Historic Mixed-Use
New
For Sale
$1,200,000
118 E Genesee Street, Syracuse, NY 13202
Three-level property combines restaurant, live/work, and residential space.
Property Size8,320 SF
Days on Market6
Property Features for 118 E Genesee Street
General Information
Standard status
Active
Size
8,320 SF
Property subtype
Mixed Use
Additional Details
Floor
Ground
Building Details
Building Size
8,320 SF
Year Built
1893
Buildings
1
Stories
3
Construction
steel-frame
Listing Agency:
Oak Tree Real Estate
Listed By:
Andrew Alpern
(315) 744-0831
Source:
Stacyfaunce.kw
Added: Sep 17
Changed: Sep 20
Last Checked: Sep 22 at 1:01PM
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 Oak Tree Real Estate
Investment Insights
Based on property information with market context.
Built in 1893 as the Bank of Syracuse, this Beaux-Arts property features a marble facade, monumental arched openings, and steel-frame construction attributed to architect Albert L. Brockway. The three-level layout brings together commercial, live/work, and residential components within a prominent historic building.
The ground floor houses Eden, a wood-fire restaurant with a custom buildout completed approximately seven years ago. A flexible live/work loft occupies the first level and was renovated approximately one year ago; movable partition walls allow the interior arrangement to be changed. The second level contains a residential loft with soaring ceilings and substantial architectural volume. That space was converted to residential use approximately 15-20 years ago, alongside major utility modernization.
The property is located at 118 E Genesee Street in Syracuse’s historic Hanover Square. Its former bank use and residential conversion were featured by The New York Times. Intended future uses should be confirmed with the appropriate municipality.
The ground floor houses Eden, a wood-fire restaurant with a custom buildout completed approximately seven years ago. A flexible live/work loft occupies the first level and was renovated approximately one year ago; movable partition walls allow the interior arrangement to be changed. The second level contains a residential loft with soaring ceilings and substantial architectural volume. That space was converted to residential use approximately 15-20 years ago, alongside major utility modernization.
The property is located at 118 E Genesee Street in Syracuse’s historic Hanover Square. Its former bank use and residential conversion were featured by The New York Times. Intended future uses should be confirmed with the appropriate municipality.
Key Highlights
- 1893 construction as the Bank of Syracuse
- Beaux‑Arts marble facade with monumental arched openings
- Ground‑floor Eden wood‑fire restaurant with custom buildout completed approximately seven years ago
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
$82,668
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
6.89%
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%
$1,653,360
$1.7M
Cap Rate 7%
$1,180,971
$1.2M
Cap Rate 9%
$918,533
$918.5K
Market Conditions
NOI Build-Up for 8,320 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
$114.8K $13.80/SF
− Vacancy
−$4.6K −$0.55/SF
EGI
$110.2K $13.25/SF
− OpEx
−$27.6K −$3.31/SF
NOI
$82.7K $9.94/SF
Area
Syracuse, NY
Vacancy
4.00%
Lease Rate
$13.80 /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%
$1,653,360
Cap Rate 7%
$1,180,971
Cap Rate 9%
$918,533
Alternative Uses
Best Use
Specialty Retail
$1.18M
$1.03M – $1.38M
NOI $82,668 @ 7.0% cap · market cap 6.89%
Second Best
Office B
$1.14M
$1.00M – $1.33M
NOI $80,028 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,214 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 13202, NY
6,967
Population
3,525
Households
2
Avg Household Size
30
Median Age
36%
College-Educated
78%
High-School Grad
1.0 sq mi
ZIP Area
6,967
Density / Sq Mi
$27,365
Median Household Income
$35,990
Median Earnings
$807
Median Rent
$79,300
Median Home Value
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Market
Vacancy Rate% for Office in Syracuse, NY
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level property combines restaurant, live/work, and residential space.
Where is this mixed-use property located?
The property is located at 118 E Genesee Street Syracuse, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 1893 construction as the Bank of Syracuse; Beaux‑Arts marble facade with monumental arched openings; Ground‑floor Eden wood‑fire restaurant with custom buildout completed approximately seven years ago
