Two-Unit Income
For Sale
$219,900
Pending
389 Lillian Ave, Syracuse, NY 13206
Two-unit duplex with one month-to-month tenant and an additional vacant unit plus backyard lots for parking.
Property Size2,080 SF
Days on Market98
Property Features for 389 Lillian Ave
General Information
Standard status
Pending
Size
2,080 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,877
Building Details
Building Size
2,080 SF
Year Built
1930
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
eXp Realty
Listed By:
Richard McCarron · License #10301210568
(888) 276-0630
Source:
Elliman
Added: Jun 1
Changed: Aug 16
Last Checked: Sep 5 at 12:42PM
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.
This two-unit income duplex includes a first-floor 3-bedroom, 1-bath apartment with a large eat-in kitchen and living room. The first-floor unit is currently rented on a month-to-month basis for $1,450. The second-floor unit offers two bedrooms, including one with a walk-in closet and the other with built-ins, along with a large eat-in kitchen, living room, and a full bath. The second-floor unit is currently vacant. The property is described as having more than 2,000 square feet of living space between the two apartments.
The property includes two backyard lots on Fobes Ave (250 and 258), which provide additional parking for the home. The provided mobility metrics indicate a BikeScore of 53, a WalkScore of 72, and a TransitScore of 36.
For buyers seeking a straightforward duplex structure, this asset provides immediate rental income from the month-to-month lower unit while also offering flexibility with a vacant second-floor unit that can be prepared for new occupancy. The added backyard lot parking can be a practical benefit for tenants using onsite space.
The property includes two backyard lots on Fobes Ave (250 and 258), which provide additional parking for the home. The provided mobility metrics indicate a BikeScore of 53, a WalkScore of 72, and a TransitScore of 36.
For buyers seeking a straightforward duplex structure, this asset provides immediate rental income from the month-to-month lower unit while also offering flexibility with a vacant second-floor unit that can be prepared for new occupancy. The added backyard lot parking can be a practical benefit for tenants using onsite space.
Key Highlights
- Two‑unit duplex built in 1930 with more than 2,000 SF of living space between the units
- First‑floor unit: 3 bed, 1 full bath, large eat‑in kitchen and living room; rented month‑to‑month for $1,450
- Second‑floor unit: 2 bed, 1 full bath with walk‑in closet and built‑ins; currently vacant (previously $1,300/month)
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
$19,639
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
8.93%
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%
$392,780
$392.8K
Cap Rate 7%
$280,557
$280.6K
Cap Rate 9%
$218,211
$218.2K
Market Conditions
NOI Build-Up for 2,080 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
$38.2K $18.36/SF
− Vacancy
−$2.5K −$1.19/SF
EGI
$35.7K $17.17/SF
− OpEx
−$16.1K −$7.72/SF
NOI
$19.6K $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%
$392,780
Cap Rate 7%
$280,557
Cap Rate 9%
$218,211
Alternative Uses
Best Use
Multifamily LT 5
$316.2K
$276.7K – $368.9K
NOI $22,132 @ 7.0% cap · market cap 10.06%
Second Best
Apartment 5plus
$280.6K
$245.5K – $327.3K
NOI $19,639 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$361.5K
$316.3K – $421.7K
NOI $25,303 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,045
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex with one month-to-month tenant and an additional vacant unit plus backyard lots for parking.
Where is this duplex located?
The property is located at 389 Lillian 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: Two‑unit duplex built in 1930 with more than 2,000 SF of living space between the units; First‑floor unit: 3 bed, 1 full bath, large eat‑in kitchen and living room; rented month‑to‑month for $1,450; Second‑floor unit: 2 bed, 1 full bath with walk‑in closet and built‑ins; currently vacant (previously $1,300/month)
