Well-Maintained Two-Unit Multifamily
For Sale
$185,000
Pending
115 Coral Ave, Syracuse, NY 13207
Two-unit multifamily property with immediate rental income potential.
Property Size1,296 SF
Days on Market105
Property Features for 115 Coral Ave
General Information
Standard status
Pending
Size
1,296 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,095
Building Details
Building Size
1,296 SF
Year Built
1932
Stories
2
Units
2
Listing Agency:
Empire Realty Group
(315) 807-1751
Listed By:
Tonya Britton · License #10401333644
(315) 807-1751
Source:
Elliman
Added: Apr 27
Changed: Aug 8
Last Checked: Aug 9 at 10:19AM
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 Empire Realty Group
Investment Insights
Based on property information with market context.
This well-maintained two-unit multifamily property presents an investment opportunity. The property includes a large driveway providing ample off-street parking, and a spacious side porch. Both units are fully occupied, generating immediate rental income. The location has a bike score of 44, indicating it is somewhat bikeable, a walk score of 43, indicating car-dependent, and a transit score of 40, indicating some transit options are available.
Key Highlights
- Immediate rental income from fully occupied units.
- Well‑maintained two‑unit multifamily property.
- Large driveway with ample off‑street parking.
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
$13,790
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
7.45%
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%
$275,800
$275.8K
Cap Rate 7%
$197,000
$197.0K
Cap Rate 9%
$153,222
$153.2K
Market Conditions
NOI Build-Up for 1,296 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
$21.0K $16.20/SF
− Vacancy
−$1.3K −$1.00/SF
EGI
$19.7K $15.20/SF
− OpEx
−$5.9K −$4.56/SF
NOI
$13.8K $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%
$275,800
Cap Rate 7%
$197,000
Cap Rate 9%
$153,222
Alternative Uses
Best Use
Multifamily LT 5
$197.0K
$172.4K – $229.8K
NOI $13,790 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$174.8K
$153.0K – $203.9K
NOI $12,236 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$225.2K
$197.1K – $262.8K
NOI $15,766 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
Explore this area
Business Placement
Demographics for 13207, NY
13,140
Population
5,954
Households
2.2
Avg Household Size
36
Median Age
33%
College-Educated
90%
High-School Grad
3.2 sq mi
ZIP Area
4,106
Density / Sq Mi
$59,495
Median Household Income
$39,082
Median Earnings
$1,111
Median Rent
$110,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit multifamily property with immediate rental income potential.
Where is this duplex located?
The property is located at 115 Coral Ave Syracuse, NY.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Immediate rental income from fully occupied units.; Well‑maintained two‑unit multifamily property.; Large driveway with ample off‑street parking.
