Two-Unit Duplex with Rear
For Sale
$625,000
2422 Lodi Street, Syracuse, NY 13208
Fully rented duplex featuring a rear 1-car garage and separate 4-bedroom and 2-bedroom units with tenant-paid utilities.
Property Size2,320 SF
Days on Market133
Property Features for 2422 Lodi Street
General Information
Standard status
Active
Size
2,320 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$2,970
Building Details
Building Size
2,320 SF
Year Built
1840
Listing Agency:
Coldwell Banker Prime Prop,Inc
Listed By:
Susan Li · License #30LI0956504
(315) 446-2910
Source:
Griffith-realty
Added: Apr 27
Changed: Sep 3
Last Checked: Sep 5 at 6:15AM
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 two-unit duplex is fully rented and offers a rear 1-car garage. The downstairs unit is a 4-bedroom layout that has been in place for numerous years, while the upstairs unit features a 2-bedroom configuration that has been updated. Tenants pay their own utilities, and hot water heaters for both units are under six years old.
The property is being offered as part of a four-property portfolio that includes 612 Kirkpatrick St, 605 Carbon St, 2409 Lodi St, and 2422 Lodi St. Together, the portfolio has total rent rolls of $8,050 per month.
At 2422 Lodi Street in Syracuse, NY, the building presents a straightforward income-focused configuration with separate unit layouts and operational expenses handled by tenants for utilities and hot water.
The property is being offered as part of a four-property portfolio that includes 612 Kirkpatrick St, 605 Carbon St, 2409 Lodi St, and 2422 Lodi St. Together, the portfolio has total rent rolls of $8,050 per month.
At 2422 Lodi Street in Syracuse, NY, the building presents a straightforward income-focused configuration with separate unit layouts and operational expenses handled by tenants for utilities and hot water.
Key Highlights
- Fully rented 2‑unit duplex with separate 4‑bedroom downstairs unit and 2‑bedroom upstairs unit
- Total $8,050/month rent roll; tenants pay their own utilities and hot water heaters
- Rear 1‑car garage with gravel parking and deck patio area
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
$24,686
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
3.95%
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%
$493,720
$493.7K
Cap Rate 7%
$352,657
$352.7K
Cap Rate 9%
$274,289
$274.3K
Market Conditions
NOI Build-Up for 2,320 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
$37.6K $16.20/SF
− Vacancy
−$2.3K −$1.00/SF
EGI
$35.3K $15.20/SF
− OpEx
−$10.6K −$4.56/SF
NOI
$24.7K $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%
$493,720
Cap Rate 7%
$352,657
Cap Rate 9%
$274,289
Alternative Uses
Best Use
Multifamily LT 5
$352.7K
$308.6K – $411.4K
NOI $24,686 @ 7.0% cap · market cap 3.95%
Second Best
Apartment 5plus
$312.9K
$273.8K – $365.1K
NOI $21,905 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$403.2K
$352.8K – $470.4K
NOI $28,223 @ 7.0% cap · market cap 4.52%
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 - Fully rented duplex featuring a rear 1-car garage and separate 4-bedroom and 2-bedroom units with tenant-paid utilities.
Where is this duplex located?
The property is located at 2422 Lodi Street 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: Fully rented 2‑unit duplex with separate 4‑bedroom downstairs unit and 2‑bedroom upstairs unit; Total $8,050/month rent roll; tenants pay their own utilities and hot water heaters; Rear 1‑car garage with gravel parking and deck patio area
