Single-Story Medical Office
For Sale
$400,000
105 N Main Street, Syracuse, NY 13212
Professional medical office with exam rooms, private offices, laboratory space, and dedicated on-site parking.
Property Size2,244 SF
Lot Size0.23 Acres
Price / SF$178.25
Days on Market88
Property Features for 105 N Main Street
General Information
Standard status
Active
Size
2,244 SF
Total Parking Spaces
15
Lot size
0.23 Acres
Property subtype
Commercial
Zoning
C, Commercial
Additional Details
Asking Price
$400,000
Taxes and HOA fees
Annual Taxes
$10,374
Building Details
Building Size
2,244 SF
Year Built
1950
Buildings
1
Stories
1
Tenancy
Single
Parking Ratio
7 per 1,000 SF
Owner Occupied
Yes
Listing Agency:
Home With Us Realty Group, LLC
(315) 677-7062
Listed By:
Jason Klink · License #10401298650
(315) 677-7062
Source:
Homeprocny
Added: May 19
Changed: Aug 13
Last Checked: Aug 14 at 1:20PM
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 Home With Us Realty Group, LLC
Investment Insights
Based on property information with market context.
This single-level medical office building provides 2,244 square feet of professionally configured space on a 0.23-acre lot. The layout includes a reception area, optical retail space, multiple equipped exam rooms, private offices, and a laboratory. Built in 1950 and maintained with a modern interior buildout, the property received a new roof in 2024.
The building is currently occupied by an established optometry practice that has operated at this location for 29 years. Its existing configuration supports medical and professional office use, including optometry, ophthalmology, dental, dermatology, chiropractic, physical therapy, counseling, and general office applications. Fifteen dedicated parking spaces serve the property, which is zoned C, Commercial.
The building is currently occupied by an established optometry practice that has operated at this location for 29 years. Its existing configuration supports medical and professional office use, including optometry, ophthalmology, dental, dermatology, chiropractic, physical therapy, counseling, and general office applications. Fifteen dedicated parking spaces serve the property, which is zoned C, Commercial.
Key Highlights
- 2,244 square feet of single‑level medical office space
- 0.23‑acre lot with 15 dedicated parking spaces
- New roof installed in 2024
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
$21,584
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
5.40%
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%
$431,680
$431.7K
Cap Rate 7%
$308,343
$308.3K
Cap Rate 9%
$239,822
$239.8K
Market Conditions
NOI Build-Up for 2,244 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
$33.7K $15.00/SF
− Vacancy
−$4.9K −$2.18/SF
EGI
$28.8K $12.83/SF
− OpEx
−$7.2K −$3.21/SF
NOI
$21.6K $9.62/SF
Area
Syracuse, NY
Vacancy
14.50%
Lease Rate
$15.00 /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%
$431,680
Cap Rate 7%
$308,343
Cap Rate 9%
$239,822
Alternative Uses
Best Use
Office B
$308.3K
$269.8K – $359.7K
NOI $21,584 @ 7.0% cap · market cap 5.40%
Second Best
Healthcare Medical
$298.9K
$261.5K – $348.7K
NOI $20,923 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$390.0K
$341.2K – $455.0K
NOI $27,299 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
547
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13212, NY
20,220
Population
9,213
Households
2.2
Avg Household Size
45
Median Age
28%
College-Educated
93%
High-School Grad
11.1 sq mi
ZIP Area
1,822
Density / Sq Mi
$74,931
Median Household Income
$45,740
Median Earnings
$1,027
Median Rent
$157,400
Median Home Value
Market
Vacancy Rate% for Office in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Professional medical office with exam rooms, private offices, laboratory space, and dedicated on-site parking.
Where is this medical office space located?
The property is located at 105 N Main Street Syracuse, NY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2,244 square feet of single‑level medical office space; 0.23‑acre lot with 15 dedicated parking spaces; New roof installed in 2024
