Updated Three-Unit
For Sale
$260,000
Pending
709 Oak Street, Syracuse, NY 13203
Residential, Syracuse, NY
Property Size2,476 SF
Lot Size0.14 Acres
Days on Market142
Property Features for 709 Oak Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bathroom 3, Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 6, Bedroom 3, Bedroom 1, Bedroom 4
Parking features
Garage
Appliances
GasWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Syracuse
Middle school district
Syracuse
High school district
Syracuse
Subdivision
Syracuse City-311500
Standard status
Pending
APN
311500-015-000-0012-027-000-0000
Size
2,476 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
3878
Utilities
Heating system
Natural Gas, Electric (Heating), Forced Air
Water source
Public
Amenities
garage
enclosed front porch
Building Details
Year built
1890
Floors in Building
2
Number of units
3
Flooring type
Varies, Hardwood, Marble
Building materials
WoodSiding
Architectural style
Other
Listing Agency:
Empire Realty Group
(585) 347-4900
Listed By:
Tonya Britton · License #10401333644
(315) 807-1751
Added: Apr 24
Changed: Sep 11
Last Checked: Sep 12 at 12:06AM
MLS# S1676047
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.
This three-unit multifamily property at 709 Oak Street contains 2,476 square feet on a 0.1394-acre lot. The apartment mix includes one three-bedroom, one two-bedroom, and one one-bedroom unit. Interior improvements include new flooring, fresh paint, and updated appliances, with flooring that includes hardwood and marble. The building also features wood siding, forced-air heating, a gas water heater, and electric heating components.
Built in 1890, the property includes a driveway, garage, basement, and enclosed front porch. Public water serves the building, and the location is in Syracuse, NY 13203.
Built in 1890, the property includes a driveway, garage, basement, and enclosed front porch. Public water serves the building, and the location is in Syracuse, NY 13203.
Key Highlights
- Three‑unit property with one 3‑bedroom, one 2‑bedroom, and one 1‑bedroom apartment
- 2,476 square feet on a 0.1394‑acre lot
- Units updated with new flooring, fresh paint, and updated appliances
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
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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
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?
Triplex - Remodeled apartments offer a varied unit mix, garage parking, and an enclosed front porch.
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 property with one 3‑bedroom, one 2‑bedroom, and one 1‑bedroom apartment; 2,476 square feet on a 0.1394‑acre lot; Units updated with new flooring, fresh paint, and updated appliances
