Redevelopment Opportunity with Lease
For Sale
$800,000
107 Bennett Rd, Camillus, NY 13031
2-acre site with existing income near State Route 5.
Property Size2,560 SF
Lot Size2.00 Acres
Price / SF$312.50
Days on Market756
Property Features for 107 Bennett Rd
General Information
Standard status
Active
Size
2,560 SF
Lot size
2.00 Acres
Property subtype
Land
Listing Agency:
Syracuse Realty Group
(315) 410-0373
Listed By:
Michael Arcuri · License #49AR1075432
(315) 410-0373
Source:
Exprealty
Added: Jul 15, 2024
Changed: Aug 8
Last Checked: Aug 8 at 1:12PM
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 Realty Group
Investment Insights
Based on property information with market context.
This property presents a redevelopment opportunity on approximately 2 acres. The site is located off the ramp from State Route 5 on Bennett Road & Milton Ave, placing it minutes from Township 5. Currently, there are two structures on the property: a 1440 square foot office and a 2560 square foot pole barn. These structures are currently generating lease income, providing immediate revenue while a development plan is finalized.
Key Highlights
- Prime redevelopment opportunity on approximately 2 acres.
- Located at the off‑ramp from State Route 5, near Bennett Road & Milton Ave.
- Minutes from Township 5.
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
$26,998
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
3.37%
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%
$539,960
$540.0K
Cap Rate 7%
$385,686
$385.7K
Cap Rate 9%
$299,978
$300.0K
Market Conditions
NOI Build-Up for 2,560 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
$41.5K $16.20/SF
− Vacancy
−$5.5K −$2.14/SF
EGI
$36.0K $14.06/SF
− OpEx
−$9.0K −$3.52/SF
NOI
$27.0K $10.55/SF
Area
Onondaga County, NY
Vacancy
13.20%
Lease Rate
$16.20 /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%
$539,960
Cap Rate 7%
$385,686
Cap Rate 9%
$299,978
Alternative Uses
Best Use
Office B
$385.7K
$337.5K – $450.0K
NOI $26,998 @ 7.0% cap · market cap 3.37%
Second Best
Warehouse
$199.4K
$174.5K – $232.6K
NOI $13,958 @ 7.0% cap · market cap 1.74%
Theoretical Best
Office A
$444.9K
$389.3K – $519.1K
NOI $31,143 @ 7.0% cap · market cap 3.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
Explore this area
Business Placement
Demographics for 13031, NY
16,335
Population
7,414
Households
2.2
Avg Household Size
44
Median Age
45%
College-Educated
96%
High-School Grad
24.3 sq mi
ZIP Area
672
Density / Sq Mi
$92,687
Median Household Income
$56,024
Median Earnings
$1,281
Median Rent
$207,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 2-acre site with existing income near State Route 5.
Where is this commercial land located?
The property is located at 107 Bennett Rd Camillus, NY.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Prime redevelopment opportunity on approximately 2 acres.; Located at the off‑ramp from State Route 5, near Bennett Road & Milton Ave.; Minutes from Township 5.
