Three-Unit Multifamily
New
For Sale
$315,000
1500 Court Street #2, Syracuse, NY 13208
Three residences share laundry facilities, with long-term tenants currently in place.
Property Size2,887 SF
Days on Market4
Property Features for 1500 Court Street #2
General Information
Standard status
Active
Size
2,887 SF
Property subtype
Multi-Family
Building Details
Building Size
2,887 SF
Year Built
1850
Stories
2
Listing Agency:
Acropolis Realty Group LLC
Listed By:
Julie Brooks · License #10401371219
(315) 898-3171
Source:
Stacyfaunce.kw
Added: Sep 29
Changed: Sep 30
Last Checked: Oct 1 at 8:30AM
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 LLC
Investment Insights
Based on property information with market context.
This three-unit multifamily property was built in 1850 and features hardwood flooring and a front porch. Laundry facilities serve all three residences, and the property includes a two-car garage and a large driveway.
Long-term tenants are in place. The first unit may also be occupied by an owner while the remaining units generate rental income.
Long-term tenants are in place. The first unit may also be occupied by an owner while the remaining units generate rental income.
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
Current Use
Location Intelligence
Trade Area within ½ mile
640
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residences share laundry facilities, with long-term tenants currently in place.
Where is this triplex located?
The property is located at 1500 Court Street #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
