Renovated Two-Unit
New
For Sale
$230,000
231-233 East Avenue, Minoa, NY 13116
Residential, Minoa, NY
Property Size1,781 SF
Lot Size0.16 Acres
Price / SF$129.14
Days on Market5
Property Features for 231-233 East Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 2, Bedroom 1, Bathroom 2, Basement
Appliances
GasWaterHeater
Lot features
Rectangular, Rectangular Lot, Residential Lot
Elementary school district
East Syracuse-Minoa
Middle school district
East Syracuse-Minoa
High school district
East Syracuse-Minoa
Subdivision
Minoa-Village-313805
Standard status
Active
APN
313805-001-000-0003-016-000-0000
Size
1,781 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
7633
Utilities
Heating system
Natural Gas
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Flooring type
Varies, Laminate, Carpet, Hardwood
Building materials
FiberCement
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(631) 926-7909
Listed By:
Sharon Kushner · License #10301224986
(917) 612-2523
Added: Sep 7
Changed: Sep 11
Last Checked: Sep 11 at 10:06PM
MLS# R1711518
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex at 231-233 East Avenue includes 1,781 square feet on a 0.16-acre lot. The first-floor residence has a living room, dining room, kitchen, two bedrooms, and one full bathroom. The upper apartment provides a living room, kitchen, three bedrooms, one full bathroom, and unfinished attic access. Its kitchen, bathroom, and hardwood flooring were renovated in 2020.
The property also includes separate front entries, a full front porch, driveway, backyard, shed, and unfinished basement. Two sets of washer and dryer hookups are located in the basement, while each residence has its own gas and electric meter. Built in 1910, the duplex uses natural-gas heat, wall-unit cooling, and public water. The property is offered as-is in Minoa, near village parks, the library, and a coffee shop.
The property also includes separate front entries, a full front porch, driveway, backyard, shed, and unfinished basement. Two sets of washer and dryer hookups are located in the basement, while each residence has its own gas and electric meter. Built in 1910, the duplex uses natural-gas heat, wall-unit cooling, and public water. The property is offered as-is in Minoa, near village parks, the library, and a coffee shop.
Key Highlights
- Two‑unit duplex with 1,781 square feet on a 0.16‑acre lot
- Upper residence renovated in 2020 with updated kitchen, bathroom, and hardwood floors
- Separate front entrances and individual gas and electric meters
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
NOI $18,950 @ 7.0% cap · market cap 8.24%
Second Best
Apartment 5plus
$240.2K
$210.2K – $280.3K
NOI $16,816 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$309.5K
$270.8K – $361.1K
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
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
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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?
Duplex - Two separately metered residences with private entrances, shared basement laundry hookups, and outdoor space.
Where is this duplex located?
The property is located at 231-233 East Avenue 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: Two‑unit duplex with 1,781 square feet on a 0.16‑acre lot; Upper residence renovated in 2020 with updated kitchen, bathroom, and hardwood floors; Separate front entrances and individual gas and electric meters
