Updated Duplex with
New
For Sale
$294,000
820 Milton Ave, Syracuse, NY 13204
Two remodeled units feature granite kitchens, stainless appliances, and upgraded bathrooms.
Property Size1,856 SF
Days on Market3
Property Features for 820 Milton Ave
General Information
Standard status
Active
Size
1,856 SF
Total Parking Spaces
4
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,127
Building Details
Building Size
1,856 SF
Year Built
1920
Buildings
1
Stories
2
Units
2
Listing Agency:
(315) 299-3423
Listed By:
Michael Hemmer
(315) 299-3423
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 6:01AM
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 Michael Hemmer
Investment Insights
Based on property information with market context.
Built in 1920, this duplex contains two updated residential units with refreshed interiors and practical layouts. Each unit includes a remodeled kitchen with granite countertops and high-end stainless steel appliances, while the bathrooms have been improved with contemporary tile and fixtures. Exterior work includes a newly paved driveway and walkways, and the property also includes a 4-car garage.
The property is located at 820 Milton Ave in Syracuse, within walking distance of Lewis Park. Downtown Syracuse is minutes away, and Micron is a short distance from the property. Recorded mobility scores include a walk score of 57, a bike score of 29, and a transit score of 34.
The property is located at 820 Milton Ave in Syracuse, within walking distance of Lewis Park. Downtown Syracuse is minutes away, and Micron is a short distance from the property. Recorded mobility scores include a walk score of 57, a bike score of 29, and a transit score of 34.
Key Highlights
- Two‑unit duplex with updated interiors
- Remodeled kitchens with granite countertops and high‑end stainless steel appliances
- Upgraded bathrooms with contemporary tile and fixtures
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
$19,748
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
6.72%
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%
$394,960
$395.0K
Cap Rate 7%
$282,114
$282.1K
Cap Rate 9%
$219,422
$219.4K
Market Conditions
NOI Build-Up for 1,856 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
$30.1K $16.20/SF
− Vacancy
−$1.9K −$1.00/SF
EGI
$28.2K $15.20/SF
− OpEx
−$8.5K −$4.56/SF
NOI
$19.7K $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%
$394,960
Cap Rate 7%
$282,114
Cap Rate 9%
$219,422
Alternative Uses
Best Use
Multifamily LT 5
$282.1K
$246.9K – $329.1K
NOI $19,748 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$250.3K
$219.1K – $292.1K
NOI $17,524 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$322.5K
$282.2K – $376.3K
NOI $22,578 @ 7.0% cap · market cap 7.68%
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
754
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 - Two remodeled units feature granite kitchens, stainless appliances, and upgraded bathrooms.
Where is this duplex located?
The property is located at 820 Milton Ave Syracuse, NY.
What is the asking price?
The asking price for this property is $294,000.
What are key features of this property?
This property features: Two‑unit duplex with updated interiors; Remodeled kitchens with granite countertops and high‑end stainless steel appliances; Upgraded bathrooms with contemporary tile and fixtures
