Freestanding Flex and Showroom
For Sale
$2,495,000
647 W Genesee St, Syracuse, NY 13204
Free-standing building with showroom, flex/service space, overhead doors, and ample on-site parking for versatile commercial use.
Property Size37,170 SF
Lot Size1.45 Acres
Price / SF$67.12
Days on Market78
Property Features for 647 W Genesee St
General Information
Standard status
Active
Size
37,170 SF
Class
C
Lot size
1.45 Acres
Property subtype
Free Standing Building
Building Details
Building Size
37,170 SF
Year Built
1940
Year Renovated
2025
Tenancy
Multi
Listing Agency:
Bridgeway Commercial Realty, LLC
(315) 254-2027
Listed By:
Tom Lischak, CCIM · License #10491204314
(315) 254-2027
Source:
Thebrokerlist
Added: Jun 7
Changed: Aug 14
Last Checked: Aug 22 at 3:29AM
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 Bridgeway Commercial Realty, LLC
Investment Insights
Based on property information with market context.
This freestanding commercial building spans 37,170 +/- SF and sits on a 1.45 +/- acre parcel with on-site parking. The former automobile dealership/showroom configuration supports a flexible multi-tenant layout, with high ceilings, large open areas, and overhead/grade-level doors suitable for showroom, flex, service, storage, and related uses.
Ownership has completed and/or commenced major modernization work, including a new roof, new front showroom windows, interior painting, updated finishes, planned ceiling work, insulation upgrades, HVAC improvements, and bathroom renovations. The property also features strong visibility and frontage at W Genesee Street, with overhead access that can accommodate a variety of operational needs. Existing month-to-month tenancy may provide flexibility for a buyer while plans for a planned event/banquet concept, The Giselle Manor, are pursued.
For owner-users and tenants seeking adaptable commercial space, the mix of showroom presentation, functional overhead door access, and substantial open interior areas aligns well with businesses that need both customer-facing space and operational/storage requirements. The property’s Syracuse setting places it near downtown amenities and active areas such as Armory Square and Clinton Square, with convenient access to major highways and public transportation.
Ownership has completed and/or commenced major modernization work, including a new roof, new front showroom windows, interior painting, updated finishes, planned ceiling work, insulation upgrades, HVAC improvements, and bathroom renovations. The property also features strong visibility and frontage at W Genesee Street, with overhead access that can accommodate a variety of operational needs. Existing month-to-month tenancy may provide flexibility for a buyer while plans for a planned event/banquet concept, The Giselle Manor, are pursued.
For owner-users and tenants seeking adaptable commercial space, the mix of showroom presentation, functional overhead door access, and substantial open interior areas aligns well with businesses that need both customer-facing space and operational/storage requirements. The property’s Syracuse setting places it near downtown amenities and active areas such as Armory Square and Clinton Square, with convenient access to major highways and public transportation.
Key Highlights
- 37,170 +/- SF free‑standing commercial building on a 1.45 +/- acre parcel with on‑site parking in Syracuse, NY.
- Former automobile dealership/showroom with a flexible multi‑tenant layout including showroom, flex, service, storage, and event/owner‑user potential.
- Major renovations underway for 2025, including a new roof, new front showroom windows, interior painting, HVAC improvements, and insulation upgrades.
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
$165,690
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
6.64%
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%
$3,313,800
$3.3M
Cap Rate 7%
$2,367,000
$2.4M
Cap Rate 9%
$1,841,000
$1.8M
Market Conditions
NOI Build-Up for 37,170 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
$254.2K $6.84/SF
− Vacancy
−$17.5K −$0.47/SF
EGI
$236.7K $6.37/SF
− OpEx
−$71.0K −$1.91/SF
NOI
$165.7K $4.46/SF
Area
Syracuse, NY
Vacancy
6.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
30.00%
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%
$3,313,800
Cap Rate 7%
$2,367,000
Cap Rate 9%
$1,841,000
Alternative Uses
Best Use
Flex RnD
$4.81M
$4.21M – $5.62M
NOI $337,039 @ 7.0% cap · market cap 13.51%
Second Best
Industrial
$2.37M
$2.07M – $2.76M
NOI $165,690 @ 7.0% cap · market cap 6.64%
Theoretical Best
Office A
$6.46M
$5.65M – $7.54M
NOI $452,178 @ 7.0% cap · market cap 18.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,023
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13204, NY
19,752
Population
10,410
Households
1.9
Avg Household Size
31
Median Age
26%
College-Educated
84%
High-School Grad
4.3 sq mi
ZIP Area
4,593
Density / Sq Mi
$42,585
Median Household Income
$35,609
Median Earnings
$1,054
Median Rent
$97,400
Median Home Value
Market
Vacancy Rate% for Industrial in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Free-standing building with showroom, flex/service space, overhead doors, and ample on-site parking for versatile commercial use.
Where is this flex space located?
The property is located at 647 W Genesee St Syracuse, NY.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 37,170 +/- SF free‑standing commercial building on a 1.45 +/- acre parcel with on‑site parking in Syracuse, NY.; Former automobile dealership/showroom with a flexible multi‑tenant layout including showroom, flex, service, storage, and event/owner‑user potential.; Major renovations underway for 2025, including a new roof, new front showroom windows, interior painting, HVAC improvements, and insulation upgrades.
