32-Unit Apartment
New
For Sale
$3,220,000
514-520 E Willow Street, Syracuse, NY 13203
Three-story masonry construction with a natural gas boiler and a mix of studio, one-bedroom, and two-bedroom homes.
Property Size21,480 SF
Days on Market3
Property Features for 514-520 E Willow Street
General Information
Standard status
Active
Size
21,480 SF
Property subtype
Industrial
Units
Unit Mix
17 x studio, 14 x 1BR, 1 x 2BR
Multifamily Units
32
Additional Details
Highway Access
Yes
Building Details
Building Size
21,480 SF
Year Built
1930
Buildings
1
Stories
3
Construction
masonry
Listing Agency:
Candy Costa Real Estate LLC
Listed By:
Candy Costa · License #10491209117
(315) 447-0668
Source:
Stacyfaunce.kw
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 7:53AM
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 Candy Costa Real Estate LLC
Investment Insights
Based on property information with market context.
This 32-unit apartment property occupies a three-story masonry building dating to 1930. The unit mix includes 17 studio apartments, 14 one-bedroom apartments, and one two-bedroom apartment. A natural gas boiler provides heating.
Located at 514-520 E Willow Street in Syracuse, the property is within walking distance of St. Joseph’s Hospital and the Erie Canal Museum. I-690 provides access to destinations across the Syracuse area, including Downtown, Clinton Square, Armory Square, SUNY Upstate Medical University, Syracuse University, and University Hill. Walk Score is 77, Bike Score is 45, and Transit Score is 45.
Located at 514-520 E Willow Street in Syracuse, the property is within walking distance of St. Joseph’s Hospital and the Erie Canal Museum. I-690 provides access to destinations across the Syracuse area, including Downtown, Clinton Square, Armory Square, SUNY Upstate Medical University, Syracuse University, and University Hill. Walk Score is 77, Bike Score is 45, and Transit Score is 45.
Key Highlights
- 32 apartments in a three‑story masonry building
- Unit mix: 17 studios, 14 one‑bedroom apartments, and one two‑bedroom apartment
- Natural gas boiler heating system
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
$202,806
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
6.30%
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%
$4,056,120
$4.1M
Cap Rate 7%
$2,897,229
$2.9M
Cap Rate 9%
$2,253,400
$2.3M
Market Conditions
NOI Build-Up for 21,480 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
$394.4K $18.36/SF
− Vacancy
−$25.6K −$1.19/SF
EGI
$368.7K $17.17/SF
− OpEx
−$165.9K −$7.72/SF
NOI
$202.8K $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%
$4,056,120
Cap Rate 7%
$2,897,229
Cap Rate 9%
$2,253,400
Alternative Uses
Best Use
Apartment 5plus
$2.90M
$2.54M – $3.38M
NOI $202,806 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.73M
$3.27M – $4.36M
NOI $261,307 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
32
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,706
Businesses Nearby
Explore this area
Business Placement
Demographics for 13203, NY
16,240
Population
9,092
Households
1.8
Avg Household Size
37
Median Age
28%
College-Educated
84%
High-School Grad
1.7 sq mi
ZIP Area
9,553
Density / Sq Mi
$46,526
Median Household Income
$38,240
Median Earnings
$953
Median Rent
$148,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story masonry construction with a natural gas boiler and a mix of studio, one-bedroom, and two-bedroom homes.
Where is this apartment building located?
The property is located at 514-520 E Willow Street Syracuse, NY.
What is the asking price?
The asking price for this property is $3,220,000.
What are key features of this property?
This property features: 32 apartments in a three‑story masonry building; Unit mix: 17 studios, 14 one‑bedroom apartments, and one two‑bedroom apartment; Natural gas boiler heating system
