Renovated Two-Family
For Sale
$369,900
Pending
940 Westcott St 42, Syracuse, NY 13210
Fully renovated two-family residence with separate entrances, each unit offering 3 bedrooms and 1 full bath.
Property Size2,668 SF
Days on Market42
Property Features for 940 Westcott St 42
General Information
Standard status
Pending
Size
2,668 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,221
Building Details
Building Size
2,668 SF
Year Built
1920
Stories
2
Units
2
Listing Agency:
(315) 487-0040
Listed By:
Kathy Fedrizzi
(315) 487-0040
Source:
Elliman
Added: Jul 3
Changed: Aug 8
Last Checked: Jul 23 at 11:35AM
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 Kathy Fedrizzi
Investment Insights
Based on property information with market context.
This fully renovated two-family home offers two separate apartments, each with its own private entrance. Both the first- and second-floor units include 3 bedrooms and 1 full bathroom, with hardwood floors and crown molding throughout. Newer windows help bring in natural light, and the updated kitchens feature cherry cabinetry, granite countertops, stone backsplashes, and modern lighting. Bathrooms have been finished with ceramic tile, and include cast iron tubs and marble-top vanities.
Each unit is separately metered for its own utilities, including heating, hot water, and central air conditioning, along with an in-unit washer and dryer. Off-street parking is also provided.
Showings require a minimum of 24 hours’ notice and are available between 12:30 p.m. and 8:00 p.m. only. A pre-approval letter must be submitted before a showing appointment is confirmed.
Each unit is separately metered for its own utilities, including heating, hot water, and central air conditioning, along with an in-unit washer and dryer. Off-street parking is also provided.
Showings require a minimum of 24 hours’ notice and are available between 12:30 p.m. and 8:00 p.m. only. A pre-approval letter must be submitted before a showing appointment is confirmed.
Key Highlights
- Fully renovated two‑family home (built 1920) with two separate units, each with its own private entrance.
- Each unit has 3 bedrooms and 1 full bathroom, offering matching layout flexibility for tenants.
- Each unit includes separate utilities: heating, hot water, central air conditioning, and an in‑unit washer and dryer.
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
$28,388
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
7.67%
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%
$567,760
$567.8K
Cap Rate 7%
$405,543
$405.5K
Cap Rate 9%
$315,422
$315.4K
Market Conditions
NOI Build-Up for 2,668 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
$43.2K $16.20/SF
− Vacancy
−$2.7K −$1.00/SF
EGI
$40.6K $15.20/SF
− OpEx
−$12.2K −$4.56/SF
NOI
$28.4K $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%
$567,760
Cap Rate 7%
$405,543
Cap Rate 9%
$315,422
Alternative Uses
Best Use
Multifamily LT 5
$405.5K
$354.9K – $473.1K
NOI $28,388 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$359.9K
$314.9K – $419.8K
NOI $25,190 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$463.7K
$405.7K – $541.0K
NOI $32,457 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 13210, NY
23,150
Population
9,774
Households
2.4
Avg Household Size
27
Median Age
50%
College-Educated
92%
High-School Grad
3.8 sq mi
ZIP Area
6,092
Density / Sq Mi
$38,783
Median Household Income
$20,554
Median Earnings
$1,081
Median Rent
$167,200
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 - Fully renovated two-family residence with separate entrances, each unit offering 3 bedrooms and 1 full bath.
Where is this duplex located?
The property is located at 940 Westcott St 42 Syracuse, NY.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Fully renovated two‑family home (built 1920) with two separate units, each with its own private entrance.; Each unit has 3 bedrooms and 1 full bathroom, offering matching layout flexibility for tenants.; Each unit includes separate utilities: heating, hot water, central air conditioning, and an in‑unit washer and dryer.
