Updated Duplex with Four-Car
For Sale
$294,000
820 Milton Avenue, Syracuse, NY 13204
Two remodeled units include granite kitchens, stainless appliances, and upgraded bathrooms.
Property Size1,856 SF
Days on Market8
Property Features for 820 Milton Avenue
General Information
Standard status
Active
Size
1,856 SF
Total Parking Spaces
4
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,127
Building Details
Building Size
1,856 SF
Year Built
1920
Listing Agency:
InFisium Properties LLC
(315) 299-3423
Listed By:
Michael Hemmer · License #10491208620
(315) 299-3423
Source:
Griffith-realty
Added: Aug 10
Changed: Aug 15
Last Checked: Aug 16 at 3:46PM
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 InFisium Properties LLC
Investment Insights
Based on property information with market context.
Built in 1920, this duplex contains two residential units with refreshed interiors and practical layouts. Both apartments include remodeled kitchens with granite countertops and high-end stainless steel appliances, along with bathrooms upgraded with contemporary tile and fixtures. A four-car garage expands the property’s utility, while the driveway and walkways have been newly paved.
The property is located in a quiet residential neighborhood at 820 Milton Avenue in Syracuse. Downtown Syracuse is minutes away, Micron is a short distance from the property, and Lewis Park is within walking distance for access to green space and outdoor recreation. The two-unit configuration supports a range of occupancy arrangements, including living in one unit while leasing the other or leasing both units.
The property is located in a quiet residential neighborhood at 820 Milton Avenue in Syracuse. Downtown Syracuse is minutes away, Micron is a short distance from the property, and Lewis Park is within walking distance for access to green space and outdoor recreation. The two-unit configuration supports a range of occupancy arrangements, including living in one unit while leasing the other or leasing both units.
Key Highlights
- Two‑unit duplex at 820 Milton Avenue, Syracuse, NY 13204
- Built in 1920 with remodeled kitchens and upgraded bathrooms
- Granite countertops and high‑end stainless steel appliances 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
$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
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 include granite kitchens, stainless appliances, and upgraded bathrooms.
Where is this duplex located?
The property is located at 820 Milton Avenue 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 at 820 Milton Avenue, Syracuse, NY 13204; Built in 1920 with remodeled kitchens and upgraded bathrooms; Granite countertops and high‑end stainless steel appliances in both units
