Syracuse Industrial/Flex Opportunity For
For Sale
$570,000
1035 Montgomery St, Syracuse, NY 13202
9,800 SF industrial/flex building near downtown Syracuse.
Property Size9,932 SF
Lot Size0.85 Acres
Days on Market266
Property Features for 1035 Montgomery St
General Information
Standard status
Active
Size
9,932 SF
Lot size
0.85 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,538
Building Details
Building Size
9,932 SF
Year Built
1975
Stories
1
Listing Agency:
Rooftop Realty Group, LLC
(315) 456-8926
Listed By:
Mark Cardone · License #10991228663
(315) 456-8926
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 7
Last Checked: Aug 20 at 9:18AM
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 Rooftop Realty Group, LLC
Investment Insights
Based on property information with market context.
This 9,800 SF single-story industrial/flex building is located in Syracuse on an 0.85 acre lot. The property is located minutes from the I-81 interchange and downtown Syracuse. It features a grade-level drive-in door, generous parking, and zoning for multiple uses. The property offers strong visibility and the flexibility to support a wide range of commercial uses. It is suitable for business expansion or investment.
Key Highlights
- Excellent Location: Minutes from I‑81 and downtown Syracuse.
- Versatile Zoning: Supports a wide range of commercial uses.
- Functional Space: 9,800 SF single‑story building.
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
$44,273
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
7.77%
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%
$885,460
$885.5K
Cap Rate 7%
$632,471
$632.5K
Cap Rate 9%
$491,922
$491.9K
Market Conditions
NOI Build-Up for 9,932 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
$67.9K $6.84/SF
− Vacancy
−$4.7K −$0.47/SF
EGI
$63.2K $6.37/SF
− OpEx
−$19.0K −$1.91/SF
NOI
$44.3K $4.46/SF
Area
Syracuse, NY
Vacancy
6.90%
Lease Rate
$6.84 /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%
$885,460
Cap Rate 7%
$632,471
Cap Rate 9%
$491,922
Alternative Uses
Best Use
Flex RnD
$1.29M
$1.13M – $1.50M
NOI $90,058 @ 7.0% cap · market cap 15.80%
Second Best
Warehouse
$768.0K
$672.0K – $896.0K
NOI $53,760 @ 7.0% cap · market cap 9.43%
Theoretical Best
Office A
$1.73M
$1.51M – $2.01M
NOI $120,824 @ 7.0% cap · market cap 21.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,989
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13202, NY
6,967
Population
3,525
Households
2
Avg Household Size
30
Median Age
36%
College-Educated
78%
High-School Grad
1.0 sq mi
ZIP Area
6,967
Density / Sq Mi
$27,365
Median Household Income
$35,990
Median Earnings
$807
Median Rent
$79,300
Median Home Value
Market
Vacancy Rate% for Industrial in Syracuse, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - 9,800 SF industrial/flex building near downtown Syracuse.
Where is this flex space located?
The property is located at 1035 Montgomery St Syracuse, NY.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: Excellent Location: Minutes from I‑81 and downtown Syracuse.; Versatile Zoning: Supports a wide range of commercial uses.; Functional Space: 9,800 SF single‑story building.
