Flex Building with New
For Sale
Contact for pricing
1131 Erie Blvd W, Syracuse, NY 13204
Light Industrial zoning supports industrial, warehouse, distribution, and contractor uses.
Property Size3,879 SF
Price / SF$90.23
Days on Market183
Property Features for 1131 Erie Blvd W
General Information
Standard status
Active
Size
3,879 SF
Property subtype
Industrial
Zoning
Light Industrial
Building Details
Buildings
1
Stories
1
Units
1
Listing Agency:
Cushman & Wakefield/Pyramid Brokerage Company
(315) 445-8529
Listed By:
Andrew Sheedy · License #10401393918
Source:
Crexi
Added: Mar 1
Changed: Aug 30
Last Checked: Aug 30 at 10:45PM
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 Cushman & Wakefield/Pyramid Brokerage Company
Investment Insights
Based on property information with market context.
This 3,879± square-foot flex and industrial building combines adaptable commercial space with clear heights ranging from approximately 10 to 22 feet. Light Industrial zoning supports a range of industrial, warehouse, distribution, and contractor operations. A roof replacement completed in 2024 adds a recent building improvement.
The property is positioned on Erie Boulevard West in Syracuse, with Downtown Syracuse a short drive away. Access to major interstate corridors supports regional movement and distribution needs.
The property is positioned on Erie Boulevard West in Syracuse, with Downtown Syracuse a short drive away. Access to major interstate corridors supports regional movement and distribution needs.
Key Highlights
- 3,879± SF flex/industrial building
- Clear ceiling heights from approximately 10’ to 22’
- Light Industrial zoning
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
$20,996
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
6.00%
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%
$419,920
$419.9K
Cap Rate 7%
$299,943
$299.9K
Cap Rate 9%
$233,289
$233.3K
Market Conditions
NOI Build-Up for 3,879 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
$26.5K $6.84/SF
− Vacancy
−$1.8K −$0.47/SF
EGI
$24.7K $6.37/SF
− OpEx
−$3.7K −$0.96/SF
NOI
$21.0K $5.41/SF
Area
Syracuse, NY
Vacancy
6.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
15.00%
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%
$419,920
Cap Rate 7%
$299,943
Cap Rate 9%
$233,289
Alternative Uses
Best Use
Flex RnD
$502.5K
$439.7K – $586.2K
NOI $35,173 @ 7.0% cap · market cap 10.05%
Second Best
Warehouse
$299.9K
$262.5K – $349.9K
NOI $20,996 @ 7.0% cap · market cap 6.00%
Theoretical Best
Office A
$674.1K
$589.9K – $786.5K
NOI $47,189 @ 7.0% cap · market cap 13.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13204, NY
19,752
Population
10,410
Households
1.9
Avg Household Size
31
Median Age
26%
College-Educated
84%
High-School Grad
4.3 sq mi
ZIP Area
4,593
Density / Sq Mi
$42,585
Median Household Income
$35,609
Median Earnings
$1,054
Median Rent
$97,400
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.
Frequently Asked Questions
What type of property is this?
Flex space - Light Industrial zoning supports industrial, warehouse, distribution, and contractor uses.
Where is this flex space located?
The property is located at 1131 Erie Blvd W Syracuse, NY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 3,879± SF flex/industrial building; Clear ceiling heights from approximately 10’ to 22’; Light Industrial zoning
