Two-Unit Residential Income
For Sale
$349,000
Pending
825 Sumner Avenue #27, Syracuse, NY 13210
Well-maintained two-up-and-down units with separate utilities and off-street parking, plus finished third-floor bonus space.
Property Size1,917 SF
Days on Market71
Property Features for 825 Sumner Avenue #27
General Information
Standard status
Pending
Size
1,917 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$9,203
Building Details
Building Size
1,917 SF
Year Built
1911
Stories
2
Units
2
Listing Agency:
Keller Williams Realty Syracuse
(315) 663-6633
Listed By:
Karen E Whalen · License #10301219318
(315) 663-6633
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 12 at 9:37AM
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 Keller Williams Realty Syracuse
Investment Insights
Based on property information with market context.
This University Hill duplex-style income property includes two up-and-down apartments, each offering two bedrooms and two full bathrooms, along with a large living room. Each unit has separate utilities, supporting individualized tenant billing and operations. In addition to the two primary apartments, the home has a huge finished third floor with vaulted ceilings, abundant natural light, and hardwood floors, creating valuable bonus living or flex space. The property also includes two sets of washers and dryers.
Off-street parking is available in the driveway, with additional parking behind the house. The home is maintained and listed for City rental compliance, including a Certificate of Suitability held since 2009 and listing in the City of Syracuse Rental Registry since at least 2009. Updates include two furnaces that are approximately eight years old and a roof that is approximately 22 years old.
The layout is well-suited for buyers seeking a residential income property with multiple levels and unit-level utility separation. Both apartments are currently rented through May 2027, providing continuity for an owner looking to acquire a long-standing, compliant, well-cared-for property. Off-street parking, in-unit laundry equipment, and the finished third-floor space may support tenant appeal for the right operator or buyer.
Off-street parking is available in the driveway, with additional parking behind the house. The home is maintained and listed for City rental compliance, including a Certificate of Suitability held since 2009 and listing in the City of Syracuse Rental Registry since at least 2009. Updates include two furnaces that are approximately eight years old and a roof that is approximately 22 years old.
The layout is well-suited for buyers seeking a residential income property with multiple levels and unit-level utility separation. Both apartments are currently rented through May 2027, providing continuity for an owner looking to acquire a long-standing, compliant, well-cared-for property. Off-street parking, in-unit laundry equipment, and the finished third-floor space may support tenant appeal for the right operator or buyer.
Key Highlights
- Two up‑and‑down apartments, each with 2 bedrooms and 2 full bathrooms
- Finished third floor bonus space with vaulted ceilings, abundant natural light, and hardwood floors
- Approximately 2,900 sq ft total finished living area
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
$20,397
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
5.84%
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%
$407,940
$407.9K
Cap Rate 7%
$291,386
$291.4K
Cap Rate 9%
$226,633
$226.6K
Market Conditions
NOI Build-Up for 1,917 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
$31.1K $16.20/SF
− Vacancy
−$1.9K −$1.00/SF
EGI
$29.1K $15.20/SF
− OpEx
−$8.7K −$4.56/SF
NOI
$20.4K $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%
$407,940
Cap Rate 7%
$291,386
Cap Rate 9%
$226,633
Alternative Uses
Best Use
Multifamily LT 5
$291.4K
$255.0K – $340.0K
NOI $20,397 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$258.6K
$226.3K – $301.7K
NOI $18,100 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$333.2K
$291.5K – $388.7K
NOI $23,321 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
764
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 - Well-maintained two-up-and-down units with separate utilities and off-street parking, plus finished third-floor bonus space.
Where is this duplex located?
The property is located at 825 Sumner Avenue #27 Syracuse, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two up‑and‑down apartments, each with 2 bedrooms and 2 full bathrooms; Finished third floor bonus space with vaulted ceilings, abundant natural light, and hardwood floors; Approximately 2,900 sq ft total finished living area
