Eastside Gem with Development
For Sale
$875,000
200 Waring Rd, Dewitt, NY 13224
7-acre property with restaurant, residential, and event potential.
Property Size7,024 SF
Lot Size4.43 Acres
Days on Market255
Property Features for 200 Waring Rd
General Information
Standard status
Active
Size
7,024 SF
Lot size
4.43 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$21,351
Building Details
Building Size
7,024 SF
Year Built
1960
Stories
1
Listing Agency:
Coldwell Banker Prime Prop,Inc
(315) 446-2910
Listed By:
David W. Pridgen
(315) 446-2910
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Jul 16 at 8:09AM
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 Coldwell Banker Prime Prop,Inc
Investment Insights
Based on property information with market context.
This 7-acre property, currently operating as a successful restaurant, presents diverse development opportunities. Situated next to a 9-hole golf course and within walking distance of The Point East Neighborhood, it offers potential for upscale housing. The location is also suitable for hosting special events, with ample parking available. Alternatively, the property could be redeveloped for residential purposes. Located in the Jamesville/DeWitt school district and near Syracuse University, the property includes two parcels and a freestanding three-bedroom home. The property's location and existing infrastructure provide a foundation for various business ventures.
Key Highlights
- 7 acres of land adjacent to a 9‑hole golf course
- Includes a free‑standing three‑bedroom home
- High potential for residential development or upscale housing
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
$69,790
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
7.98%
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%
$1,395,800
$1.4M
Cap Rate 7%
$997,000
$997.0K
Cap Rate 9%
$775,444
$775.4K
Market Conditions
NOI Build-Up for 7,024 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
$96.9K $13.80/SF
− Vacancy
−$3.9K −$0.55/SF
EGI
$93.1K $13.25/SF
− OpEx
−$23.3K −$3.31/SF
NOI
$69.8K $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%
$1,395,800
Cap Rate 7%
$997,000
Cap Rate 9%
$775,444
Alternative Uses
Best Use
Specialty Retail
$997.0K
$872.4K – $1.16M
NOI $69,790 @ 7.0% cap · market cap 7.98%
Second Best
Retail
$888.2K
$777.2K – $1.04M
NOI $62,176 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,448 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
193
Businesses Nearby
25k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 100%
Tops Friendly Markets
Groceries
25,419 visits/mo
0.4 miles
Demographics for 13224, NY
8,705
Population
3,948
Households
2.2
Avg Household Size
40
Median Age
57%
College-Educated
91%
High-School Grad
2.9 sq mi
ZIP Area
3,002
Density / Sq Mi
$81,667
Median Household Income
$50,043
Median Earnings
$1,029
Median Rent
$215,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Restaurant - 7-acre property with restaurant, residential, and event potential.
Where is this restaurant located?
The property is located at 200 Waring Rd Dewitt, NY.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 7 acres of land adjacent to a 9‑hole golf course; Includes a free‑standing three‑bedroom home; High potential for residential development or upscale housing
