Duplex with Detached
New
For Sale
$374,900
1654 Wesley Ave, Utica, NY 13502
Two apartments offer hardwood floors, full baths, porches, and basement laundry and storage.
Property Size2,526 SF
Days on Market7
Property Features for 1654 Wesley Ave
General Information
Standard status
Active
Size
2,526 SF
Property subtype
Multi Family
Additional Details
Gross Income
$58,800
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,979
Amenities
covered front porches
upper balcony
off-street parking
detached garage
full basement
laundry facilities
Building Details
Building Size
2,526 SF
Year Built
1930
Stories
2
Units
2
Listed By:
Tasha Peterson
(315) 534-8107
Source:
Elliman
Added: Sep 8
Changed: Sep 10
Last Checked: Sep 13 at 5:26AM
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 Tasha Peterson
Investment Insights
Based on property information with market context.
Built in 1930, this duplex contains two apartments with generous bedrooms, comfortable living areas, separate dining spaces, and one full bathroom per unit. Hardwood flooring, original architectural elements, and abundant natural light contribute character throughout the interiors. Each kitchen includes ample cabinetry and a functional layout. A full basement provides laundry facilities, utilities, and additional storage. Exterior features include covered front porches, an upper balcony, off-street parking, and a detached garage.
The property directly borders Utica University and is near shopping, dining, public transportation, and major commuter routes. The location is rated 64 for walkability and 39 for bikeability, described as Somewhat Walkable and Somewhat Bikeable, respectively.
The property directly borders Utica University and is near shopping, dining, public transportation, and major commuter routes. The location is rated 64 for walkability and 39 for bikeability, described as Somewhat Walkable and Somewhat Bikeable, respectively.
Key Highlights
- Two apartments, each with generous bedrooms, separate dining space, and a full bathroom
- Directly along the Utica University property line at 1654 Wesley Ave, Utica, NY 13502
- Full basement includes laundry facilities, utilities, and additional storage
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
$22,879
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
6.10%
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%
$457,580
$457.6K
Cap Rate 7%
$326,843
$326.8K
Cap Rate 9%
$254,211
$254.2K
Market Conditions
NOI Build-Up for 2,526 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
$34.9K $13.80/SF
− Vacancy
−$2.2K −$0.86/SF
EGI
$32.7K $12.94/SF
− OpEx
−$9.8K −$3.88/SF
NOI
$22.9K $9.06/SF
Area
Oneida County, NY
Vacancy
6.24%
Lease Rate
$13.80 /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%
$457,580
Cap Rate 7%
$326,843
Cap Rate 9%
$254,211
Alternative Uses
Best Use
Multifamily LT 5
$326.8K
$286.0K – $381.3K
NOI $22,879 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$300.4K
$262.9K – $350.5K
NOI $21,028 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$665.7K
$582.5K – $776.6K
NOI $46,596 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
747
Businesses Nearby
Explore this area
Business Placement
Demographics for 13502, NY
33,990
Population
15,337
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
51.4 sq mi
ZIP Area
661
Density / Sq Mi
$59,530
Median Household Income
$36,927
Median Earnings
$965
Median Rent
$149,600
Median Home Value
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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?
Duplex - Two apartments offer hardwood floors, full baths, porches, and basement laundry and storage.
Where is this duplex located?
The property is located at 1654 Wesley Ave Utica, NY.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: Two apartments, each with generous bedrooms, separate dining space, and a full bathroom; Directly along the Utica University property line at 1654 Wesley Ave, Utica, NY 13502; Full basement includes laundry facilities, utilities, and additional storage
