Updated Duplex with Adjacent
New
For Sale
$189,000
222 Bassett St, Syracuse, NY 13210
Two rental units feature updated kitchens, private porches, separate gas utilities, and off-street parking.
Property Size1,528 SF
Price / SF$123.69
Days on Market2
Property Features for 222 Bassett St
General Information
Standard status
Active
Size
1,528 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,979
Amenities
basement storage
washer/dryer
enclosed front porch
enclosed rear porch
Building Details
Building Size
1,528 SF
Year Built
1920
Stories
2
Units
2
Listing Agency:
Howard Hanna Real Estate
(315) 372-7772
Listed By:
Catherine Huang
(315) 372-7772
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 4:58AM
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 Howard Hanna Real Estate
Investment Insights
Based on property information with market context.
Built in 1920, this 1,528-square-foot duplex contains two rental units with a combined layout of 4 bedrooms and 2 full bathrooms. The property includes the adjacent vacant lot identified as 311500-047-000-0013-021-000-0000. Interior features include hardwood and laminate flooring, a basement, separate gas utilities, and forced-air heating systems. Improvements include remodeled kitchens and bathrooms, vinyl replacement windows, updated electrical service, a new washer and dryer, a blacktop driveway, and paved off-street parking. Enclosed outdoor areas include a first-floor front entry porch and a private rear porch serving the second-floor kitchen.
The property is near Syracuse University, the Westcott Street cultural corridor, Thornden Park, Edward Smith K-8 School, Upstate Medical University Hospital, Crouse Hospital, and the Syracuse VA Medical Center. Neighborhood transit routes and access to Interstate 690 and Interstate 81 provide connections throughout Syracuse and the surrounding area. Downtown Syracuse, Armory Square, the Erie Canal Museum, and Destiny USA are also within a short drive.
The property is near Syracuse University, the Westcott Street cultural corridor, Thornden Park, Edward Smith K-8 School, Upstate Medical University Hospital, Crouse Hospital, and the Syracuse VA Medical Center. Neighborhood transit routes and access to Interstate 690 and Interstate 81 provide connections throughout Syracuse and the surrounding area. Downtown Syracuse, Armory Square, the Erie Canal Museum, and Destiny USA are also within a short drive.
Key Highlights
- Duplex with 2 rental units, 4 bedrooms, and 2 full bathrooms
- 1,528 sq ft building constructed in 1920
- Adjacent vacant lot included: 311500‑047‑000‑0013‑021‑000‑0000
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
$16,258
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
8.60%
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%
$325,160
$325.2K
Cap Rate 7%
$232,257
$232.3K
Cap Rate 9%
$180,644
$180.6K
Market Conditions
NOI Build-Up for 1,528 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
$24.8K $16.20/SF
− Vacancy
−$1.5K −$1.00/SF
EGI
$23.2K $15.20/SF
− OpEx
−$7.0K −$4.56/SF
NOI
$16.3K $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%
$325,160
Cap Rate 7%
$232,257
Cap Rate 9%
$180,644
Alternative Uses
Best Use
Multifamily LT 5
$232.3K
$203.2K – $271.0K
NOI $16,258 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$206.1K
$180.3K – $240.5K
NOI $14,427 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$265.5K
$232.4K – $309.8K
NOI $18,588 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
930
Businesses Nearby
Explore this area
Business Placement
Demographics for 13210, NY
23,150
Population
9,774
Households
2.4
Avg Household Size
27
Median Age
50%
College-Educated
92%
High-School Grad
3.8 sq mi
ZIP Area
6,092
Density / Sq Mi
$38,783
Median Household Income
$20,554
Median Earnings
$1,081
Median Rent
$167,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two rental units feature updated kitchens, private porches, separate gas utilities, and off-street parking.
Where is this duplex located?
The property is located at 222 Bassett St Syracuse, NY.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: Duplex with 2 rental units, 4 bedrooms, and 2 full bathrooms; 1,528 sq ft building constructed in 1920; Adjacent vacant lot included: 311500‑047‑000‑0013‑021‑000‑0000
