Building Details

Year Built 1910

Buildings 1

Listing Agency: eXp Realty, LLC

Listed By: Sharon Kushner · License #10301224986 Show Phone

Source: Skinnercnyrealty

Added: Sep 16 Changed: Sep 17 Last Checked: Sep 22 at 6:23PM

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Investment Insights

Based on property information with market context.

This 1,781-square-foot duplex, built in 1910, contains two distinct apartments with separate front entries. The first-floor residence includes a living room, dining area, kitchen, two bedrooms, and one full bathroom. Upstairs, the second apartment offers a living room, kitchen, three bedrooms, one full bathroom, and unfinished attic access. That unit received a full renovation in 2020, including updated kitchen and bathroom finishes along with hardwood flooring.

The property includes a full front porch, driveway, backyard, shed, and unfinished basement. Each apartment has its own gas and electric meter, while the basement is equipped with two washer and dryer hookup sets. Soffit replacement was completed in 2021. Located on East Ave in the Village of Minoa, the duplex is walkable to nearby parks, the library, and a coffee shop. The sale is offered as-is.

Key Highlights

• 1,781‑square‑foot duplex built in 1910
• Two apartments with separate front entrances
• Upper unit renovated in 2020 with new kitchen, bathroom, and hardwood floors

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

$18,950

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

8.24%

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%

$379,000 $379.0K

Cap Rate 7%

$270,714 $270.7K

Cap Rate 9%

$210,556 $210.6K

Market Conditions

NOI Build-Up for 1,781 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

$28.9K $16.20/SF

− Vacancy

−$1.8K −$1.00/SF

EGI

$27.1K $15.20/SF

− OpEx

−$8.1K −$4.56/SF

NOI

$19.0K $10.64/SF

Area

Onondaga County, 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%

$379,000

Cap Rate 7%

$270,714

Cap Rate 9%

$210,556

Alternative Uses

Best Use

Multifamily LT 5

$270.7K

$236.9K – $315.8K (±1% cap)

NOI $18,950 @ 7.0% cap · market cap 8.24%

Second Best

Apartment 5plus

$240.2K

$210.2K – $280.3K (±1% cap)

NOI $16,816 @ 7.0% cap · market cap 7.31%

Theoretical Best

Office A

$309.5K

$270.8K – $361.1K (±1% cap)

NOI $21,666 @ 7.0% cap · market cap 9.42%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency HVAC Service Auto Repair Shop Electrical Service Law Firm Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

94

Businesses Nearby

Explore this area Business Placement

Demographics for 13116, NY

3,657

Population

1,467

Households

2.5

Avg Household Size

43

Median Age

35%

College-Educated

87%

High-School Grad

1.3 sq mi

ZIP Area

2,813

Density / Sq Mi

$93,125

Median Household Income

$48,704

Median Earnings

$1,084

Median Rent

$170,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Duplex - Two-unit property with separate entrances, individual utility meters, outdoor space, and flexible owner-occupant or investment use.

Where is this duplex located?

The property is located at 231-233 East Ave Minoa, NY.

What is the asking price?

The asking price for this property is $230,000.

What are key features of this property?

This property features: 1,781‑square‑foot duplex built in 1910; Two apartments with separate front entrances; Upper unit renovated in 2020 with new kitchen, bathroom, and hardwood floors