Westcott Street Multifamily Investment
For Sale
$440,000
822 Westcott St, Syracuse, NY 13210
Three-unit property near Syracuse University and Westcott Street business district.
Property Size3,297 SF
Days on Market108
Property Features for 822 Westcott St
General Information
Standard status
Active
Size
3,297 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$8,582
Building Details
Building Size
3,297 SF
Year Built
1900
Units
3
Listing Agency:
University Hill Realty Ltd
(315) 460-0024
Listed By:
Daniel Murphy
(315) 460-0024
Source:
Elliman
Added: Apr 28
Changed: Aug 8
Last Checked: Aug 12 at 10:09AM
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 University Hill Realty Ltd
Investment Insights
Based on property information with market context.
Located at 822 Westcott Street, this three-unit multifamily property is situated in a desirable rental area of Syracuse. The property includes one 5-bedroom, 2-bath unit, one 4-bedroom, 2-bath unit, and one 2-bedroom, 1-bath unit. The location is on a bus line and near Syracuse University, offering convenient access to campus for students and other renters. The property is within walking distance of the Westcott Street business district, providing tenants with access to shopping, restaurants, entertainment, and services. The area has consistent rental demand and proximity to amenities, making it suitable for investors seeking cash flow and long-term value.
Key Highlights
- Prime location in a highly desirable Syracuse rental corridor near Syracuse University.
- Strong income‑producing property with three spacious units: a 5‑bedroom, 2‑bath, a 4‑bedroom, 2‑bath, and a 2‑bedroom, 1‑bath.
- High rental appeal due to proximity to Syracuse University and the Westcott Street business district.
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
$35,081
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
7.97%
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%
$701,620
$701.6K
Cap Rate 7%
$501,157
$501.2K
Cap Rate 9%
$389,789
$389.8K
Market Conditions
NOI Build-Up for 3,297 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
$53.4K $16.20/SF
− Vacancy
−$3.3K −$1.00/SF
EGI
$50.1K $15.20/SF
− OpEx
−$15.0K −$4.56/SF
NOI
$35.1K $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%
$701,620
Cap Rate 7%
$501,157
Cap Rate 9%
$389,789
Alternative Uses
Best Use
Multifamily LT 5
$501.2K
$438.5K – $584.7K
NOI $35,081 @ 7.0% cap · market cap 7.97%
Second Best
Apartment 5plus
$444.7K
$389.1K – $518.8K
NOI $31,129 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$573.0K
$501.4K – $668.5K
NOI $40,108 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
491
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?
Triplex - Three-unit property near Syracuse University and Westcott Street business district.
Where is this triplex located?
The property is located at 822 Westcott St Syracuse, NY.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Prime location in a highly desirable Syracuse rental corridor near Syracuse University.; Strong income‑producing property with three spacious units: a 5‑bedroom, 2‑bath, a 4‑bedroom, 2‑bath, and a 2‑bedroom, 1‑bath.; High rental appeal due to proximity to Syracuse University and the Westcott Street business district.
