Two-Family Duplex with
New
For Sale
$295,000
115 Trinity Place, Syracuse, NY 13210
Flexible ownership setup with one occupied apartment and a second-floor unit ready for occupancy.
Property Size2,556 SF
Days on Market4
Property Features for 115 Trinity Place
General Information
Standard status
Active
Size
2,556 SF
Property subtype
Duplex
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,853
Amenities
washer/dryer units
private driveway
garage
Building Details
Building Size
2,556 SF
Year Built
1890
Buildings
1
Tenancy
Single
Listing Agency:
Ciciarelli Real Estate LLC
Listed By:
Dominick Joseph Ciciarelli · License #10491209998
(315) 727-0145
Source:
Griffith-realty
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 2 at 9:16PM
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 Ciciarelli Real Estate LLC
Investment Insights
Based on property information with market context.
This two-family duplex contains two apartments, each arranged with three bedrooms and one full bathroom. A shared basement provides washer and dryer units, while the property also includes a private driveway and a large garage for off-street parking and storage. Built in 1890, the home has been maintained and includes a mix of current occupancy and available space.
The first-floor apartment is occupied by a tenant, and the second-floor apartment is vacant and ready for a new occupant. The property is near Syracuse University, downtown, area hospitals, shopping, and dining, with access to major routes. Its two-unit configuration supports both owner-occupancy and continued use as a residential income property.
The first-floor apartment is occupied by a tenant, and the second-floor apartment is vacant and ready for a new occupant. The property is near Syracuse University, downtown, area hospitals, shopping, and dining, with access to major routes. Its two-unit configuration supports both owner-occupancy and continued use as a residential income property.
Key Highlights
- Two apartments, each with 3 bedrooms and 1 full bathroom
- First‑floor unit occupied; second‑floor unit vacant and ready for occupancy
- Private driveway and large garage provide off‑street parking and storage
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
$24,133
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
8.18%
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%
$482,660
$482.7K
Cap Rate 7%
$344,757
$344.8K
Cap Rate 9%
$268,144
$268.1K
Market Conditions
NOI Build-Up for 2,556 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
$46.9K $18.36/SF
− Vacancy
−$3.1K −$1.19/SF
EGI
$43.9K $17.17/SF
− OpEx
−$19.7K −$7.72/SF
NOI
$24.1K $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%
$482,660
Cap Rate 7%
$344,757
Cap Rate 9%
$268,144
Alternative Uses
Best Use
Multifamily LT 5
$388.5K
$340.0K – $453.3K
NOI $27,197 @ 7.0% cap · market cap 9.22%
Second Best
Apartment 5plus
$344.8K
$301.7K – $402.2K
NOI $24,133 @ 7.0% cap · market cap 8.18%
Theoretical Best
Office A
$444.2K
$388.7K – $518.2K
NOI $31,094 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
731
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 - Flexible ownership setup with one occupied apartment and a second-floor unit ready for occupancy.
Where is this duplex located?
The property is located at 115 Trinity Place Syracuse, NY.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two apartments, each with 3 bedrooms and 1 full bathroom; First‑floor unit occupied; second‑floor unit vacant and ready for occupancy; Private driveway and large garage provide off‑street parking and storage
