Renovated Duplex with Two
For Sale
$154,900
Pending
209 Lakeview Avenue, Syracuse, NY 13204
Two leased apartments offer eat-in kitchens, living rooms, and full bathrooms.
Property Size1,400 SF
Days on Market105
Property Features for 209 Lakeview Avenue
General Information
Standard status
Pending
Size
1,400 SF
Property subtype
Multi-Family
Building Details
Building Size
1,400 SF
Year Built
1900
Stories
2
Listing Agency:
Acropolis Realty Group LLC
Listed By:
Bradley Zimmer · License #10401351804
(315) 396-0493
Source:
Stacyfaunce.kw
Added: May 21
Changed: Aug 29
Last Checked: Sep 1 at 2:38PM
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.
Built in 1900 and renovated, this duplex contains two 2-bedroom apartments. Each unit includes an eat-in kitchen, living room, and full bathroom, creating a straightforward two-unit residential income property configuration.
The property is fully leased and positioned in Syracuse’s Westside/Geddes neighborhood, one block from North Geddes Street. Parks, shopping, and public transportation are nearby. The offering is associated with a 15% cap rate and may suit an investor or owner-occupant seeking a two-unit property.
The property is fully leased and positioned in Syracuse’s Westside/Geddes neighborhood, one block from North Geddes Street. Parks, shopping, and public transportation are nearby. The offering is associated with a 15% cap rate and may suit an investor or owner-occupant seeking a two-unit property.
Key Highlights
- Two 2‑bedroom apartments in a duplex configuration
- Renovated property built in 1900
- Each apartment includes an eat‑in kitchen, living room, and full bathroom
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
$13,218
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
8.53%
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%
$264,360
$264.4K
Cap Rate 7%
$188,829
$188.8K
Cap Rate 9%
$146,867
$146.9K
Market Conditions
NOI Build-Up for 1,400 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
$25.7K $18.36/SF
− Vacancy
−$1.7K −$1.19/SF
EGI
$24.0K $17.17/SF
− OpEx
−$10.8K −$7.72/SF
NOI
$13.2K $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%
$264,360
Cap Rate 7%
$188,829
Cap Rate 9%
$146,867
Alternative Uses
Best Use
Multifamily LT 5
$212.8K
$186.2K – $248.3K
NOI $14,896 @ 7.0% cap · market cap 9.62%
Second Best
Apartment 5plus
$188.8K
$165.2K – $220.3K
NOI $13,218 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$243.3K
$212.9K – $283.9K
NOI $17,031 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
921
Businesses Nearby
Explore this area
Business Placement
Demographics for 13204, NY
19,752
Population
10,410
Households
1.9
Avg Household Size
31
Median Age
26%
College-Educated
84%
High-School Grad
4.3 sq mi
ZIP Area
4,593
Density / Sq Mi
$42,585
Median Household Income
$35,609
Median Earnings
$1,054
Median Rent
$97,400
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 leased apartments offer eat-in kitchens, living rooms, and full bathrooms.
Where is this duplex located?
The property is located at 209 Lakeview Avenue Syracuse, NY.
What is the asking price?
The asking price for this property is $154,900.
What are key features of this property?
This property features: Two 2‑bedroom apartments in a duplex configuration; Renovated property built in 1900; Each apartment includes an eat‑in kitchen, living room, and full bathroom
