Leased Warehouse and Office
For Sale
$2,500,000
7406 Taft Park Drive, East Syracuse, NY
24,566 SF leased building on 2.05 acres in East Syracuse.
Property Size24,566 SF
Price / SF$101.77
Days on Market327
Property Features for 7406 Taft Park Drive
General Information
Standard status
Active
Size
24,566 SF
Property subtype
Industrial
Building Details
Building Size
24,566 SF
Listing Agency:
Syracuse Office
(315) 445-8518
Listed By:
James A. Laurenzo
(315) 445-8518
Source:
Pyramidbrokerage
Added: Sep 25, 2025
Changed: Aug 8
Last Checked: Aug 17 at 4:27AM
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 Syracuse Office
Investment Insights
Based on property information with market context.
This 24,566 square foot building, comprising approximately 22,566 square feet of warehouse space and 2,000 square feet of office space, is fully leased and situated on 2.05 acres. The property features a 16-foot ceiling height, 800 amp power, two overhead doors, and two dock doors equipped with levelers. It is sprinklered and connected to public sewer and water. Located on Taft Park Drive in East Syracuse, New York, near the corner of Taft Road, the property is approximately one mile from Exit 8 of Interstate 481 via Northern Blvd. The property is currently under two leases, each for a five-year term with a five-year renewal option, and is offered as an investment opportunity. Both tenants are expected to remain and potentially renew their leases at higher rents. The property is suitable for warehouse and office use.
Key Highlights
- Completely leased building (24,566 ± SF) providing immediate investment income.
- Located in East Syracuse, NY, near Interstate 481 (Exit 8) for convenient access.
- Two long‑term leases in place (5 years plus 5 year renewal) with potential for increased rents.
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
$133,944
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
5.36%
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%
$2,678,880
$2.7M
Cap Rate 7%
$1,913,486
$1.9M
Cap Rate 9%
$1,488,267
$1.5M
Market Conditions
NOI Build-Up for 24,566 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
$169.3K $6.89/SF
− Vacancy
−$11.7K −$0.48/SF
EGI
$157.6K $6.41/SF
− OpEx
−$23.6K −$0.96/SF
NOI
$133.9K $5.45/SF
Area
Onondaga County, NY
Vacancy
6.90%
Lease Rate
$6.89 /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%
$2,678,880
Cap Rate 7%
$1,913,486
Cap Rate 9%
$1,488,267
Alternative Uses
Best Use
Office B
$3.70M
$3.24M – $4.32M
NOI $259,078 @ 7.0% cap · market cap 10.36%
Second Best
Warehouse
$1.91M
$1.67M – $2.23M
NOI $133,944 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$4.27M
$3.74M – $4.98M
NOI $298,848 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 24,566 SF leased building on 2.05 acres in East Syracuse.
Where is this warehouse located?
The property is located at 7406 Taft Park Drive East Syracuse, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Completely leased building (24,566 ± SF) providing immediate investment income.; Located in East Syracuse, NY, near Interstate 481 (Exit 8) for convenient access.; Two long‑term leases in place (5 years plus 5 year renewal) with potential for increased rents.
