Tenant-Occupied Duplex With Updated
For Sale
$174,900
719 2nd North Street, Syracuse, NY 13208
Both apartments are occupied and recently refreshed, with a current rental registry supporting continued residential operation.
Property Size1,152 SF
Days on Market63
Property Features for 719 2nd North Street
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Multi Family Home
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR
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:
Northstarwny
Added: Jun 12
Changed: Aug 7
Last Checked: Aug 12 at 12:12PM
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.
Built in 1910, this duplex contains two residential apartments with separate layouts. The first floor offers 2 bedrooms and 1 bath, while the upper-level apartment provides 1 bedroom. Both units are tenant-occupied and have undergone recent updates. The property also has a current rental registry.
The building occupies a corner lot at Bear Street and Second North Street in Syracuse. Its location provides access to downtown, major highways, shopping, dining, and local amenities. Capital improvements include a newer membrane roof over the rear portion, a metal roof installed 2 years ago on the two-story section, and a water heater that is 3 years old.
The building occupies a corner lot at Bear Street and Second North Street in Syracuse. Its location provides access to downtown, major highways, shopping, dining, and local amenities. Capital improvements include a newer membrane roof over the rear portion, a metal roof installed 2 years ago on the two-story section, and a water heater that is 3 years old.
Key Highlights
- Two‑unit duplex with a first‑floor 2‑bedroom, 1‑bath apartment and a second‑floor 1‑bedroom apartment
- Both units are tenant‑occupied and recently updated
- Current rental registry in place
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
7.01%
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 7.01%
Second Best
Apartment 5plus
$155.4K
$136.0K – $181.3K
NOI $10,877 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$200.2K
$175.2K – $233.6K
NOI $14,014 @ 7.0% cap · market cap 8.01%
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
Yes
Highway access
Yes
Paved road 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 - Both apartments are occupied and recently refreshed, with a current rental registry supporting continued residential operation.
Where is this duplex located?
The property is located at 719 2nd North Street Syracuse, NY.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Two‑unit duplex with a first‑floor 2‑bedroom, 1‑bath apartment and a second‑floor 1‑bedroom apartment; Both units are tenant‑occupied and recently updated; Current rental registry in place
