Freestanding Restaurant
For Sale
$550,000
779 State Fair Boulevard, Syracuse, NY 13209
CommercialSale, Syracuse, NY
Property Size4,424 SF
Lot Size0.79 Acres
Price / SF$124.32
Days on Market107
Property Features for 779 State Fair Boulevard
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
CB
Zoning description
Commercial
Parking
24
Lot features
Rectangular, Rectangular Lot
Elementary school district
Solvay
Middle school district
Solvay
High school district
Solvay
Directions
State Fair Boulevard to Armstrong
Subdivision
Geddes-313289
Standard status
Active
APN
313289-024-000-0003-023-000-0000
Size
4,424 SF
Lot size
0.79 Acres
Taxes and HOA fees
Tax Annual Amount
13465
Utilities
Heating system
Exhaust Fan (Heating), Forced Air
Cooling system
Exhaust Fan (Cooling)
Building Details
Year built
1975
Floors in Building
1
Listing Agency:
Rooftop Realty Group LLC
(315) 944-2198
Listed By:
Mark Cardone · License #10491208497
(315) 456-8926
Added: May 31
Changed: Sep 12
Last Checked: Sep 14 at 10:06PM
MLS# S1686255
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding restaurant building contains 4,424 square feet on a 0.7851-acre lot and was constructed in 1975. Select kitchen equipment is included, while forced-air heating and exhaust fan systems serve the property. Dedicated parking supports the existing restaurant configuration.
The property is located at 779 State Fair Boulevard in Syracuse, within the Lakeland area. Access is provided from State Fair Boulevard, with the site positioned for connection to major highways. Solvay Electric services the building, and the property carries CB zoning.
The property is located at 779 State Fair Boulevard in Syracuse, within the Lakeland area. Access is provided from State Fair Boulevard, with the site positioned for connection to major highways. Solvay Electric services the building, and the property carries CB zoning.
Key Highlights
- 4,424‑square‑foot freestanding restaurant building
- 0.7851‑acre lot with ample parking
- Select kitchen equipment included
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
$43,957
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
7.99%
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%
$879,140
$879.1K
Cap Rate 7%
$627,957
$628.0K
Cap Rate 9%
$488,411
$488.4K
Market Conditions
NOI Build-Up for 4,424 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
$61.1K $13.80/SF
− Vacancy
−$2.4K −$0.55/SF
EGI
$58.6K $13.25/SF
− OpEx
−$14.7K −$3.31/SF
NOI
$44.0K $9.94/SF
Area
Syracuse, NY
Vacancy
4.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
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%
$879,140
Cap Rate 7%
$627,957
Cap Rate 9%
$488,411
Alternative Uses
Best Use
Specialty Retail
$628.0K
$549.5K – $732.6K
NOI $43,957 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$768.8K
$672.7K – $897.0K
NOI $53,818 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
12k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Byrne Dairy
Shops & Services
11,503 visits/mo
0.1 miles
Demographics for 13209, NY
13,018
Population
6,374
Households
2
Avg Household Size
43
Median Age
29%
College-Educated
92%
High-School Grad
13.1 sq mi
ZIP Area
994
Density / Sq Mi
$67,307
Median Household Income
$44,812
Median Earnings
$968
Median Rent
$146,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property with dedicated parking, select kitchen equipment, and access to State Fair Boulevard.
Where is this conventional restaurant located?
The property is located at 779 State Fair Boulevard Syracuse, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,424‑square‑foot freestanding restaurant building; 0.7851‑acre lot with ample parking; Select kitchen equipment included
