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    109 S Warren St Syracuse, NY 13202

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    Historic building with office, retail, and luxury apartment spaces.

    Type:Office
    Property size:
    200,000 SF
    Added:
    Dec 4, 2023
    Days on Market:
    881
    Last Refresh:
    Mar 17 at 1:19 pm

    Property Features for 109 S Warren St

    General Information

    Standard status
    Active
    Size
    200,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    1927

    Spaces For Lease

    at 109 S Warren St Contact us

    Suite 500 $23 /Mo

    Size
    6,674 SF
    Type
    Office
    Suite 500 in the State Tower is incredible modern office space in the historic masterpiece...
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    Contact us

    Suite 600 $23 /Mo

    Size
    8,502 SF
    Type
    Office
    Suite 600 in the State Tower is incredible modern office that features an open and...
    show more
    Contact us

    ST06 $25 /Mo

    Size
    1,990 SF
    Type
    Office
    Contact us

    Suite 705 $20 /Mo

    Size
    610 SF
    Type
    Office
    Suite 705 is a small office space on the seventh floor of the State tower. This...
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    Contact us

    ST04 $25 /Mo

    Size
    1,003 SF
    Type
    Office
    Suite ST04 offers an excellent retail or office opportunity to anybody looking for...
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    Contact us

    Suite 706 $20 /Mo

    Size
    715 SF
    Type
    Office
    Contact us

    Suite 720 $22 /Mo

    Size
    2,640 SF
    Type
    Office
    Suite 720 is situated on the east end of the seventh floor. This space is a blank...
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    Suite 505 - 507 $22 /Mo

    Size
    2,332 SF
    Type
    Office
    Suite 505 & 507 are combined and currently gutted. This premises is a black canvas...
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    Contact us

    Suite 302 $20 /Mo

    Size
    605 SF
    Type
    Office
    Contact us

    Suite 410 $22 /Mo

    Size
    2,616 SF
    Type
    Office
    Suite 410 in the State tower is a rectangular space with large windows facing south....
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    Contact us
    Show more

    We can help!

    Listing Contact
    Cory LaDuke, SIOR

    Listing agent Cory LaDuke, SIOR License #NY 1030121526

    Listing office CBRE - Syracuse

    Listing date Dec 4, 2023

    Source Crexi

    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 CBRE - Syracuse

    Overview

    Landmark Mixed-Use Tower for Lease

    Constructed in 1927, this nearly 200,000-square-foot landmark building is the tallest in Central New York. A $42 million restoration completed in 2018 has returned the building to its original state. This mixed-use tower features luxury apartment units on the top 14 floors, six floors of renovated Class A office space, and first-floor retail space. The property benefits from access and visibility within the Hanover Square neighborhood, which offers dining, retail, and entertainment options. The building provides abundant natural light via large, operable windows and smaller floor plates. Amenities include attached covered parking, 24-hour lobby concierge service, a common conference room, an on-site restaurant and bank, and an on-site property management team. Renovated restrooms are available on each office floor, along with updated mechanical, electrical, and plumbing infrastructure. The location provides connectivity with direct access to Route 11, I-81, and I-690.
    Location Intelligence

    Current Use by Public Records

    Rock Ridge Wealth ... Financial Advisor CNY Communications, Inc. Advertising Agency Newman & Lickstein, LLP Law Firm Sidney P. Cominsky, ... Law Firm Weisberg & Zukher PLLC Law Firm

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Syracuse
    County
    Onondaga
    State
    New York
    Longitude
    -76.150375
    Latitude
    43.0502561

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      Industrial Building Available For Lease

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    FAQs

    What type of property is this?
    Office building - Historic building with office, retail, and luxury apartment spaces.
    Where is this office building located?
    The property is located at 109 S Warren St Syracuse, NY.
    What are key features of this property?
    This property features: Tallest building in Central New York, a landmark property.; $42‑million restoration completed in 2018.; Mixed‑use tower with luxury apartments, Class A office space, and retail space.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Cory LaDuke, SIOR
    Real Estate License ID: NY 1030121526
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    109 S Warren St, Syracuse, NY 13202

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