Building Details

Building Size 2,019 SF

Year Built 1900

Units 2

Listed By: Ciara Migliaccio Show Phone

Source: Elliman

Added: Jun 10 Changed: Sep 10 Last Checked: Sep 11 at 9:41AM

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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 Ciara Migliaccio

Investment Insights

Based on property information with market context.

This updated two-family property built in 1900 features two separate addresses, two private driveways, and two independent entrances. The home totals 2,019 square feet and has been maintained and improved throughout, including renovated bathrooms in both units, newer kitchen appliances, and luxury vinyl flooring replacing carpeting. Additional upgrades include high-efficiency water heaters in each unit, some updated windows, and new interior and exterior stair replacements. The first unit offers three bedrooms and one full bath, while the second unit offers 2.5 bedrooms and one full bath. Both units are heated with forced air, and the first-floor unit also includes central air conditioning. Laundry is available via a shared unfinished basement, and one unit includes washer/dryer hookup capability. Utilities are separately metered.

Set on a large corner lot, the property is located at 2 Seneca St and 37 Tappen St (Van Buren, NY 13027). It is currently fully leased, with one lease running through February 28, 2027.

For investors or owner-occupants, the layout provides independent living spaces with separate entrances and a clear split of utilities. The combination of recent interior updates, separate metering, and strong in-place occupancy supports a practical, low-maintenance ownership experience.

Key Highlights

• Fully occupied two‑family with separate addresses: 2 Seneca St. and 37 Tappen St.
• Generates $2,795/month in gross rental income; one lease runs through Feb 28, 2027.
• 2,019 SF built in 1900 on a large corner lot with two private driveways and two independent entrances.

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

$21,483

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

7.28%

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%

$429,660 $429.7K

Cap Rate 7%

$306,900 $306.9K

Cap Rate 9%

$238,700 $238.7K

Market Conditions

NOI Build-Up for 2,019 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

$32.7K $16.20/SF

− Vacancy

−$2.0K −$1.00/SF

EGI

$30.7K $15.20/SF

− OpEx

−$9.2K −$4.56/SF

NOI

$21.5K $10.64/SF

Area

Onondaga County, 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%

$429,660

Cap Rate 7%

$306,900

Cap Rate 9%

$238,700

Alternative Uses

Best Use

Multifamily LT 5

$306.9K

$268.5K – $358.1K (±1% cap)

NOI $21,483 @ 7.0% cap · market cap 7.28%

Second Best

Apartment 5plus

$272.3K

$238.3K – $317.7K (±1% cap)

NOI $19,063 @ 7.0% cap · market cap 6.46%

Theoretical Best

Office A

$350.9K

$307.0K – $409.4K (±1% cap)

NOI $24,561 @ 7.0% cap · market cap 8.33%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Law Firm HVAC Service Electrical Service Parking Lot & Garage Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

658

Businesses Nearby

Explore this area Business Placement

Demographics for 13027, NY

34,507

Population

15,276

Households

2.3

Avg Household Size

44

Median Age

45%

College-Educated

96%

High-School Grad

67.0 sq mi

ZIP Area

515

Density / Sq Mi

$91,369

Median Household Income

$55,805

Median Earnings

$1,258

Median Rent

$226,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Fully occupied two-family home with separate driveways and updated interiors, offered on a corner lot.

Where is this duplex located?

The property is located at 2 Seneca St Van Buren, 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: Fully occupied two‑family with separate addresses: 2 Seneca St. and 37 Tappen St.; Generates $2,795/month in gross rental income; one lease runs through Feb 28, 2027.; 2,019 SF built in 1900 on a large corner lot with two private driveways and two independent entrances.