Duplex With Detached
For Sale
$289,000
Pending
901-903 Dewitt St, Syracuse, NY 13203
Two units with separate utilities support owner occupancy or placement of selected tenants.
Property Size2,704 SF
Days on Market14
Property Features for 901-903 Dewitt St
General Information
Standard status
Pending
Size
2,704 SF
Total Parking Spaces
2
Property subtype
Multi Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,669
Amenities
private back yard
shed
walk-up attic
full basement
Building Details
Building Size
2,704 SF
Year Built
1938
Buildings
1
Stories
2
Units
2
Listing Agency:
Howard Hanna Real Estate
Listed By:
David R. Baritell
(315) 446-8291
Source:
Elliman
Added: Sep 13
Changed: Sep 18
Last Checked: Sep 26 at 10:04AM
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 Howard Hanna Real Estate
Investment Insights
Based on property information with market context.
This two-family property offers two residential units, each with separate utilities. Both units were originally configured with three bedrooms, while the current layout combines two bedrooms into a larger primary bedroom; the configuration can be returned to three bedrooms if desired. The first floor uses a gravity furnace, and the second floor has gas forced-air heat with central air conditioning.
Property improvements include a newer roof, vinyl siding, and replacement windows. Additional features include a private backyard with shed, detached two-car garage with automatic door opener, full basement, and a large walk-up attic for storage. Built in 1938, the property is located at 901-903 Dewitt St in Syracuse, NY. WalkScore is 75, BikeScore is 54, and TransitScore is 37.
Property improvements include a newer roof, vinyl siding, and replacement windows. Additional features include a private backyard with shed, detached two-car garage with automatic door opener, full basement, and a large walk-up attic for storage. Built in 1938, the property is located at 901-903 Dewitt St in Syracuse, NY. WalkScore is 75, BikeScore is 54, and TransitScore is 37.
Key Highlights
- Two‑family property at 901‑903 Dewitt St, Syracuse, NY 13203
- Separate utilities serve both residential units
- Flexible bedroom layout with option to restore each unit to three bedrooms
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
$25,530
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
8.83%
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%
$510,600
$510.6K
Cap Rate 7%
$364,714
$364.7K
Cap Rate 9%
$283,667
$283.7K
Market Conditions
NOI Build-Up for 2,704 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
$49.6K $18.36/SF
− Vacancy
−$3.2K −$1.19/SF
EGI
$46.4K $17.17/SF
− OpEx
−$20.9K −$7.72/SF
NOI
$25.5K $9.44/SF
Area
Syracuse, NY
Vacancy
6.50%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$510,600
Cap Rate 7%
$364,714
Cap Rate 9%
$283,667
Alternative Uses
Best Use
Multifamily LT 5
$411.0K
$359.6K – $479.5K
NOI $28,771 @ 7.0% cap · market cap 9.96%
Second Best
Apartment 5plus
$364.7K
$319.1K – $425.5K
NOI $25,530 @ 7.0% cap · market cap 8.83%
Theoretical Best
Office A
$469.9K
$411.2K – $548.2K
NOI $32,894 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 13203, NY
16,240
Population
9,092
Households
1.8
Avg Household Size
37
Median Age
28%
College-Educated
84%
High-School Grad
1.7 sq mi
ZIP Area
9,553
Density / Sq Mi
$46,526
Median Household Income
$38,240
Median Earnings
$953
Median Rent
$148,700
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 units with separate utilities support owner occupancy or placement of selected tenants.
Where is this duplex located?
The property is located at 901-903 Dewitt St Syracuse, NY.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Two‑family property at 901‑903 Dewitt St, Syracuse, NY 13203; Separate utilities serve both residential units; Flexible bedroom layout with option to restore each unit to three bedrooms
