21-Unit Apartment
For Sale
$600,000
206 Green Street, Syracuse, NY 13203
Four adjoining apartment buildings with a fully leased mix of one-, two-, and three-bedroom units.
Property Size5,027 SF
Days on Market63
Property Features for 206 Green Street
General Information
Standard status
Active
Size
5,027 SF
Property subtype
Multi Family Home
Occupancy
100%
Financials
Asking Price
$2,100,000
Cap Rate
9.6%
Gross Income
$290,000
Average Monthly Rent
$1,100
Additional Details
Multifamily Units
21
Taxes and HOA fees
Annual Taxes
$5,561
Building Details
Building Size
5,027 SF
Year Built
1900
Buildings
4
Stories
3
Units
6
Listing Agency:
Hunt Real Estate ERA
(315) 446-4681
Listed By:
Dante Belmonte · License #10401323828
(315) 446-4681
Source:
Wcirealty
Added: Jul 1
Changed: Aug 30
Last Checked: Aug 31 at 5:11PM
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 Hunt Real Estate ERA
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises four adjoining apartment buildings in Syracuse’s historic Hawley-Green Neighborhood, totaling 21 apartments. The properties include 200–202 Green Street, also identified as 200 Howard, along with 203, 206, and 207 Green Street. Unit layouts are primarily two-bedroom apartments, supplemented by several one- and three-bedroom residences. The buildings date to 1900 and have received upgrades throughout.
All 21 apartments are currently leased. Residents separately handle gas and electric service, while ownership covers water, sewer, and exterior maintenance. The portfolio is offered at a 9.6% cap rate, providing an established multifamily configuration across contiguous buildings.
All 21 apartments are currently leased. Residents separately handle gas and electric service, while ownership covers water, sewer, and exterior maintenance. The portfolio is offered at a 9.6% cap rate, providing an established multifamily configuration across contiguous buildings.
Key Highlights
- 21 apartments across 4 adjoining buildings
- All 21 units are fully rented
- Primarily 2‑bedroom units, with several 1- and 3‑bedroom apartments
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
$47,463
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
7.91%
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%
$949,260
$949.3K
Cap Rate 7%
$678,043
$678.0K
Cap Rate 9%
$527,367
$527.4K
Market Conditions
NOI Build-Up for 5,027 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
$92.3K $18.36/SF
− Vacancy
−$6.0K −$1.19/SF
EGI
$86.3K $17.17/SF
− OpEx
−$38.8K −$7.72/SF
NOI
$47.5K $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%
$949,260
Cap Rate 7%
$678,043
Cap Rate 9%
$527,367
Alternative Uses
Best Use
Apartment 5plus
$678.0K
$593.3K – $791.1K
NOI $47,463 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$873.6K
$764.4K – $1.02M
NOI $61,154 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
21
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,730
Businesses Nearby
Explore this area
Business Placement
Demographics for 13203, NY
16,240
Population
9,092
Households
1.8
Avg Household Size
37
Median Age
28%
College-Educated
84%
High-School Grad
1.7 sq mi
ZIP Area
9,553
Density / Sq Mi
$46,526
Median Household Income
$38,240
Median Earnings
$953
Median Rent
$148,700
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?
Apartment building - Four adjoining apartment buildings with a fully leased mix of one-, two-, and three-bedroom units.
Where is this apartment building located?
The property is located at 206 Green Street Syracuse, NY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 21 apartments across 4 adjoining buildings; All 21 units are fully rented; Primarily 2‑bedroom units, with several 1- and 3‑bedroom apartments
