Two-Unit Duplex with Detached
For Sale
$249,900
614 Ulster Street, Syracuse, NY 13204
Separate utilities, private outdoor areas, and flexible layouts support practical multifamily ownership.
Property Size1,920 SF
Days on Market12
Property Features for 614 Ulster Street
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,006
Amenities
covered front porch
backyard deck
fully fenced yard
detached garage
walk-up attic
Building Details
Building Size
1,920 SF
Year Built
1930
Buildings
1
Stories
2
Listing Agency:
Hunt Real Estate Era
Listed By:
Elizabeth Losty · License #10301204987
(315) 488-2926
Source:
Griffith-realty
Added: Sep 15
Changed: Sep 19
Last Checked: Sep 24 at 5:50PM
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 1930 duplex contains two residential units with living rooms, dining areas, kitchens, bedrooms, and full bathrooms. The first-floor residence includes hardwood flooring through its main living areas, while the upper unit adds an enclosed porch. A covered front porch, backyard deck, fully fenced yard, and detached garage extend the property’s usable space. The garage provides room for vehicles, equipment, hobbies, and storage, while a full walk-up attic adds another storage area.
Each unit has separate utilities and individual circuit breakers. The property also includes an unshared driveway and is situated in Syracuse’s Tipperary Hill area, near shopping, restaurants, and everyday services.
Each unit has separate utilities and individual circuit breakers. The property also includes an unshared driveway and is situated in Syracuse’s Tipperary Hill area, near shopping, restaurants, and everyday services.
Key Highlights
- Two‑unit duplex with separate utilities and individual circuit breakers
- Detached garage plus full walk‑up attic for storage and functional workspace
- First‑floor unit includes hardwood flooring across its main living areas
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
$20,429
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
8.17%
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%
$408,580
$408.6K
Cap Rate 7%
$291,843
$291.8K
Cap Rate 9%
$226,989
$227.0K
Market Conditions
NOI Build-Up for 1,920 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
$31.1K $16.20/SF
− Vacancy
−$1.9K −$1.00/SF
EGI
$29.2K $15.20/SF
− OpEx
−$8.8K −$4.56/SF
NOI
$20.4K $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%
$408,580
Cap Rate 7%
$291,843
Cap Rate 9%
$226,989
Alternative Uses
Best Use
Multifamily LT 5
$291.8K
$255.4K – $340.5K
NOI $20,429 @ 7.0% cap · market cap 8.17%
Second Best
Apartment 5plus
$259.0K
$226.6K – $302.1K
NOI $18,128 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$333.7K
$292.0K – $389.3K
NOI $23,357 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
666
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
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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 - Separate utilities, private outdoor areas, and flexible layouts support practical multifamily ownership.
Where is this duplex located?
The property is located at 614 Ulster Street Syracuse, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑unit duplex with separate utilities and individual circuit breakers; Detached garage plus full walk‑up attic for storage and functional workspace; First‑floor unit includes hardwood flooring across its main living areas
