Duplex with Flexible
New
For Sale
$219,900
262 North Ave, Syracuse, NY 13206
Residential income property with multiple kitchens, separate gas meters, and furnace-based heating.
Property Size2,043 SF
Days on Market3
Property Features for 262 North Ave
General Information
Standard status
Active
Size
2,043 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR, 1 x 1BR, 1 x 3BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,313
Building Details
Building Size
2,043 SF
Year Built
1938
Units
3
Listing Agency:
eXp Realty
(315) 559-0696
Listed By:
Glenn Riemenschneider
(315) 559-0696
Source:
Elliman
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 11 at 12:08PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Built in 1938, this duplex offers a flexible residential configuration with three kitchens and three bathrooms. The property information also identifies six total bedrooms, while a third living arrangement is described as having in-law potential. Separate gas meters and individual furnaces support the heating setup, and the electrical service is shared between the primary units. The roof was replaced in 2008.
The property is located in Syracuse’s Eastwood neighborhood, near schools, shopping, parks, and major highways. Walk Score is 24, reflecting a car-dependent setting, while Bike Score is 45, classified as somewhat bikeable.
The property is located in Syracuse’s Eastwood neighborhood, near schools, shopping, parks, and major highways. Walk Score is 24, reflecting a car-dependent setting, while Bike Score is 45, classified as somewhat bikeable.
Key Highlights
- Duplex with third living arrangement described as having in‑law potential
- Three kitchens and three bathrooms
- Six total bedrooms identified
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
$19,289
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
8.77%
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%
$385,780
$385.8K
Cap Rate 7%
$275,557
$275.6K
Cap Rate 9%
$214,322
$214.3K
Market Conditions
NOI Build-Up for 2,043 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
$37.5K $18.36/SF
− Vacancy
−$2.4K −$1.19/SF
EGI
$35.1K $17.17/SF
− OpEx
−$15.8K −$7.72/SF
NOI
$19.3K $9.44/SF
Area
Syracuse, NY
Vacancy
6.50%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$385,780
Cap Rate 7%
$275,557
Cap Rate 9%
$214,322
Alternative Uses
Best Use
Multifamily LT 5
$310.5K
$271.7K – $362.3K
NOI $21,738 @ 7.0% cap · market cap 9.89%
Second Best
Apartment 5plus
$275.6K
$241.1K – $321.5K
NOI $19,289 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$355.0K
$310.7K – $414.2K
NOI $24,853 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
925
Businesses Nearby
Explore this area
Business Placement
Demographics for 13206, NY
16,599
Population
8,460
Households
2
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,049
Density / Sq Mi
$60,314
Median Household Income
$40,429
Median Earnings
$952
Median Rent
$130,300
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 - Residential income property with multiple kitchens, separate gas meters, and furnace-based heating.
Where is this duplex located?
The property is located at 262 North Ave Syracuse, NY.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Duplex with third living arrangement described as having in‑law potential; Three kitchens and three bathrooms; Six total bedrooms identified
