Mixed-Use Warehouse/Office/Retail
For Sale
Contact for pricing
1641 E Genesee St, Syracuse, NY
Versatile warehouse, office, and retail space near Route 690.
Property Size42,416 SF
Lot Size3.59 Acres
Price / SF$68.37
Days on Market931
Property Features for 1641 E Genesee St
General Information
Standard status
Active
Size
42,416 SF
Lot size
3.59 Acres
Property subtype
INDUSTRIAL
Properties For Sale
at 1641 E Genesee St Contact us- Floor
- 1
- Size
- 7,000 SF
- Type
- OFFICE
- Availability
- AVAILABLE, Now
- Sublease
- No
1641 E Genesee St
- Up to 12,000 +/- SF of warehouse/storage space
- Up to 18,000 +/- SF of 2nd Floor...
show more
Contact us
- Floor
- 2
- Size
- 18,000 SF
- Type
- OFFICE
- Availability
- AVAILABLE, Now
- Sublease
- No
1641 E Genesee St
- Up to 12,000 +/- SF of warehouse/storage space
- Up to 18,000 +/- SF of 2nd Floor...
show more
Contact us
- Floor
- 1
- Size
- 12,000 SF
- Type
- INDUSTRIAL
- Availability
- AVAILABLE, Now
- Sublease
- No
1641 E Genesee St
- Up to 12,000 +/- sf of warehouse/storage space
- Up to 18,000 +/- sf of 2nd floor...
show more
Contact us
Listing Agency:
Sutton Real Estate Company - Corporate
(315) 391-3409
Listed By:
Karen Cannata-LaRocca · License #10401285697
(315) 391-3409
Source:
Moodyscre
Added: Jan 24, 2024
Changed: Aug 8
Last Checked: Aug 12 at 11:32AM
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 Sutton Real Estate Company - Corporate
Investment Insights
Based on property information with market context.
This property offers up to approximately 12,000 square feet of warehouse or storage space, up to approximately 18,000 square feet of second-floor office space, and up to approximately 7,000 square feet of ground-floor office or retail space. It features one grade-height loading door measuring 7 feet high, along with two dock-height loading doors and a freight elevator. The ceiling heights are 10 feet. Ample free surface parking is available. The property is located 2 minutes from Route 690.
Key Highlights
- Up to 18,000 +/- sf of 2nd floor office space
- Up to 12,000 +/- sf of warehouse/storage space
- Up to 7,000 +/- sf of ground floor office/retail 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
$229,591
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
7.92%
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%
$4,591,820
$4.6M
Cap Rate 7%
$3,279,871
$3.3M
Cap Rate 9%
$2,551,011
$2.6M
Market Conditions
NOI Build-Up for 42,416 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
$290.1K $6.84/SF
− Vacancy
−$20.0K −$0.47/SF
EGI
$270.1K $6.37/SF
− OpEx
−$40.5K −$0.96/SF
NOI
$229.6K $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%
$4,591,820
Cap Rate 7%
$3,279,871
Cap Rate 9%
$2,551,011
Alternative Uses
Best Use
Office B
$5.83M
$5.10M – $6.80M
NOI $407,989 @ 7.0% cap · market cap 14.07%
Second Best
Retail
$5.36M
$4.69M – $6.26M
NOI $375,463 @ 7.0% cap · market cap 12.95%
Theoretical Best
Office A
$7.37M
$6.45M – $8.60M
NOI $515,996 @ 7.0% cap · market cap 17.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,392
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Syracuse, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Versatile warehouse, office, and retail space near Route 690.
Where is this warehouse located?
The property is located at 1641 E Genesee St Syracuse, NY.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Up to 18,000 +/- sf of 2nd floor office space; Up to 12,000 +/- sf of warehouse/storage space; Up to 7,000 +/- sf of ground floor office/retail space
