Two-Family Home with Oversized
For Sale
$239,900
Pending
3018 Grant Blvd, Syracuse, NY 13208
Two-family residence features an oversized garage with sewer and water hookup, plus new roof on the house and garage.
Property Size1,740 SF
Days on Market123
Property Features for 3018 Grant Blvd
General Information
Standard status
Pending
Size
1,740 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$4,954
Building Details
Building Size
1,740 SF
Year Built
1890
Stories
2
Units
2
Listing Agency:
Keller Williams Realty Syracuse
(315) 701-6900
Listed By:
Clayton Baker · License #30BA1017031
(315) 701-6900
Source:
Elliman
Added: Apr 27
Changed: Aug 8
Last Checked: Aug 4 at 10:03AM
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 two-family home offers a practical income property layout with an expanded off-street parking area and a notably oversized garage. The property includes a garage setup that has sewer and water hookup, creating flexibility for storage use or other compatible applications. A new roof was installed on both the house and the garage.
An adjacent lot is included, offering potential for expansion. The address is minutes from Destiny USA, Mets Stadium, downtown, area hospitals, Syracuse University, and nearby highways.
With two-family structure, expanded parking, and additional lot space, the property provides a straightforward residential income option designed for utility and workable site flexibility.
An adjacent lot is included, offering potential for expansion. The address is minutes from Destiny USA, Mets Stadium, downtown, area hospitals, Syracuse University, and nearby highways.
With two-family structure, expanded parking, and additional lot space, the property provides a straightforward residential income option designed for utility and workable site flexibility.
Key Highlights
- Two‑family residence built in 1890
- Oversized garage with sewer and water hookup; could be used for storage or rented
- New roof on the house and garage
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
$18,514
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
7.72%
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%
$370,280
$370.3K
Cap Rate 7%
$264,486
$264.5K
Cap Rate 9%
$205,711
$205.7K
Market Conditions
NOI Build-Up for 1,740 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
$28.2K $16.20/SF
− Vacancy
−$1.7K −$1.00/SF
EGI
$26.4K $15.20/SF
− OpEx
−$7.9K −$4.56/SF
NOI
$18.5K $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%
$370,280
Cap Rate 7%
$264,486
Cap Rate 9%
$205,711
Alternative Uses
Best Use
Multifamily LT 5
$264.5K
$231.4K – $308.6K
NOI $18,514 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$234.7K
$205.4K – $273.8K
NOI $16,428 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$302.4K
$264.6K – $352.8K
NOI $21,167 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
Explore this area
Business Placement
Demographics for 13208, NY
23,603
Population
10,325
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
77%
High-School Grad
4.1 sq mi
ZIP Area
5,757
Density / Sq Mi
$40,641
Median Household Income
$35,015
Median Earnings
$999
Median Rent
$110,300
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 - Two-family residence features an oversized garage with sewer and water hookup, plus new roof on the house and garage.
Where is this duplex located?
The property is located at 3018 Grant Blvd Syracuse, NY.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two‑family residence built in 1890; Oversized garage with sewer and water hookup; could be used for storage or rented; New roof on the house and garage
