Eight-Unit Duplex
For Sale
$625,000
2409 Lodi St, Syracuse, NY 13208
Four residential income properties combine into an eight-unit portfolio with established lower-level tenancy.
Property Size1,824 SF
Price / SF$342.65
Days on Market36
Property Features for 2409 Lodi St
General Information
Standard status
Active
Size
1,824 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$96,600
Multifamily Units
8
Building Details
Year Built
1900
Buildings
4
Listing Agency:
Coldwell Banker Prime Prop,Inc
(315) 671-3550
Listed By:
Susan Li · License #30LI0956504
Source:
Skinnercnyrealty
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 31 at 7:47PM
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 Coldwell Banker Prime Prop,Inc
Investment Insights
Based on property information with market context.
This residential income portfolio includes four separate duplex properties with eight units in total. The holdings are located at 612 Kirkpatrick St., 605 Carbon St., 2409 Lodi St., and 2422 Lodi St. in Syracuse, New York. Construction dates to 1900, and the portfolio includes 2 parking spots in front of the house.
Lower-level tenants have remained in place for over 6 years, providing established occupancy history across the portfolio. Rental income is generated from the eight units, with the properties offered together as a multi-property residential investment.
Lower-level tenants have remained in place for over 6 years, providing established occupancy history across the portfolio. Rental income is generated from the eight units, with the properties offered together as a multi-property residential investment.
Key Highlights
- Four duplex properties totaling 8 units
- Portfolio includes 612 Kirkpatrick St., 605 Carbon St., 2409 Lodi St., and 2422 Lodi St.
- 2 parking spots in front of the house
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
$19,408
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
3.11%
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%
$388,160
$388.2K
Cap Rate 7%
$277,257
$277.3K
Cap Rate 9%
$215,644
$215.6K
Market Conditions
NOI Build-Up for 1,824 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
$29.5K $16.20/SF
− Vacancy
−$1.8K −$1.00/SF
EGI
$27.7K $15.20/SF
− OpEx
−$8.3K −$4.56/SF
NOI
$19.4K $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%
$388,160
Cap Rate 7%
$277,257
Cap Rate 9%
$215,644
Alternative Uses
Best Use
Multifamily LT 5
$277.3K
$242.6K – $323.5K
NOI $19,408 @ 7.0% cap · market cap 3.11%
Second Best
Apartment 5plus
$246.0K
$215.3K – $287.0K
NOI $17,222 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$317.0K
$277.4K – $369.8K
NOI $22,189 @ 7.0% cap · market cap 3.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,114
Businesses Nearby
Explore this area
Business Placement
Demographics for 13208, NY
23,603
Population
10,325
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
77%
High-School Grad
4.1 sq mi
ZIP Area
5,757
Density / Sq Mi
$40,641
Median Household Income
$35,015
Median Earnings
$999
Median Rent
$110,300
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 - Four residential income properties combine into an eight-unit portfolio with established lower-level tenancy.
Where is this duplex located?
The property is located at 2409 Lodi St Syracuse, NY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Four duplex properties totaling 8 units; Portfolio includes 612 Kirkpatrick St., 605 Carbon St., 2409 Lodi St., and 2422 Lodi St.; 2 parking spots in front of the house
