Three-Unit Multifamily
New
For Sale
$315,000
1500 Court St 2, Syracuse, NY 13208
Hardwood flooring, shared laundry access, and a two-car garage serve the three residences.
Property Size2,887 SF
Days on Market2
Property Features for 1500 Court St 2
General Information
Standard status
Active
Size
2,887 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,399
Building Details
Building Size
2,887 SF
Year Built
1850
Units
3
Listing Agency:
Acropolis Realty Group
Listed By:
Julie Brooks · License #10401371219
(315) 898-3171
Source:
Elliman
Added: Sep 30
Last Checked: Oct 1 at 1:08PM
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 Acropolis Realty Group
Investment Insights
Based on property information with market context.
This 1850-built triplex contains three residences, with hardwood floors and laundry access available to each unit. Long-term tenants are in place. A front porch, large driveway, and two-car garage are additional property features.
The property is located at 1500 Court St 2 in Syracuse, New York. Walk Score is 58, Bike Score is 61, and Transit Score is 37.
The property is located at 1500 Court St 2 in Syracuse, New York. Walk Score is 58, Bike Score is 61, and Transit Score is 37.
Key Highlights
- Three‑unit multifamily property
- Built in 1850
- Laundry available to all three units
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
$27,258
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
8.65%
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%
$545,160
$545.2K
Cap Rate 7%
$389,400
$389.4K
Cap Rate 9%
$302,867
$302.9K
Market Conditions
NOI Build-Up for 2,887 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
$53.0K $18.36/SF
− Vacancy
−$3.4K −$1.19/SF
EGI
$49.6K $17.17/SF
− OpEx
−$22.3K −$7.72/SF
NOI
$27.3K $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%
$545,160
Cap Rate 7%
$389,400
Cap Rate 9%
$302,867
Alternative Uses
Best Use
Multifamily LT 5
$438.8K
$384.0K – $512.0K
NOI $30,719 @ 7.0% cap · market cap 9.75%
Second Best
Apartment 5plus
$389.4K
$340.7K – $454.3K
NOI $27,258 @ 7.0% cap · market cap 8.65%
Theoretical Best
Office A
$501.7K
$439.0K – $585.4K
NOI $35,121 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
468
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Hardwood flooring, shared laundry access, and a two-car garage serve the three residences.
Where is this triplex located?
The property is located at 1500 Court St 2 Syracuse, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Three‑unit multifamily property; Built in 1850; Laundry available to all three units
