 and has composite siding, copper plumbing, an asphalt roof, and public water service.
The property occupies 0.1212 acres at 1121-1123 Westcott Street in Syracuse. Barry Park, shopping, restaurants, parks, and Syracuse University are identified nearby. Its duplex layout supports either owner occupancy or continued residential investment use.
The property occupies 0.1212 acres at 1121-1123 Westcott Street in Syracuse. Barry Park, shopping, restaurants, parks, and Syracuse University are identified nearby. Its duplex layout supports either owner occupancy or continued residential investment use.
Key Highlights
- Two three‑bedroom apartments within a 2,600‑square‑foot duplex
- Separate utilities for each apartment
- Wood‑burning fireplaces and open and enclosed porches
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
$27,665
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
8.51%
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%
$553,300
$553.3K
Cap Rate 7%
$395,214
$395.2K
Cap Rate 9%
$307,389
$307.4K
Market Conditions
NOI Build-Up for 2,600 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
$42.1K $16.20/SF
− Vacancy
−$2.6K −$1.00/SF
EGI
$39.5K $15.20/SF
− OpEx
−$11.9K −$4.56/SF
NOI
$27.7K $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 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%
$553,300
Cap Rate 7%
$395,214
Cap Rate 9%
$307,389
Alternative Uses
Best Use
Multifamily LT 5
$395.2K
$345.8K – $461.1K
NOI $27,665 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$350.7K
$306.9K – $409.1K
NOI $24,548 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$451.8K
$395.4K – $527.2K
NOI $31,629 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
Explore this area
Business Placement
Demographics for 13210, NY
23,150
Population
9,774
Households
2.4
Avg Household Size
27
Median Age
50%
College-Educated
92%
High-School Grad
3.8 sq mi
ZIP Area
6,092
Density / Sq Mi
$38,783
Median Household Income
$20,554
Median Earnings
$1,081
Median Rent
$167,200
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 apartments feature separate utilities, porches, and updated mechanical systems.
Where is this duplex located?
The property is located at 1121-1123 Westcott Street Syracuse, NY.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Two three‑bedroom apartments within a 2,600‑square‑foot duplex; Separate utilities for each apartment; Wood‑burning fireplaces and open and enclosed porches
