Renovated Duplex with Off-Street
For Sale
$259,900
211 Ulster Street, Syracuse, NY 13204
Both apartments feature updated kitchens and bathrooms, plus off-street parking.
Property Size2,004 SF
Days on Market12
Property Features for 211 Ulster Street
General Information
Standard status
Active
Size
2,004 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Amenities
off-street parking
stainless steel appliances
Building Details
Building Size
2,004 SF
Year Built
1880
Buildings
1
Stories
2
Listing Agency:
Hunt Real Estate ERA
Listed By:
Dante Belmonte · License #10401323828
(315) 446-4681
Source:
Stacyfaunce.kw
Added: Sep 15
Changed: Sep 22
Last Checked: Sep 24 at 6:37AM
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 renovated duplex includes two separate apartments with distinct layouts. The lower-level residence offers two bedrooms and one bathroom, while the upper apartment provides three bedrooms and one bathroom. Both units have refreshed kitchens with new cabinets, countertops, and stainless steel appliances, along with remodeled bathrooms, new flooring, updated light fixtures, and fresh paint. The property was built in 1880 and includes off-street parking.
Located in Syracuse’s Tipperary Hill neighborhood, the duplex is near Nibsy’s Pub, Coleman’s Irish Pub, and Recess Coffee. The surrounding area includes additional neighborhood dining and entertainment destinations associated with Tipp Hill.
Located in Syracuse’s Tipperary Hill neighborhood, the duplex is near Nibsy’s Pub, Coleman’s Irish Pub, and Recess Coffee. The surrounding area includes additional neighborhood dining and entertainment destinations associated with Tipp Hill.
Key Highlights
- Two‑bedroom, one‑bathroom lower‑level apartment
- Three‑bedroom, one‑bathroom upstairs apartment
- Both units include renovated kitchens with new countertops, cabinets, and stainless steel appliances
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
$21,323
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
8.20%
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%
$426,460
$426.5K
Cap Rate 7%
$304,614
$304.6K
Cap Rate 9%
$236,922
$236.9K
Market Conditions
NOI Build-Up for 2,004 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
$32.5K $16.20/SF
− Vacancy
−$2.0K −$1.00/SF
EGI
$30.5K $15.20/SF
− OpEx
−$9.1K −$4.56/SF
NOI
$21.3K $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%
$426,460
Cap Rate 7%
$304,614
Cap Rate 9%
$236,922
Alternative Uses
Best Use
Multifamily LT 5
$304.6K
$266.5K – $355.4K
NOI $21,323 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$270.3K
$236.5K – $315.4K
NOI $18,921 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$348.3K
$304.7K – $406.3K
NOI $24,379 @ 7.0% cap · market cap 9.38%
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
721
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Both apartments feature updated kitchens and bathrooms, plus off-street parking.
Where is this duplex located?
The property is located at 211 Ulster Street Syracuse, NY.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Two‑bedroom, one‑bathroom lower‑level apartment; Three‑bedroom, one‑bathroom upstairs apartment; Both units include renovated kitchens with new countertops, cabinets, and stainless steel appliances
