Building Details

Year Built 1950

Listing Agency: Limestone Creek Properties LLC e***@gmail.com Show Phone

Listed By: Eric Burrell · License #10491212877 Show Phone

Source: Xome

Added: Mar 23 Changed: Aug 23 Last Checked: Aug 24 at 5:22AM

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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 Limestone Creek Properties LLC

Investment Insights

Based on property information with market context.

Located in the Village of Manlius, 108 and 102 Washington Street offer an opportunity to own two properties with flexibility and future potential. Situated in the heart of the village, these properties are near shops, restaurants, and community amenities. 108 Washington Street, a former municipal building and fire station dating back to approximately 1950, features architecture, masonry construction, high ceilings, and interior spaces. The building has 3 floors and 13,000 Sq. ft. The building lends itself to residential, commercial, mixed-use, or creative redevelopment possibilities. 102 Washington Street offers additional usable space of 3,000 Sq. ft. and a large parking lot. Together, these properties offer potential for mixed-use redevelopment, residential conversion, boutique commercial or office space, live/work concepts, and investment or income-producing opportunities. The properties have visibility, walkability, and proximity to Fayetteville-Manlius schools, village amenities, and major commuter routes.

Key Highlights

• Prime Village of Manlius location: Steps from shops, restaurants, and amenities.
• Significant redevelopment potential: Ideal for mixed‑use, residential conversion, boutique commercial space, or live/work concepts.
• Substantial square footage: 13,000 sq ft (108 Washington St) + 3,000 sq ft (102 Washington St) offers expansive space.

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

$122,752

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

5.01%

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%

$2,455,040 $2.5M

Cap Rate 7%

$1,753,600 $1.8M

Cap Rate 9%

$1,363,911 $1.4M

Market Conditions

NOI Build-Up for 13,186 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

$226.3K $17.16/SF

− Vacancy

−$29.9K −$2.27/SF

EGI

$196.4K $14.89/SF

− OpEx

−$73.7K −$5.59/SF

NOI

$122.8K $9.31/SF

Area

Onondaga County, NY

Vacancy

13.20%

Lease Rate

$17.16 /SF/Yr

Expense Ratio

37.50%

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%

$2,455,040

Cap Rate 7%

$1,753,600

Cap Rate 9%

$1,363,911

Alternative Uses

Best Use

Mixed Use

$1.75M

$1.53M – $2.05M (±1% cap)

NOI $122,752 @ 7.0% cap · market cap 5.01%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.29M

$2.01M – $2.67M (±1% cap)

NOI $160,409 @ 7.0% cap · market cap 6.55%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Transaver LLC Logistics Company

Suggested Use

Top Pick Building Supply HVAC Service Auto Repair Shop Electrical Service Pharmacy Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

602

Businesses Nearby

Explore this area Business Placement

Demographics for 13104, NY

16,430

Population

6,575

Households

2.5

Avg Household Size

43

Median Age

62%

College-Educated

96%

High-School Grad

47.7 sq mi

ZIP Area

344

Density / Sq Mi

$123,770

Median Household Income

$64,207

Median Earnings

$1,074

Median Rent

$296,300

Median Home Value

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two mixed-use properties with redevelopment potential in the heart of Manlius.

Where is this mixed-use property located?

The property is located at 108 Washington Street Manlius, NY.

What is the asking price?

The asking price for this property is $2,450,000.

What are key features of this property?

This property features: Prime Village of Manlius location: Steps from shops, restaurants, and amenities.; Significant redevelopment potential: Ideal for mixed‑use, residential conversion, boutique commercial space, or live/work concepts.; Substantial square footage: **13,000 sq ft (108 Washington St) + 3,000 sq ft (102 Washington St) offers expansive space.**