Two-Unit Colonial
For Sale
$249,900
Pending
2129 JAMES St, Syracuse, NY 13206
Two residential units offer updated kitchens and baths, central air, rear parking, and enclosed outdoor areas.
Property Size2,156 SF
Days on Market129
Property Features for 2129 JAMES St
General Information
Standard status
Pending
Size
2,156 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,339
Amenities
fireplace
hardwood floors
central air
fenced yard
Building Details
Building Size
2,156 SF
Year Built
1920
Stories
2
Units
2
Construction
colonial
Listing Agency:
Berkshire Hathaway CNY Realty
Listed By:
Adrian J. Nugent · License #30NU0789833
(315) 263-1933
Source:
Elliman
Added: Apr 27
Changed: Aug 30
Last Checked: Aug 31 at 6:23PM
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 Berkshire Hathaway CNY Realty
Investment Insights
Based on property information with market context.
Built in 1920, this two-unit residential property includes a two-bedroom first-floor apartment and a three-bedroom second-floor apartment. The lower unit features a modern kitchen, updated bathroom, living room fireplace, and hardwood floors. Upstairs, the kitchen and bathroom have been updated, while new carpet and fresh paint provide a refreshed interior. Both apartments are equipped with central air.
The property includes substantial parking behind the building, along with a partially fenced yard and a separately fully fenced section. Located at 2129 James St in Syracuse, the home records a Walk Score of 72, a Bike Score of 53, and a Transit Score of 36.
The property includes substantial parking behind the building, along with a partially fenced yard and a separately fully fenced section. Located at 2129 James St in Syracuse, the home records a Walk Score of 72, a Bike Score of 53, and a Transit Score of 36.
Key Highlights
- Two‑unit property with 2‑bedroom and 3‑bedroom apartments
- First‑floor living room includes a fireplace and hardwood floors
- Both units have central air
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
$22,941
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
9.18%
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%
$458,820
$458.8K
Cap Rate 7%
$327,729
$327.7K
Cap Rate 9%
$254,900
$254.9K
Market Conditions
NOI Build-Up for 2,156 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 $16.20/SF
− Vacancy
−$2.2K −$1.00/SF
EGI
$32.8K $15.20/SF
− OpEx
−$9.8K −$4.56/SF
NOI
$22.9K $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%
$458,820
Cap Rate 7%
$327,729
Cap Rate 9%
$254,900
Alternative Uses
Best Use
Multifamily LT 5
$327.7K
$286.8K – $382.4K
NOI $22,941 @ 7.0% cap · market cap 9.18%
Second Best
Apartment 5plus
$290.8K
$254.5K – $339.3K
NOI $20,356 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$374.7K
$327.9K – $437.1K
NOI $26,228 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
656
Businesses Nearby
Explore this area
Business Placement
Demographics for 13206, NY
16,599
Population
8,460
Households
2
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,049
Density / Sq Mi
$60,314
Median Household Income
$40,429
Median Earnings
$952
Median Rent
$130,300
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 residential units offer updated kitchens and baths, central air, rear parking, and enclosed outdoor areas.
Where is this duplex located?
The property is located at 2129 JAMES St Syracuse, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit property with 2‑bedroom and 3‑bedroom apartments; First‑floor living room includes a fireplace and hardwood floors; Both units have central air
