Single-Story Flex
For Sale
$570,000
1035 Montgomery Street, Syracuse, NY 13202
COMMERCIAL - Syracuse, NY
Property Size9,800 SF
Lot Size0.85 Acres
Price / SF$57.39
Days on Market286
Property Features for 1035 Montgomery Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MX3
Parking
12
Subdivision
Tri Kolor Sub
Lot features
Rectangular, Rectangular Lot
Elementary school district
Syracuse
Middle school district
Syracuse
High school district
Syracuse
Standard status
Active
APN
311500-094-000-0018-036-001-0000
Size
9,932 SF
Lot size
0.85 Acres
Taxes and HOA fees
Tax Annual Amount
8538
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: Nov 11, 2025
Changed: Aug 19
Last Checked: Aug 24 at 9:06PM
MLS# S1650274
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 single-story flex property was built in 1975 and includes a grade-level drive-in door along with on-site parking. The MX3 zoning supports multiple commercial uses, providing a flexible foundation for occupancy or redevelopment plans.
Located at 1035 Montgomery Street in Syracuse, the property is minutes from the I-81 interchange and downtown Syracuse. Its urban setting and direct drive-in access add practical value for industrial, service, and other flex-oriented operations.
Located at 1035 Montgomery Street in Syracuse, the property is minutes from the I-81 interchange and downtown Syracuse. Its urban setting and direct drive-in access add practical value for industrial, service, and other flex-oriented operations.
Key Highlights
- Single‑story flex building constructed in 1975
- Grade‑level drive‑in door supports direct loading access
- MX3 zoning allows multiple commercial uses
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
Industrial
$632.5K
$553.4K – $737.9K
NOI $44,273 @ 7.0% cap · market cap 7.77%
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
Lease Details
1
Drive-in doors
Yes
Highway access
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
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Frequently Asked Questions
What type of property is this?
Flex space - Single-story commercial building with a grade-level drive-in door, parking, and MX3 zoning.
Where is this flex space located?
The property is located at 1035 Montgomery Street 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: Single‑story flex building constructed in 1975; Grade‑level drive‑in door supports direct loading access; MX3 zoning allows multiple commercial uses
