Occupied Three-Unit
For Sale
$269,000
212 Craton St, Syracuse, NY 13203
Two-story configuration includes a two-bedroom residence, two one-bedroom residences, and shared basement laundry.
Property Size1,656 SF
Days on Market10
Property Features for 212 Craton St
General Information
Standard status
Active
Size
1,656 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,021
Building Details
Building Size
1,656 SF
Year Built
1920
Stories
2
Units
3
Listed By:
Timothy Perkins
(315) 396-0493
Source:
Elliman
Added: Sep 18
Changed: Sep 23
Last Checked: Sep 26 at 11:38AM
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 Timothy Perkins
Investment Insights
Based on property information with market context.
This 1920 triplex contains three residential units arranged across two floors. The first floor has one 2-bedroom, 1-bath apartment, while the second floor includes two 1-bedroom, 1-bath apartments. Shared laundry facilities are located in the basement. All three units are currently occupied, and the existing tenants have been screened with consistent rental histories and no missed rent payments during their current tenancies.
The property is located at 212 Craton Street in Syracuse, with access to James Street, I-690, Downtown Syracuse, Syracuse University, shopping, dining, and other city amenities. Walk Score is 75, Bike Score is 54, and Transit Score is 37.
The property is located at 212 Craton Street in Syracuse, with access to James Street, I-690, Downtown Syracuse, Syracuse University, shopping, dining, and other city amenities. Walk Score is 75, Bike Score is 54, and Transit Score is 37.
Key Highlights
- Three‑unit property with one 2‑bedroom unit and two 1‑bedroom units
- All three units are fully tenant occupied
- 1, 2‑bedroom, 1‑bath unit on the first floor
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
$17,620
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
6.55%
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%
$352,400
$352.4K
Cap Rate 7%
$251,714
$251.7K
Cap Rate 9%
$195,778
$195.8K
Market Conditions
NOI Build-Up for 1,656 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
$26.8K $16.20/SF
− Vacancy
−$1.7K −$1.00/SF
EGI
$25.2K $15.20/SF
− OpEx
−$7.6K −$4.56/SF
NOI
$17.6K $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%
$352,400
Cap Rate 7%
$251,714
Cap Rate 9%
$195,778
Alternative Uses
Best Use
Multifamily LT 5
$251.7K
$220.3K – $293.7K
NOI $17,620 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$223.4K
$195.4K – $260.6K
NOI $15,635 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$287.8K
$251.8K – $335.8K
NOI $20,145 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
775
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
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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?
Triplex - Two-story configuration includes a two-bedroom residence, two one-bedroom residences, and shared basement laundry.
Where is this triplex located?
The property is located at 212 Craton St Syracuse, NY.
What is the asking price?
The asking price for this property is $269,000.
What are key features of this property?
This property features: Three‑unit property with one 2‑bedroom unit and two 1‑bedroom units; All three units are fully tenant occupied; 1, 2‑bedroom, 1‑bath unit on the first floor
