Restaurant Building in Little
429 North State Street Syracuse, NY 13203
For Sale
$800,000
6,300 SF restaurant with parking near downtown Syracuse.
Property Size6,300 SF
Lot Size0.46 Acres
Price / SF$126.98
Days on Market123
Property Features for 429 North State Street
General Information
- Standard status
- Active
- Size
- 6,300 SF
- Lot size
- 0.46 Acres
- Property subtype
- Retail
Listing Agency:
CBRE - Syracuse
(315) 422-4200
Listed By:
Ed Kiesa · License #Associate Real Estate Broker
Source:
Cbre
Added: Mar 25
Changed: Jul 10
Last Checked: Jul 25 at 3:27AM
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 CBRE - Syracuse
Investment Insights
Based on property information with market context.
The property is a 6,300 SF restaurant situated on a combined 0.46 AC corner lot, offering ample off-street parking. This three-story, freestanding building, formerly Ilario‘s Trattoria, is located at the entrance to Syracuse‘s Little Italy neighborhood. The former restaurant/bar includes a fully equipped kitchen, bar, and lounge. The location offers high visibility across from St. Joseph’s Health Hospital, which has 451 beds, and is minutes from downtown Syracuse and Destiny USA. The included FF&E consists of stoves, grills, fryers, coolers, freezers, dishwasher, and prep tables. Four adjacent lots are designated for parking. The zoning is MX-4. The property is less than 0.5 miles from I-81 and less than 1.5 miles from I-690.
Key Highlights
- Fully equipped restaurant/bar in a 6,300 SF three‑story freestanding building featuring a kitchen, bar, and lounge.
- High‑visibility corner lot location across from St. Joseph’s Health Hospital (451 beds).
- Ample off‑street parking with four (4) adjacent lots.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $86.9k | $13.80 |
| − Vacancy | −$3.5k | −$0.55 |
| EGI | $83.5k | $13.25 |
| − OpEx | −$20.9k | −$3.31 |
| NOI | $62.6k | $9.94 |
6,300 SF · lease $13.80/SF/yr · vacancy 4.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$894.2K
$782.5K – $1.04M
NOI $62,597 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$958.0K – $1.28M
NOI $76,640 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Conventional restaurants
FAQs
What type of property is this?
Conventional restaurant - 6,300 SF restaurant with parking near downtown Syracuse.
Where is this conventional restaurant located?
The property is located at 429 North State Street Syracuse, 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: Fully equipped restaurant/bar in a 6,300 SF three‑story freestanding building featuring a kitchen, bar, and lounge.; High‑visibility corner lot location across from St. Joseph’s Health Hospital (451 beds).; Ample off‑street parking with four (4) adjacent lots.
