Renovated Two-Unit
New
For Sale
$275,000
218 Hawley Ave, Syracuse, NY 13203
Separate residences combine updated interiors with private outdoor areas in Syracuse’s Hawley-Green District.
Property Size2,242 SF
Days on Market5
Property Features for 218 Hawley Ave
General Information
Standard status
Active
Size
2,242 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/2.5BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,107
Amenities
private backyard
front porch
rear deck
firepit
storage shed
central air conditioning
Building Details
Building Size
2,242 SF
Year Built
1910
Stories
2
Units
2
Listing Agency:
Skinner & Assoc. Realty LLC
(315) 373-6896
Listed By:
Stephen Skinner
(315) 373-6896
Source:
Elliman
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 24 at 6:02AM
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 Skinner & Assoc. Realty LLC
Investment Insights
Based on property information with market context.
This two-unit duplex includes a substantially renovated primary residence with 2 bedrooms, 2.5 bathrooms, high ceilings, and a townhome-style arrangement. Improvements include a new kitchen with IKEA components, refreshed bathrooms and paint, a new water heater, furnace, and central AC. The layout gives each bedroom its own full bathroom and separates living areas for added privacy.
The rear residence contains 1 bedroom and 1 full bathroom, along with a new kitchen, washer and dryer, fresh paint, and a private deck. Exterior features include a backyard, painted front porch, rear deck, firepit, and storage shed. The property is on the Syracuse rental registry and sits near cafes, shops, restaurants, downtown, hospitals, and major employers. Built in 1910, it is located at 218 Hawley Ave in the Hawley-Green District.
The rear residence contains 1 bedroom and 1 full bathroom, along with a new kitchen, washer and dryer, fresh paint, and a private deck. Exterior features include a backyard, painted front porch, rear deck, firepit, and storage shed. The property is on the Syracuse rental registry and sits near cafes, shops, restaurants, downtown, hospitals, and major employers. Built in 1910, it is located at 218 Hawley Ave in the Hawley-Green District.
Key Highlights
- Primary unit offers 2 bedrooms, 2.5 bathrooms, high ceilings, and a townhome‑style layout
- Rear unit includes 1 bedroom, 1 full bathroom, new kitchen, washer and dryer, and private deck
- Primary residence updated with new water heater, furnace, central AC, kitchen, bathrooms, and paint
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
$23,856
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
8.67%
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%
$477,120
$477.1K
Cap Rate 7%
$340,800
$340.8K
Cap Rate 9%
$265,067
$265.1K
Market Conditions
NOI Build-Up for 2,242 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
$36.3K $16.20/SF
− Vacancy
−$2.2K −$1.00/SF
EGI
$34.1K $15.20/SF
− OpEx
−$10.2K −$4.56/SF
NOI
$23.9K $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%
$477,120
Cap Rate 7%
$340,800
Cap Rate 9%
$265,067
Alternative Uses
Best Use
Multifamily LT 5
$340.8K
$298.2K – $397.6K
NOI $23,856 @ 7.0% cap · market cap 8.67%
Second Best
Apartment 5plus
$302.4K
$264.6K – $352.8K
NOI $21,168 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$389.6K
$340.9K – $454.6K
NOI $27,274 @ 7.0% cap · market cap 9.92%
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
5,001
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?
Duplex - Separate residences combine updated interiors with private outdoor areas in Syracuse’s Hawley-Green District.
Where is this duplex located?
The property is located at 218 Hawley Ave Syracuse, NY.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Primary unit offers 2 bedrooms, 2.5 bathrooms, high ceilings, and a townhome‑style layout; Rear unit includes 1 bedroom, 1 full bathroom, new kitchen, washer and dryer, and private deck; Primary residence updated with new water heater, furnace, central AC, kitchen, bathrooms, and paint
