8-Unit Townhouse Apartment
New
For Sale
$3,050,000
1215-29 James St, Syracuse, NY 13203
Each residence has a private courtyard, garage, and in-unit laundry.
Property Size21,420 SF
Days on Market2
Property Features for 1215-29 James St
General Information
Standard status
Active
Size
21,420 SF
Property subtype
Investment
Units
Unit Mix
8 x 3BR/2.5BA
Multifamily Units
8
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$16,747
Amenities
garage
washer/dryer
courtyard
Building Details
Building Size
21,420 SF
Year Built
1980
Buildings
1
Stories
3
Units
8
Listing Agency:
Ciciarelli Real Estate LLC
Listed By:
Dominick Joseph Ciciarelli
(315) 727-0145
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 3:29PM
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 apartment property contains eight townhouse residences and was built in 1980. Each unit offers three bedrooms and 2.5 bathrooms, along with a private two-car garage, an in-unit washer and dryer, and an outdoor courtyard.
Located at 1215-29 James St in Syracuse, the property has a Walk Score of 51, a Bike Score of 47, and a Transit Score of 36.
Located at 1215-29 James St in Syracuse, the property has a Walk Score of 51, a Bike Score of 47, and a Transit Score of 36.
Key Highlights
- Eight townhouse units
- Each unit has 3 bedrooms and 2.5 bathrooms
- Private 2‑car garage, in‑unit washer and dryer, and outdoor courtyard for every unit
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
$202,240
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
6.63%
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%
$4,044,800
$4.0M
Cap Rate 7%
$2,889,143
$2.9M
Cap Rate 9%
$2,247,111
$2.2M
Market Conditions
NOI Build-Up for 21,420 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
$393.3K $18.36/SF
− Vacancy
−$25.6K −$1.19/SF
EGI
$367.7K $17.17/SF
− OpEx
−$165.5K −$7.72/SF
NOI
$202.2K $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%
$4,044,800
Cap Rate 7%
$2,889,143
Cap Rate 9%
$2,247,111
Alternative Uses
Best Use
Apartment 5plus
$2.89M
$2.53M – $3.37M
NOI $202,240 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.72M
$3.26M – $4.34M
NOI $260,577 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
900
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Each residence has a private courtyard, garage, and in-unit laundry.
Where is this apartment building located?
The property is located at 1215-29 James St Syracuse, NY.
What is the asking price?
The asking price for this property is $3,050,000.
What are key features of this property?
This property features: Eight townhouse units; Each unit has 3 bedrooms and 2.5 bathrooms; Private 2‑car garage, in‑unit washer and dryer, and outdoor courtyard for every unit
