Renovated Duplex with Nine
For Sale
$290,000
604 W Onondaga St, Syracuse, NY 13204
Two updated units are delivered vacant with separate utilities and refreshed major systems.
Property Size2,342 SF
Price / SF$123.83
Days on Market8
Property Features for 604 W Onondaga St
General Information
Standard status
Active
Size
2,342 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 6BR/1BA
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
Hunt Real Estate Era
Listed By:
Greg Wakeman
(315) 488-2926
Source:
Skinnercnyrealty
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 22 at 7:23PM
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 Hunt Real Estate Era
Investment Insights
Based on property information with market context.
This duplex contains 2,342 square feet arranged as two separate residences and is offered vacant. The lower unit includes three bedrooms and one full bathroom. The upper residence occupies two levels with six bedrooms and one full bathroom, along with a second half bath that has been roughed in for completion. The property was built in 1900 and has undergone extensive updates, including a new roof, siding, furnace, hot water heaters, electrical system, kitchens, bathrooms, and interior paint.
Separate utilities support distinct operating arrangements for each unit. With nine bedrooms across the building and the major renovation work completed, the property is configured for immediate leasing activity without an occupied tenancy in place.
Separate utilities support distinct operating arrangements for each unit. With nine bedrooms across the building and the major renovation work completed, the property is configured for immediate leasing activity without an occupied tenancy in place.
Key Highlights
- 2,342‑square‑foot duplex with 9 bedrooms and 2 full baths
- Two separate units delivered vacant
- First‑floor unit includes 3 bedrooms and 1 full bath
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
$24,920
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
8.59%
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%
$498,400
$498.4K
Cap Rate 7%
$356,000
$356.0K
Cap Rate 9%
$276,889
$276.9K
Market Conditions
NOI Build-Up for 2,342 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
$37.9K $16.20/SF
− Vacancy
−$2.3K −$1.00/SF
EGI
$35.6K $15.20/SF
− OpEx
−$10.7K −$4.56/SF
NOI
$24.9K $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%
$498,400
Cap Rate 7%
$356,000
Cap Rate 9%
$276,889
Alternative Uses
Best Use
Multifamily LT 5
$356.0K
$311.5K – $415.3K
NOI $24,920 @ 7.0% cap · market cap 8.59%
Second Best
Apartment 5plus
$315.9K
$276.4K – $368.5K
NOI $22,112 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$407.0K
$356.1K – $474.9K
NOI $28,491 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,427
Businesses Nearby
Explore this area
Business Placement
Demographics for 13204, NY
19,752
Population
10,410
Households
1.9
Avg Household Size
31
Median Age
26%
College-Educated
84%
High-School Grad
4.3 sq mi
ZIP Area
4,593
Density / Sq Mi
$42,585
Median Household Income
$35,609
Median Earnings
$1,054
Median Rent
$97,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated units are delivered vacant with separate utilities and refreshed major systems.
Where is this duplex located?
The property is located at 604 W Onondaga St Syracuse, NY.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: 2,342‑square‑foot duplex with 9 bedrooms and 2 full baths; Two separate units delivered vacant; First‑floor unit includes 3 bedrooms and 1 full bath
