Upgraded Duplex With Finished
For Sale
$249,000
1303 Neilson Street, Utica, NY 13501
Two-unit property with distinct three-bedroom and two-bedroom residences, plus attic space and multiple recent improvements.
Property Size2,000 SF
Price / SF$124.50
Days on Market128
Property Features for 1303 Neilson Street
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,555
Amenities
Gas
Full
3
Tile, Vinyl
Attic Storage
Carport.
Vinyl
Rectangular
46X60
City Road, Rectangular.
Building Details
Year Built
1920
Listing Agency:
Miner Realty & Prop Management
(315) 709-4355
Listed By:
Feidy Miner
Source:
Xome
Added: Apr 26
Changed: Aug 30
Last Checked: Aug 30 at 10:15PM
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 Miner Realty & Prop Management
Investment Insights
Based on property information with market context.
This 2,000-square-foot duplex contains two residential units within a 1920-built property. The first-floor residence has three bedrooms, while the upper unit includes two bedrooms. Additional interior space includes a finished attic with storage capability.
Recent work includes replacement water heaters, furnaces, roofing, siding, and spray foam insulation throughout the property and basement. Exterior features include vinyl siding, a carport, and a rectangular lot measuring 46 by 60 feet. The property is located at 1303 Neilson Street in Utica, New York.
Recent work includes replacement water heaters, furnaces, roofing, siding, and spray foam insulation throughout the property and basement. Exterior features include vinyl siding, a carport, and a rectangular lot measuring 46 by 60 feet. The property is located at 1303 Neilson Street in Utica, New York.
Key Highlights
- Two‑unit duplex with 2,000 square feet of property size
- First‑floor unit has 3 bedrooms; second‑floor unit has 2 bedrooms
- Finished attic with attic storage
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
$18,114
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
7.27%
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%
$362,280
$362.3K
Cap Rate 7%
$258,771
$258.8K
Cap Rate 9%
$201,267
$201.3K
Market Conditions
NOI Build-Up for 2,000 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
$27.6K $13.80/SF
− Vacancy
−$1.7K −$0.86/SF
EGI
$25.9K $12.94/SF
− OpEx
−$7.8K −$3.88/SF
NOI
$18.1K $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%
$362,280
Cap Rate 7%
$258,771
Cap Rate 9%
$201,267
Alternative Uses
Best Use
Multifamily LT 5
$258.8K
$226.4K – $301.9K
NOI $18,114 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$237.8K
$208.1K – $277.5K
NOI $16,649 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$527.0K
$461.2K – $614.9K
NOI $36,893 @ 7.0% cap · market cap 14.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
784
Businesses Nearby
Explore this area
Business Placement
Demographics for 13501, NY
40,885
Population
17,071
Households
2.4
Avg Household Size
35
Median Age
22%
College-Educated
78%
High-School Grad
8.8 sq mi
ZIP Area
4,646
Density / Sq Mi
$49,771
Median Household Income
$33,632
Median Earnings
$865
Median Rent
$136,100
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-unit property with distinct three-bedroom and two-bedroom residences, plus attic space and multiple recent improvements.
Where is this duplex located?
The property is located at 1303 Neilson Street Utica, NY.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,000 square feet of property size; First‑floor unit has 3 bedrooms; second‑floor unit has 2 bedrooms; Finished attic with attic storage
