Updated Two-Family Home in
For Sale
$179,900
724 Warren St, Utica, NY 13502
Recently updated two-family home in West Utica.
Property Size1,808 SF
Days on Market108
Property Features for 724 Warren St
General Information
Standard status
Active
Size
1,808 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$2,846
Building Details
Building Size
1,808 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
Assist2Sell Buyers & Sellers 1st Choice
(315) 570-0148
Listed By:
Alen Zekic · License #10401267029
(315) 570-0148
Source:
Elliman
Added: May 13
Changed: Aug 16
Last Checked: Aug 26 at 11:15AM
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 Assist2Sell Buyers & Sellers 1st Choice
Investment Insights
Based on property information with market context.
This recently updated two-family home is located in West Utica. Updates completed within the last 2 years include new water heaters, flooring, some new walls and doors, updated kitchens, and bathrooms. The property features a spacious first-floor apartment with 4 bedrooms and 1 bathroom, and a second-floor apartment with 2 bedrooms and 1 bathroom. The property has separate utilities, a large lot, and ample parking space. This property presents an opportunity for either owner-occupancy or investment. The bike score is 53, indicating it is bikeable, and the walk score is 53, indicating it is somewhat walkable.
Key Highlights
- Recently updated kitchens and bathrooms.
- Two separate apartments: a spacious 4‑bedroom unit and a 2‑bedroom unit.
- Separate utilities for each apartment.
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
$16,375
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
9.10%
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%
$327,500
$327.5K
Cap Rate 7%
$233,929
$233.9K
Cap Rate 9%
$181,944
$181.9K
Market Conditions
NOI Build-Up for 1,808 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
$25.0K $13.80/SF
− Vacancy
−$1.6K −$0.86/SF
EGI
$23.4K $12.94/SF
− OpEx
−$7.0K −$3.88/SF
NOI
$16.4K $9.06/SF
Area
Oneida County, NY
Vacancy
6.24%
Lease Rate
$13.80 /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%
$327,500
Cap Rate 7%
$233,929
Cap Rate 9%
$181,944
Alternative Uses
Best Use
Multifamily LT 5
$233.9K
$204.7K – $272.9K
NOI $16,375 @ 7.0% cap · market cap 9.10%
Second Best
Apartment 5plus
$215.0K
$188.1K – $250.9K
NOI $15,051 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$476.4K
$416.9K – $555.9K
NOI $33,351 @ 7.0% cap · market cap 18.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,305
Businesses Nearby
Explore this area
Business Placement
Demographics for 13502, NY
33,990
Population
15,337
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
51.4 sq mi
ZIP Area
661
Density / Sq Mi
$59,530
Median Household Income
$36,927
Median Earnings
$965
Median Rent
$149,600
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 - Recently updated two-family home in West Utica.
Where is this duplex located?
The property is located at 724 Warren St Utica, NY.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Recently updated kitchens and bathrooms.; Two separate apartments: a spacious 4‑bedroom unit and a 2‑bedroom unit.; Separate utilities for each apartment.
