Building Details

Year Built 1920

Listing Agency: Coldwell Banker Prime Prop,Inc j***@cbpp.com Show Phone

Listed By: Jacob Loope Show Phone

Source: Xome

Added: Apr 23 Changed: Aug 31 Last Checked: Aug 31 at 3:07AM

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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 1,606-square-foot duplex, built in 1920, contains two residential units with matching layouts of two bedrooms and one full bath. One unit is currently occupied, while the second is vacant. Recent improvements include a new roof, siding, windows, interior paint, and luxury vinyl flooring across most spaces. Each unit also includes gas service, carpet, and full bathrooms.

The property is located on Culvert Street in the Village of Phoenix, with access to Baldwinsville and Syracuse described as minutes away. The parcel has a rectangular configuration measuring 54 by 75 feet, with a gravel exterior area and vinyl siding. Cable availability and an internet connection are also noted.

Key Highlights

• Two‑unit duplex with 1,606 square feet of property size
• Each unit includes 2 bedrooms and 1 full bath
• One unit is occupied and the other is vacant

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

$13,244

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

7.36%

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%

$264,880 $264.9K

Cap Rate 7%

$189,200 $189.2K

Cap Rate 9%

$147,156 $147.2K

Market Conditions

NOI Build-Up for 1,606 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

$20.2K $12.60/SF

− Vacancy

−$1.3K −$0.82/SF

EGI

$18.9K $11.78/SF

− OpEx

−$5.7K −$3.53/SF

NOI

$13.2K $8.25/SF

Area

Oswego County, NY

Vacancy

6.50%

Lease Rate

$12.60 /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%

$264,880

Cap Rate 7%

$189,200

Cap Rate 9%

$147,156

Alternative Uses

Best Use

Multifamily LT 5

$189.2K

$165.6K – $220.7K (±1% cap)

NOI $13,244 @ 7.0% cap · market cap 7.36%

Second Best

Apartment 5plus

$176.0K

$154.0K – $205.3K (±1% cap)

NOI $12,320 @ 7.0% cap · market cap 6.85%

Theoretical Best

Office A

$320.3K

$280.3K – $373.7K (±1% cap)

NOI $22,423 @ 7.0% cap · market cap 12.46%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Restaurant Parking Lot & Garage HVAC Service Auto Repair Shop Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

217

Businesses Nearby

Explore this area Business Placement

Demographics for 13135, NY

6,303

Population

2,592

Households

2.4

Avg Household Size

42

Median Age

29%

College-Educated

93%

High-School Grad

32.0 sq mi

ZIP Area

197

Density / Sq Mi

$82,977

Median Household Income

$40,953

Median Earnings

$965

Median Rent

$166,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Two residential units offer two bedrooms and one full bath apiece, with one residence occupied and the other available.

Where is this duplex located?

The property is located at 40 Culvert Street Unit 1 Schroeppel, NY.

What is the asking price?

The asking price for this property is $179,900.

What are key features of this property?

This property features: Two‑unit duplex with 1,606 square feet of property size; Each unit includes 2 bedrooms and 1 full bath; One unit is occupied and the other is vacant