Maintained Duplex with Natural
New
For Sale
$239,750
1124 Wolf Street, Syracuse, NY 13208
Two-unit property offers flexible living arrangements with an updated kitchen, three bathrooms, and multiple laundry connections.
Property Size2,088 SF
Days on Market5
Property Features for 1124 Wolf Street
General Information
Standard status
Active
Size
2,088 SF
Total Parking Spaces
2
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,721
Amenities
deck
exercise area
workshop
Building Details
Building Size
2,088 SF
Year Built
1923
Buildings
1
Construction
colonial
Listing Agency:
Coldwell Banker Prime Prop,Inc
Listed By:
Richard C Wilbur · License #30WI0923600
(315) 622-0161
Source:
Griffith-realty
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 5 at 5:18AM
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 Coldwell Banker Prime Prop,Inc
Investment Insights
Based on property information with market context.
Built in 1923, this two-unit colonial combines period craftsmanship with practical updates and flexible occupancy options. The home is currently used as one residence and features 9' ceilings, hardwood floors, natural woodwork, French doors, built-in cabinetry, and a 28' sunroom. Each level includes an eat-in kitchen, living space, bedroom, and full bathroom, while the first floor also provides a 15' x 11' mudroom, office, or laundry area. A second first-floor bedroom can be restored from its current living-room use, and the upper-level adjoining room offers additional configuration flexibility.
The partially finished basement adds a third updated full bathroom, exercise area, workshop, utility sink, laundry hookups, and mechanical space. Exterior improvements include a deck, Comfort windows, blown-in insulation, architectural shingles, and a metal roof. The remodeled two-car garage has a carriage-style door, workbench, electrical outlets, overhead storage, a side bump-out, and two sheds. The property is near the transportation center, regional market, baseball stadium, mall, aquarium, and highways.
The partially finished basement adds a third updated full bathroom, exercise area, workshop, utility sink, laundry hookups, and mechanical space. Exterior improvements include a deck, Comfort windows, blown-in insulation, architectural shingles, and a metal roof. The remodeled two-car garage has a carriage-style door, workbench, electrical outlets, overhead storage, a side bump-out, and two sheds. The property is near the transportation center, regional market, baseball stadium, mall, aquarium, and highways.
Key Highlights
- Two‑unit colonial built in 1923 with 9' ceilings, hardwood floors, natural woodwork, French doors, and built‑in cabinetry
- First floor includes a 15' x 11' mudroom, office, or laundry area plus a 28' sunroom
- Three full bathrooms, including a third updated bath in the partially finished basement
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
$19,714
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
8.22%
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%
$394,280
$394.3K
Cap Rate 7%
$281,629
$281.6K
Cap Rate 9%
$219,044
$219.0K
Market Conditions
NOI Build-Up for 2,088 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
$38.3K $18.36/SF
− Vacancy
−$2.5K −$1.19/SF
EGI
$35.8K $17.17/SF
− OpEx
−$16.1K −$7.72/SF
NOI
$19.7K $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%
$394,280
Cap Rate 7%
$281,629
Cap Rate 9%
$219,044
Alternative Uses
Best Use
Multifamily LT 5
$317.4K
$277.7K – $370.3K
NOI $22,217 @ 7.0% cap · market cap 9.27%
Second Best
Apartment 5plus
$281.6K
$246.4K – $328.6K
NOI $19,714 @ 7.0% cap · market cap 8.22%
Theoretical Best
Office A
$362.9K
$317.5K – $423.4K
NOI $25,401 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
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
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 property offers flexible living arrangements with an updated kitchen, three bathrooms, and multiple laundry connections.
Where is this duplex located?
The property is located at 1124 Wolf Street Syracuse, NY.
What is the asking price?
The asking price for this property is $239,750.
What are key features of this property?
This property features: Two‑unit colonial built in 1923 with 9' ceilings, hardwood floors, natural woodwork, French doors, and built‑in cabinetry; First floor includes a 15' x 11' mudroom, office, or laundry area plus a 28' sunroom; Three full bathrooms, including a third updated bath in the partially finished basement
