Building Details

Building Size 1,746 SF

Year Built 1865

Buildings 2

Stories 2

Units 2

Listing Agency: L Wilson Realty l***@gmail.com Show Phone

Listed By: Lynette A. Wilson Show Phone

Source: Elliman

Added: Aug 11 Changed: Aug 13 Last Checked: Aug 14 at 10:19AM

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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 L Wilson Realty

Investment Insights

Based on property information with market context.

Built in 1865, this duplex includes a first-floor apartment with pine flooring in the living room, dining room, and bedrooms. The kitchen has updated cabinets, countertops, flooring, and appliances, while the bathroom includes a walk-in tub and the first floor offers laundry. The upper apartment provides two bedrooms, a living room, kitchen appliances, and a new washer and dryer.

Outdoor features include a large front porch, enclosed side porch, partially fenced backyard, and detached one-car garage. The main septic line from the basement to the street was professionally completed in 2014. Tops supermarket is located behind the backyard fence, with the grocery store approximately two minutes away on foot. Downtown Skaneateles Lake is approximately five minutes away and includes boutiques, restaurants, offices, salons, and other local businesses. The owner pays water, and showings require 48-hour notice.

Key Highlights

• Duplex with two separate apartments
• First‑floor kitchen renovated with new cabinets, countertops, flooring, and appliances
• Upper apartment includes two bedrooms and a new washer and dryer

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

$18,578

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

3.10%

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%

$371,560 $371.6K

Cap Rate 7%

$265,400 $265.4K

Cap Rate 9%

$206,422 $206.4K

Market Conditions

NOI Build-Up for 1,746 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

$28.3K $16.20/SF

− Vacancy

−$1.7K −$1.00/SF

EGI

$26.5K $15.20/SF

− OpEx

−$8.0K −$4.56/SF

NOI

$18.6K $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%

$371,560

Cap Rate 7%

$265,400

Cap Rate 9%

$206,422

Alternative Uses

Best Use

Multifamily LT 5

$265.4K

$232.2K – $309.6K (±1% cap)

NOI $18,578 @ 7.0% cap · market cap 3.10%

Second Best

Apartment 5plus

$235.5K

$206.1K – $274.8K (±1% cap)

NOI $16,485 @ 7.0% cap · market cap 2.75%

Theoretical Best

Office A

$303.4K

$265.5K – $354.0K (±1% cap)

NOI $21,240 @ 7.0% cap · market cap 3.54%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Dental Office Auto Parts Store Auto Repair Shop Kitchen & Bath Showroom Grocery & Convenience Store (Bike/Boat/Book/etc) Store

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

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

508

Businesses Nearby

Explore this area Business Placement

Demographics for 13152, NY

7,696

Population

4,044

Households

1.9

Avg Household Size

52

Median Age

55%

College-Educated

96%

High-School Grad

63.3 sq mi

ZIP Area

122

Density / Sq Mi

$102,727

Median Household Income

$54,688

Median Earnings

$990

Median Rent

$427,600

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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Frequently Asked Questions

What type of property is this?

Duplex - Two-apartment home with renovated kitchen, updated bath, porches, and a partially fenced backyard.

Where is this duplex located?

The property is located at 21 W Elizabeth St Skaneateles, NY.

What is the asking price?

The asking price for this property is $599,900.

What are key features of this property?

This property features: Duplex with two separate apartments; First‑floor kitchen renovated with new cabinets, countertops, flooring, and appliances; Upper apartment includes two bedrooms and a new washer and dryer