Updated Two-Family
For Sale
$179,900
724 Warren Street, Utica, NY 13502
MULTI_FAMILY - Other - Utica, NY
Property Size1,808 SF
Price / SF$99.50
Days on Market103
Property Features for 724 Warren Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Basement, Bathroom 1, Bedroom 6, Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 5
Parking features
Paved or Surfaced
Exterior features
Fence
Fencing
Fenced
Appliances
GasWaterHeater
Lot features
Flag Lot, Near Public Transit
Elementary school district
Utica
Middle school district
Utica
High school district
Utica
Subdivision
Utica-City-301600
Standard status
Active
APN
318.48-2-56
Size
1,808 SF
Taxes and HOA fees
Tax Annual Amount
2846
Utilities
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Varies, Laminate, Tile
Building materials
VinylSiding
Architectural style
Other
Listing Agency:
Assist2Sell Buyers & Sellers 1st Choice · Assist-2-Sell
(315) 735-9244
Listed By:
Alen Zekic · License #10401267029
(315) 570-0148
Added: May 13
Changed: Aug 7
Last Checked: Aug 23 at 10:06AM
MLS# S1680990
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 two-unit property at 724 Warren Street in Utica includes 1808 square feet arranged as two apartments. The first-floor residence offers 4 bedrooms and 1 bathroom, while the second-floor apartment provides 2 bedrooms and 1 bathroom. Recent work completed within the last 2 years includes new water heaters, flooring, selected walls and doors, updated kitchens, and updated bathrooms.
The property sits on a large lot with a fenced exterior and paved parking. Each apartment has separate utilities, and the building is served by public water, forced-air heating, and natural gas. Vinyl siding, laminate and tile flooring, and a basement are also included. Built in 1900, the property is configured for residential occupancy with distinct floor-level living spaces.
The property sits on a large lot with a fenced exterior and paved parking. Each apartment has separate utilities, and the building is served by public water, forced-air heating, and natural gas. Vinyl siding, laminate and tile flooring, and a basement are also included. Built in 1900, the property is configured for residential occupancy with distinct floor-level living spaces.
Key Highlights
- Two apartments with a combined 6 bedrooms and 2 bathrooms
- First‑floor unit includes 4 bedrooms and 1 bathroom
- Second‑floor unit offers 2 bedrooms and 1 bathroom
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
$16,375
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
9.10%
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%
$327,500
$327.5K
Cap Rate 7%
$233,929
$233.9K
Cap Rate 9%
$181,944
$181.9K
Market Conditions
NOI Build-Up for 1,808 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
$25.0K $13.80/SF
− Vacancy
−$1.6K −$0.86/SF
EGI
$23.4K $12.94/SF
− OpEx
−$7.0K −$3.88/SF
NOI
$16.4K $9.06/SF
Area
Oneida County, NY
Vacancy
6.24%
Lease Rate
$13.80 /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%
$327,500
Cap Rate 7%
$233,929
Cap Rate 9%
$181,944
Alternative Uses
Best Use
Multifamily LT 5
$233.9K
$204.7K – $272.9K
NOI $16,375 @ 7.0% cap · market cap 9.10%
Second Best
Apartment 5plus
$215.0K
$188.1K – $250.9K
NOI $15,051 @ 7.0% cap · market cap 8.37%
Theoretical Best
Office A
$476.4K
$416.9K – $555.9K
NOI $33,351 @ 7.0% cap · market cap 18.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,305
Businesses Nearby
Explore this area
Business Placement
Demographics for 13502, NY
33,990
Population
15,337
Households
2.2
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
51.4 sq mi
ZIP Area
661
Density / Sq Mi
$59,530
Median Household Income
$36,927
Median Earnings
$965
Median Rent
$149,600
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 - Separate utilities, paved parking, and a fenced lot complement the two residential units.
Where is this duplex located?
The property is located at 724 Warren Street Utica, NY.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Two apartments with a combined 6 bedrooms and 2 bathrooms; First‑floor unit includes 4 bedrooms and 1 bathroom; Second‑floor unit offers 2 bedrooms and 1 bathroom
