Remodeled Three-Unit
For Sale
$260,000
709 Oak Street, Syracuse, NY 13203
Remodeled apartments offer a one-, two-, and three-bedroom unit mix.
Property Size2,476 SF
Price / SF$105.01
Days on Market131
Property Features for 709 Oak Street
General Information
Standard status
Active
Size
2,476 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 2BR, 1 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,878
Amenities
garage
enclosed front porch
Electric, Gas
Full
3
Hardwood, Marble
1 Garage Spaces. Paved Driveway, Garage.
Wood
Rectangular
46X132
City Road, Rectangular.
Building Details
Year Built
1890
Listing Agency:
Empire Realty Group
(585) 347-4900
Listed By:
Tonya Britton · License #10401333644
Source:
Xome
Added: Apr 23
Changed: Aug 29
Last Checked: Aug 30 at 12:59PM
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 Empire Realty Group
Investment Insights
Based on property information with market context.
This 2,476-square-foot triplex, built in 1890, contains three remodeled apartments with a varied bedroom configuration: one three-bedroom unit, one two-bedroom unit, and one one-bedroom unit. Improvements include new flooring, fresh paint, and updated appliances. The property also features a garage, paved driveway, and enclosed front porch.
Located at 709 Oak Street in Syracuse, the building sits on a rectangular 46X132 parcel along a city road. Exterior construction is wood, and the property includes electric and gas service. The combination of three separate apartments, recent interior updates, and on-site garage access provides a clear multifamily configuration for evaluation.
Located at 709 Oak Street in Syracuse, the building sits on a rectangular 46X132 parcel along a city road. Exterior construction is wood, and the property includes electric and gas service. The combination of three separate apartments, recent interior updates, and on-site garage access provides a clear multifamily configuration for evaluation.
Key Highlights
- Three‑unit apartment property with one three‑bedroom, one two‑bedroom, and one one‑bedroom unit
- 2,476 square feet on a rectangular 46X132 parcel
- All three apartments have been remodeled
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
$23,377
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
8.99%
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%
$467,540
$467.5K
Cap Rate 7%
$333,957
$334.0K
Cap Rate 9%
$259,744
$259.7K
Market Conditions
NOI Build-Up for 2,476 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
$45.5K $18.36/SF
− Vacancy
−$3.0K −$1.19/SF
EGI
$42.5K $17.17/SF
− OpEx
−$19.1K −$7.72/SF
NOI
$23.4K $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%
$467,540
Cap Rate 7%
$333,957
Cap Rate 9%
$259,744
Alternative Uses
Best Use
Multifamily LT 5
$376.4K
$329.3K – $439.1K
NOI $26,345 @ 7.0% cap · market cap 10.13%
Second Best
Apartment 5plus
$334.0K
$292.2K – $389.6K
NOI $23,377 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$430.3K
$376.5K – $502.0K
NOI $30,121 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,157
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Remodeled apartments offer a one-, two-, and three-bedroom unit mix.
Where is this triplex located?
The property is located at 709 Oak Street Syracuse, NY.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Three‑unit apartment property with one three‑bedroom, one two‑bedroom, and one one‑bedroom unit; 2,476 square feet on a rectangular 46X132 parcel; All three apartments have been remodeled
