Duplex with Updated
For Sale
$240,000
Pending
1605 Lodi St, Syracuse, NY 13208
Two residential units offer three-bedroom layouts, with one apartment refreshed and major mechanical equipment replaced in 2025.
Property Size2,056 SF
Days on Market129
Property Features for 1605 Lodi St
General Information
Standard status
Pending
Size
2,056 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$1,459
Building Details
Building Size
2,056 SF
Year Built
1900
Stories
2
Units
2
Listed By:
An Vu
(888) 276-0630
Source:
Elliman
Added: Apr 27
Changed: Aug 31
Last Checked: Aug 30 at 1:57PM
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 An Vu
Investment Insights
Based on property information with market context.
This two-unit residential property contains matching three-bedroom, one-bath apartment layouts. The upper apartment received a 2025 interior refresh that included new flooring, drywall, paint, and appliances. Two hot water tanks and two furnaces were also installed in 2025, while the roof and siding have undergone recent repairs. The lower apartment is occupied, with utilities billed separately.
Constructed in 1900, the duplex is located at 1605 Lodi St in Syracuse, New York. WalkScore is 64, BikeScore is 41, and TransitScore is 39, reflecting some walkability, limited bike convenience, and some transit access. The property may suit an owner-occupant or a buyer seeking a two-unit residential configuration.
Constructed in 1900, the duplex is located at 1605 Lodi St in Syracuse, New York. WalkScore is 64, BikeScore is 41, and TransitScore is 39, reflecting some walkability, limited bike convenience, and some transit access. The property may suit an owner-occupant or a buyer seeking a two-unit residential configuration.
Key Highlights
- Two apartments, each with 3 bedrooms and 1 bathroom
- Upper apartment renovated in 2025 with flooring, drywall, paint, and appliances
- Two hot water tanks and two furnaces installed in 2025
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
$21,877
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
9.12%
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%
$437,540
$437.5K
Cap Rate 7%
$312,529
$312.5K
Cap Rate 9%
$243,078
$243.1K
Market Conditions
NOI Build-Up for 2,056 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
$33.3K $16.20/SF
− Vacancy
−$2.1K −$1.00/SF
EGI
$31.3K $15.20/SF
− OpEx
−$9.4K −$4.56/SF
NOI
$21.9K $10.64/SF
Area
Syracuse, 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%
$437,540
Cap Rate 7%
$312,529
Cap Rate 9%
$243,078
Alternative Uses
Best Use
Multifamily LT 5
$312.5K
$273.5K – $364.6K
NOI $21,877 @ 7.0% cap · market cap 9.12%
Second Best
Apartment 5plus
$277.3K
$242.7K – $323.5K
NOI $19,412 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$357.3K
$312.6K – $416.9K
NOI $25,011 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,895
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer three-bedroom layouts, with one apartment refreshed and major mechanical equipment replaced in 2025.
Where is this duplex located?
The property is located at 1605 Lodi St Syracuse, NY.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Two apartments, each with 3 bedrooms and 1 bathroom; Upper apartment renovated in 2025 with flooring, drywall, paint, and appliances; Two hot water tanks and two furnaces installed in 2025
