Two-Unit Corner Multifamily
For Sale
$165,000
719 2nd North St, Syracuse, NY 13208
Fully tenant-occupied two-unit building on a corner lot with recently updated interiors and newer roof and water-heater improvements.
Property Size1,152 SF
Days on Market53
Property Features for 719 2nd North St
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,910
Building Details
Building Size
1,152 SF
Year Built
1910
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Skinner & Assoc. Realty LLC
(315) 373-6896
Listed By:
Stephen Skinner
(315) 373-6896
Source:
Elliman
Added: Jun 21
Changed: Aug 7
Last Checked: Aug 12 at 6:56AM
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 Skinner & Assoc. Realty LLC
Investment Insights
Based on property information with market context.
This fully tenant-occupied two-unit multifamily property is configured with a spacious first-floor 2-bedroom, 1-bath unit and a second-floor studio apartment. Both units have been recently updated, supporting straightforward leasing and helping reduce the likelihood of near-term turnover and maintenance. Recent exterior improvements include a newer membrane roof on the rear portion of the home, a metal roof on the two-story section that is about 2 years old, and one water heater that is approximately 3 years old.
Set on a corner lot at the intersection of Bear Street and Second North Street, the property offers convenient access to downtown Syracuse, major highways, and surrounding shopping, dining, and local amenities. Transit access is described as good, and the area scores indicate it is very walkable with somewhat bikeable conditions.
With both units currently rented and a current rental registry in place, the building may appeal to investors seeking a turnkey residential income asset with documented interior and select capital improvements already completed. The mix of a larger 2-bedroom unit and a studio can also provide flexible tenant fit across household needs within the same property.
Set on a corner lot at the intersection of Bear Street and Second North Street, the property offers convenient access to downtown Syracuse, major highways, and surrounding shopping, dining, and local amenities. Transit access is described as good, and the area scores indicate it is very walkable with somewhat bikeable conditions.
With both units currently rented and a current rental registry in place, the building may appeal to investors seeking a turnkey residential income asset with documented interior and select capital improvements already completed. The mix of a larger 2-bedroom unit and a studio can also provide flexible tenant fit across household needs within the same property.
Key Highlights
- Fully tenant‑occupied 2‑unit multifamily on a corner lot at Bear St and Second North St
- First‑floor 2BR/1BA rented for $1,300/month; second‑floor studio rented for $900/month
- Recently updated interiors in both units
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
$12,258
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
7.43%
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%
$245,160
$245.2K
Cap Rate 7%
$175,114
$175.1K
Cap Rate 9%
$136,200
$136.2K
Market Conditions
NOI Build-Up for 1,152 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
$18.7K $16.20/SF
− Vacancy
−$1.2K −$1.00/SF
EGI
$17.5K $15.20/SF
− OpEx
−$5.3K −$4.56/SF
NOI
$12.3K $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%
$245,160
Cap Rate 7%
$175,114
Cap Rate 9%
$136,200
Alternative Uses
Best Use
Multifamily LT 5
$175.1K
$153.2K – $204.3K
NOI $12,258 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$155.4K
$136.0K – $181.3K
NOI $10,877 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$200.2K
$175.2K – $233.6K
NOI $14,014 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
Explore this area
Business Placement
Demographics for 13208, NY
23,603
Population
10,325
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
77%
High-School Grad
4.1 sq mi
ZIP Area
5,757
Density / Sq Mi
$40,641
Median Household Income
$35,015
Median Earnings
$999
Median Rent
$110,300
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?
Duplex - Fully tenant-occupied two-unit building on a corner lot with recently updated interiors and newer roof and water-heater improvements.
Where is this duplex located?
The property is located at 719 2nd North St Syracuse, NY.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Fully tenant‑occupied 2‑unit multifamily on a corner lot at Bear St and Second North St; First‑floor 2BR/1BA rented for $1,300/month; second‑floor studio rented for $900/month; Recently updated interiors in both units
