Two-Unit Duplex with Separate
For Sale
$217,000
Pending
1022 Avery Ave, Syracuse, NY 13204
Owner-occupant or investor property with off-street parking, basement storage, a deck, and a storage shed.
Property Size2,112 SF
Days on Market128
Property Features for 1022 Avery Ave
General Information
Standard status
Pending
Size
2,112 SF
Property subtype
Multi Family
Occupancy
50%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$15,000
Taxes and HOA fees
Annual Taxes
$4,337
Amenities
storage shed
deck
full basement
Building Details
Building Size
2,112 SF
Year Built
1921
Stories
2
Units
2
Listing Agency:
Procopio Real Estate
(315) 699-3200
Listed By:
Zach Oneill · License #10301217122
(315) 699-3200
Source:
Elliman
Added: Apr 27
Changed: Aug 30
Last Checked: Aug 31 at 7:26PM
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 Procopio Real Estate
Investment Insights
Based on property information with market context.
Located at 1022 Avery Ave in Syracuse, this 1921 duplex contains two residential units, each with 2 bedrooms and 1 full bathroom. Separate utilities serve the apartments, while a full basement, storage shed, deck, and off-street parking add practical functionality.
The property is currently 50% occupied, with one unit available for an owner-occupant or incoming tenant. Its two-unit configuration supports both residential ownership and rental use. The property is near local amenities, shopping, schools, and major roadways, with walk, bike, and transit scores of 43, 13, and 32, respectively.
The property is currently 50% occupied, with one unit available for an owner-occupant or incoming tenant. Its two-unit configuration supports both residential ownership and rental use. The property is near local amenities, shopping, schools, and major roadways, with walk, bike, and transit scores of 43, 13, and 32, respectively.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit
- Separate utilities for each apartment
- 50% occupied with one unit available
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
$19,941
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
9.19%
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%
$398,820
$398.8K
Cap Rate 7%
$284,871
$284.9K
Cap Rate 9%
$221,567
$221.6K
Market Conditions
NOI Build-Up for 2,112 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
$38.8K $18.36/SF
− Vacancy
−$2.5K −$1.19/SF
EGI
$36.3K $17.17/SF
− OpEx
−$16.3K −$7.72/SF
NOI
$19.9K $9.44/SF
Area
Syracuse, NY
Vacancy
6.50%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$398,820
Cap Rate 7%
$284,871
Cap Rate 9%
$221,567
Alternative Uses
Best Use
Multifamily LT 5
$321.0K
$280.9K – $374.5K
NOI $22,472 @ 7.0% cap · market cap 10.36%
Second Best
Apartment 5plus
$284.9K
$249.3K – $332.4K
NOI $19,941 @ 7.0% cap · market cap 9.19%
Theoretical Best
Office A
$367.0K
$321.2K – $428.2K
NOI $25,693 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 13204, NY
19,752
Population
10,410
Households
1.9
Avg Household Size
31
Median Age
26%
College-Educated
84%
High-School Grad
4.3 sq mi
ZIP Area
4,593
Density / Sq Mi
$42,585
Median Household Income
$35,609
Median Earnings
$1,054
Median Rent
$97,400
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 - Owner-occupant or investor property with off-street parking, basement storage, a deck, and a storage shed.
Where is this duplex located?
The property is located at 1022 Avery Ave Syracuse, NY.
What is the asking price?
The asking price for this property is $217,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit; Separate utilities for each apartment; 50% occupied with one unit available
