Triplex Multifamily
For Sale
Contact for pricing
718 Westcott Street, Syracuse, NY 13210
Fully leased student housing portfolio with four legal triplexes, one four-unit building, and established rental history.
Property Size15,492 SF
Price / SF$154.92
Days on Market11
Property Features for 718 Westcott Street
General Information
Standard status
Active
Size
15,492 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
16
Building Details
Buildings
5
Units
16
Listing Agency:
GREA
Listed By:
Adam Sokolowski · License #10401388938
Source:
Crexi
Added: Aug 10
Changed: Aug 18
Last Checked: Aug 19 at 6:43PM
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 GREA
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises five properties totaling 15,492 square feet, with 16 units and 41 beds configured for student housing. The assemblage includes four legal triplexes and one legal four-unit building. Each property maintains a valid Certificate of Compliance, and the portfolio has an established rental history with all units leased.
The properties are located at 718 Westcott Street in Syracuse’s University neighborhood, near Syracuse University, SUNY ESF, the JMA Wireless Dome, and the Westcott Business District. The surrounding area provides access to campus amenities, dining, retail, and entertainment options.
The properties are located at 718 Westcott Street in Syracuse’s University neighborhood, near Syracuse University, SUNY ESF, the JMA Wireless Dome, and the Westcott Business District. The surrounding area provides access to campus amenities, dining, retail, and entertainment options.
Key Highlights
- Five‑property portfolio with 16 units and 41 beds
- 15,492 square feet of multifamily property
- Four legal triplexes plus one legal four‑unit building
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
$164,840
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
6.87%
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%
$3,296,800
$3.3M
Cap Rate 7%
$2,354,857
$2.4M
Cap Rate 9%
$1,831,556
$1.8M
Market Conditions
NOI Build-Up for 15,492 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
$251.0K $16.20/SF
− Vacancy
−$15.5K −$1.00/SF
EGI
$235.5K $15.20/SF
− OpEx
−$70.6K −$4.56/SF
NOI
$164.8K $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%
$3,296,800
Cap Rate 7%
$2,354,857
Cap Rate 9%
$1,831,556
Alternative Uses
Best Use
Multifamily LT 5
$2.35M
$2.06M – $2.75M
NOI $164,840 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,270 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$2.69M
$2.36M – $3.14M
NOI $188,462 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
Explore this area
Business Placement
Demographics for 13210, NY
23,150
Population
9,774
Households
2.4
Avg Household Size
27
Median Age
50%
College-Educated
92%
High-School Grad
3.8 sq mi
ZIP Area
6,092
Density / Sq Mi
$38,783
Median Household Income
$20,554
Median Earnings
$1,081
Median Rent
$167,200
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 - Fully leased student housing portfolio with four legal triplexes, one four-unit building, and established rental history.
Where is this triplex located?
The property is located at 718 Westcott Street Syracuse, NY.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Five‑property portfolio with 16 units and 41 beds; 15,492 square feet of multifamily property; Four legal triplexes plus one legal four‑unit building
