Renovated Medical Office
For Sale
$355,000
127-29 Seeley Road, Syracuse, NY 13224
Professionally renovated medical office with multiple suites, support areas, parking, and an accessible covered entrance.
Property Size3,000 SF
Price / SF$118.33
Days on Market43
Property Features for 127-29 Seeley Road
General Information
Standard status
Active
Size
3,000 SF
Property subtype
CommercialLease
Zoning
MX3
Additional Details
Highway Access
Yes
Office Units
10
Amenities
covered portico
handicap accessible
kitchen
storage
Listing Agency:
RE/MAX ONE
(315) 480-5555
Listed By:
Anthony Paone · License #10311205565
(315) 480-5555
Source:
Nicholcityrealty
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 30 at 5:44PM
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 RE/MAX ONE
Investment Insights
Based on property information with market context.
This professionally renovated medical office property in Syracuse is configured with 10 suites along with kitchen, office, and storage areas. The building includes a covered portico at the entrance and is handicap accessible. Business and medical equipment may be negotiated separately.
The property is located in the city’s MX3 zone, with access to Routes 690, 81, and 481, as well as the NYS Thruway. On-site parking accommodates 25+ cars. The location has supported approximately 40 years of medical practice, providing an established setting for continued medical or other professional office use.
The property is located in the city’s MX3 zone, with access to Routes 690, 81, and 481, as well as the NYS Thruway. On-site parking accommodates 25+ cars. The location has supported approximately 40 years of medical practice, providing an established setting for continued medical or other professional office use.
Key Highlights
- 10‑suite medical office configuration
- Professionally renovated building with kitchen, office areas, and storage
- MX3 zoning in the City of Syracuse
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
$28,856
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
8.13%
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%
$577,120
$577.1K
Cap Rate 7%
$412,229
$412.2K
Cap Rate 9%
$320,622
$320.6K
Market Conditions
NOI Build-Up for 3,000 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
$45.0K $15.00/SF
− Vacancy
−$6.5K −$2.18/SF
EGI
$38.5K $12.83/SF
− OpEx
−$9.6K −$3.21/SF
NOI
$28.9K $9.62/SF
Area
Syracuse, NY
Vacancy
14.50%
Lease Rate
$15.00 /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%
$577,120
Cap Rate 7%
$412,229
Cap Rate 9%
$320,622
Alternative Uses
Best Use
Office B
$412.2K
$360.7K – $480.9K
NOI $28,856 @ 7.0% cap · market cap 8.13%
Second Best
Healthcare Medical
$399.6K
$349.7K – $466.2K
NOI $27,972 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$521.4K
$456.2K – $608.3K
NOI $36,495 @ 7.0% cap · market cap 10.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 Office in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Professionally renovated medical office with multiple suites, support areas, parking, and an accessible covered entrance.
Where is this medical office space located?
The property is located at 127-29 Seeley Road Syracuse, NY.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: 10‑suite medical office configuration; Professionally renovated building with kitchen, office areas, and storage; MX3 zoning in the City of Syracuse
