32-Unit Apartment
New
For Sale
$3,220,000
514-520 E Willow Street, Syracuse, NY 13203
MultiFamily, Syracuse, NY
Property Size21,480 SF
Lot Size0.20 Acres
Price / SF$149.91
Days on Market2
Property Features for 514-520 E Willow Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
15
Rooms
Basement, Bedroom 2, Bedroom 3, Bedroom 13, Bedroom 6, Bedroom 10, Bedroom 8, Bedroom 11, Bedroom 14, Bedroom 12, Bedroom 9, Bedroom 15, Bedroom 4, Bedroom 7, Bedroom 1, Bedroom 5
Parking features
Garage, Driveway
Exterior features
BlacktopDriveway
Appliances
ElectricCooktop, ExhaustFan, ElectricWaterHeater, GasWaterHeater, Refrigerator, RangeHood
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Syracuse
Middle school district
Syracuse
High school district
Syracuse
Directions
From I-81, take the Clinton St/Salina St exit, continue onto N. Salina Street, then turn left onto E. Willow Street. Continue east on E. Willow Street to 514-520 E. Willow Street, Syracuse, NY 13203.
Subdivision
Syracuse City-311500
Standard status
Active
APN
311500-017-000-0021-002-000-0000
Size
21,480 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
35788
Utilities
Heating system
Hot Water(Heating), Other (Heating), Natural Gas
Water source
Public
Building Details
Year built
1930
Floors in Building
3
Number of units
32
Flooring type
Carpet, Vinyl, Varies
Building materials
Brick
Roof type
Flat
Listing Agency:
Candy Costa Real Estate LLC
(315) 505-6609
Listed By:
Candy Costa · License #10491209117
(315) 447-0668
Added: Sep 30
Last Checked: Oct 1 at 1:06PM
MLS# S1714161
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
At 514-520 E Willow Street, this three-story brick apartment building contains 32 units across 21,480 square feet. The unit mix comprises 17 studios, 14 one-bedroom apartments, and one two-bedroom apartment. A natural gas boiler provides hot water heat. The property was built in 1930 and occupies a 0.2005-acre lot, with a garage and driveway for parking.
The building is within walking distance of St. Joseph’s Hospital and the Erie Canal Museum, and has access to I-690. Downtown Syracuse, SUNY Upstate Medical University, and Syracuse University are among the named destinations in the surrounding area. Public water serves the property.
The building is within walking distance of St. Joseph’s Hospital and the Erie Canal Museum, and has access to I-690. Downtown Syracuse, SUNY Upstate Medical University, and Syracuse University are among the named destinations in the surrounding area. Public water serves the property.
Key Highlights
- 32 apartments: 17 studios, 14 one‑bedroom units, and one two‑bedroom unit
- Three‑story brick construction; 21,480 square feet
- 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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Open Analytics
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story brick property with studio, one-bedroom, and two-bedroom apartments.
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: 17 studios, 14 one‑bedroom units, and one two‑bedroom unit; Three‑story brick construction; 21,480 square feet; Natural gas boiler heating system
