Renovated Two-Unit
For Sale
$229,900
404 1st Street, Syracuse, NY 13209
Two residential units offer updated kitchens, bathrooms, flooring, and bedroom finishes.
Property Size2,084 SF
Days on Market51
Property Features for 404 1st Street
General Information
Standard status
Active
Size
2,084 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$4,940
Building Details
Building Size
2,084 SF
Year Built
1890
Stories
2
Units
2
Listing Agency:
Independent Realty Group
(315) 299-7100
Listed By:
Thomas Kehoskie
(315) 299-7100
Source:
Wcirealty
Added: Jul 2
Changed: Aug 21
Last Checked: Aug 21 at 4:13AM
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 Independent Realty Group
Investment Insights
Based on property information with market context.
This two-unit duplex includes a three-bedroom lower apartment and a three-bedroom upper apartment. Both layouts provide a living room and an eat-in kitchen, creating a consistent configuration across the property. The lower unit has received new LVT flooring, kitchen countertops, a bathroom update, and refinished hardwood floors. Improvements to the upper unit include new LVT flooring, kitchen countertops, a bathroom update, and carpet in the bedrooms.
Built in 1890, the property is located at 404 1st Street in Syracuse, NY 13209. Its separate two-unit arrangement supports flexible residential ownership, including occupying one apartment while maintaining the other as an additional income-producing unit, as expressly described in the property information.
Built in 1890, the property is located at 404 1st Street in Syracuse, NY 13209. Its separate two-unit arrangement supports flexible residential ownership, including occupying one apartment while maintaining the other as an additional income-producing unit, as expressly described in the property information.
Key Highlights
- Two‑unit duplex with a three‑bedroom lower apartment and a three‑bedroom upper apartment
- Both units include a living room and an eat‑in kitchen
- Lower unit renovated with new LVT flooring, kitchen countertops, bathroom updates, and refinished hardwood floors
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
$19,676
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
8.56%
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%
$393,520
$393.5K
Cap Rate 7%
$281,086
$281.1K
Cap Rate 9%
$218,622
$218.6K
Market Conditions
NOI Build-Up for 2,084 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
$38.3K $18.36/SF
− Vacancy
−$2.5K −$1.19/SF
EGI
$35.8K $17.17/SF
− OpEx
−$16.1K −$7.72/SF
NOI
$19.7K $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%
$393,520
Cap Rate 7%
$281,086
Cap Rate 9%
$218,622
Alternative Uses
Best Use
Multifamily LT 5
$316.8K
$277.2K – $369.6K
NOI $22,174 @ 7.0% cap · market cap 9.65%
Second Best
Apartment 5plus
$281.1K
$246.0K – $327.9K
NOI $19,676 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$362.2K
$316.9K – $422.5K
NOI $25,352 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
262
Businesses Nearby
Explore this area
Business Placement
Demographics for 13209, NY
13,018
Population
6,374
Households
2
Avg Household Size
43
Median Age
29%
College-Educated
92%
High-School Grad
13.1 sq mi
ZIP Area
994
Density / Sq Mi
$67,307
Median Household Income
$44,812
Median Earnings
$968
Median Rent
$146,200
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 residential units offer updated kitchens, bathrooms, flooring, and bedroom finishes.
Where is this duplex located?
The property is located at 404 1st Street Syracuse, NY.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two‑unit duplex with a three‑bedroom lower apartment and a three‑bedroom upper apartment; Both units include a living room and an eat‑in kitchen; Lower unit renovated with new LVT flooring, kitchen countertops, bathroom updates, and refinished hardwood floors
