Two-Unit Duplex with
For Sale
$224,000
Pending
812 Avery Ave, Syracuse, NY 13204
Both apartments offer two bedrooms, one full bath, hardwood floors, and access to front and rear porches.
Property Size1,792 SF
Days on Market128
Property Features for 812 Avery Ave
General Information
Standard status
Pending
Size
1,792 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,174
Building Details
Building Size
1,792 SF
Year Built
1900
Stories
2
Units
2
Listing Agency:
Keller Williams Realty Syracuse
(315) 663-6633
Listed By:
Karen E Whalen · License #10301219318
(315) 663-6633
Source:
Elliman
Added: Apr 27
Changed: Aug 29
Last Checked: Aug 29 at 3:10PM
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 Keller Williams Realty Syracuse
Investment Insights
Based on property information with market context.
Built in 1900, this 1,792-square-foot duplex contains two apartments with a consistent two-bedroom, one-bath layout. Interior features include hardwood floors, bright living areas, and period character. Front and rear porches add usable outdoor space, while off-street parking supports residents and guests.
The property is in Syracuse near Syracuse University, hospitals, downtown, shopping, and major roads. WalkScore is 57, BikeScore is 29, and TransitScore is 34, reflecting access to nearby destinations and some public transportation service.
The property is in Syracuse near Syracuse University, hospitals, downtown, shopping, and major roads. WalkScore is 57, BikeScore is 29, and TransitScore is 34, reflecting access to nearby destinations and some public transportation service.
Key Highlights
- Two‑unit duplex with 1,792 square feet
- Each unit includes 2 bedrooms and 1 full bath
- Built in 1900 with hardwood floors and period character
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
$19,067
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
8.51%
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%
$381,340
$381.3K
Cap Rate 7%
$272,386
$272.4K
Cap Rate 9%
$211,856
$211.9K
Market Conditions
NOI Build-Up for 1,792 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
$29.0K $16.20/SF
− Vacancy
−$1.8K −$1.00/SF
EGI
$27.2K $15.20/SF
− OpEx
−$8.2K −$4.56/SF
NOI
$19.1K $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%
$381,340
Cap Rate 7%
$272,386
Cap Rate 9%
$211,856
Alternative Uses
Best Use
Multifamily LT 5
$272.4K
$238.3K – $317.8K
NOI $19,067 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$241.7K
$211.5K – $282.0K
NOI $16,919 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$311.4K
$272.5K – $363.3K
NOI $21,800 @ 7.0% cap · market cap 9.73%
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
625
Businesses Nearby
Explore this area
Business Placement
Demographics for 13204, NY
19,752
Population
10,410
Households
1.9
Avg Household Size
31
Median Age
26%
College-Educated
84%
High-School Grad
4.3 sq mi
ZIP Area
4,593
Density / Sq Mi
$42,585
Median Household Income
$35,609
Median Earnings
$1,054
Median Rent
$97,400
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 offer two bedrooms, one full bath, hardwood floors, and access to front and rear porches.
Where is this duplex located?
The property is located at 812 Avery Ave Syracuse, NY.
What is the asking price?
The asking price for this property is $224,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,792 square feet; Each unit includes 2 bedrooms and 1 full bath; Built in 1900 with hardwood floors and period character
