Two-Family Duplex with
New
For Sale
$274,900
4304 Fay Rd, Syracuse, NY 13219
Updated two-unit property with separate living spaces, off-street parking, and flexible owner-occupant or rental use.
Property Size1,936 SF
Days on Market4
Property Features for 4304 Fay Rd
General Information
Standard status
Active
Size
1,936 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR, 1 x 1BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,826
Building Details
Building Size
1,936 SF
Year Built
1941
Stories
2
Units
2
Listing Agency:
(315) 427-1198
Listed By:
Mark MacBain
(315) 427-1198
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 16 at 7:40AM
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 Mark MacBain
Investment Insights
Based on property information with market context.
This two-family duplex at 4304 Fay Rd features separate apartments with distinct layouts. The first-floor residence includes two bedrooms, refinished hardwood floors, an enclosed back porch, and an additional room suited to office, den, or flex use. The upper apartment offers one bedroom along with extra space that may accommodate a second bedroom. Both units benefit from fresh interior paint, updated kitchen flooring, refreshed countertops, and newer appliances. Major mechanical improvements include a new boiler and new hot water tank.
Exterior features include a large yard, two-car garage, and ample off-street parking. The property is in the West Genesee School District and offers two living areas under one roof for an owner-occupant, rental use, or multi-generational arrangement. Built in 1941, it is located in Onondaga, NY.
Exterior features include a large yard, two-car garage, and ample off-street parking. The property is in the West Genesee School District and offers two living areas under one roof for an owner-occupant, rental use, or multi-generational arrangement. Built in 1941, it is located in Onondaga, NY.
Key Highlights
- Two‑family duplex with separate first‑floor and upper‑level apartments
- First‑floor unit includes 2 bedrooms, refinished hardwood floors, enclosed back porch, and flex space
- Upper apartment has 1 bedroom plus additional space that may provide potential for a second bedroom
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
$20,600
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
7.49%
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%
$412,000
$412.0K
Cap Rate 7%
$294,286
$294.3K
Cap Rate 9%
$228,889
$228.9K
Market Conditions
NOI Build-Up for 1,936 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
$31.4K $16.20/SF
− Vacancy
−$1.9K −$1.00/SF
EGI
$29.4K $15.20/SF
− OpEx
−$8.8K −$4.56/SF
NOI
$20.6K $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%
$412,000
Cap Rate 7%
$294,286
Cap Rate 9%
$228,889
Alternative Uses
Best Use
Multifamily LT 5
$294.3K
$257.5K – $343.3K
NOI $20,600 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$261.1K
$228.5K – $304.7K
NOI $18,279 @ 7.0% cap · market cap 6.65%
Theoretical Best
Office A
$336.5K
$294.4K – $392.5K
NOI $23,552 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
123
Businesses Nearby
Explore this area
Business Placement
Demographics for 13219, NY
15,436
Population
6,551
Households
2.4
Avg Household Size
45
Median Age
43%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
3,087
Density / Sq Mi
$81,414
Median Household Income
$52,298
Median Earnings
$1,039
Median Rent
$173,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit property with separate living spaces, off-street parking, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 4304 Fay Rd Syracuse, NY.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Two‑family duplex with separate first‑floor and upper‑level apartments; First‑floor unit includes 2 bedrooms, refinished hardwood floors, enclosed back porch, and flex space; Upper apartment has 1 bedroom plus additional space that may provide potential for a second bedroom
