Two-Story Retail Building
For Sale
Contact for pricing
1004 E Adams St, Syracuse, NY 13210
Two-story retail building with basement and 20 dedicated parking spaces, offering development potential near major Hill employers.
Property Size13,200 SF
Lot Size0.46 Acres
Price / SF$234.85
Days on Market842
Property Features for 1004 E Adams St
General Information
Standard status
Active
Size
13,200 SF
Total Parking Spaces
20
Lot size
0.46 Acres
Property subtype
RETAIL
Zoning
MX-4
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Stories
2
Listing Agency:
Atlantic Retail | Albany
(518) 785-8200
Listed By:
Alison Burnside
(518) 312-8377
Source:
Moodyscre
Added: May 27, 2024
Changed: Sep 7
Last Checked: Sep 14 at 11:25AM
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 Atlantic Retail | Albany
Investment Insights
Based on property information with market context.
New development opportunity in Syracuse’s University Hill area, positioned just steps from Syracuse University and SUNY Upstate Medical University & Health System. The offering includes a two-story building with 9,018 RSF plus basement space.
The site sits between the Hill’s Marshall Street and East Genesee Street districts and is accessed via E Adams Street and S Crouse Avenue. Dedicated parking for 20 vehicles is provided, and the property is in close proximity to I-81.
The property is identified as zoned MX-4 (Urban Core), in effect as of 7/3/2023.
The site sits between the Hill’s Marshall Street and East Genesee Street districts and is accessed via E Adams Street and S Crouse Avenue. Dedicated parking for 20 vehicles is provided, and the property is in close proximity to I-81.
The property is identified as zoned MX-4 (Urban Core), in effect as of 7/3/2023.
Key Highlights
- Two‑story retail building with basement totaling 9,018 RSF
- 0.46‑acre site with access via E Adams Street and S Crouse Avenue
- 20 dedicated parking spots on‑site
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
$116,845
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
3.77%
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%
$2,336,900
$2.3M
Cap Rate 7%
$1,669,214
$1.7M
Cap Rate 9%
$1,298,278
$1.3M
Market Conditions
NOI Build-Up for 13,200 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
$174.2K $13.20/SF
− Vacancy
−$7.3K −$0.55/SF
EGI
$166.9K $12.65/SF
− OpEx
−$50.1K −$3.79/SF
NOI
$116.8K $8.85/SF
Area
Syracuse, NY
Vacancy
4.20%
Lease Rate
$13.20 /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%
$2,336,900
Cap Rate 7%
$1,669,214
Cap Rate 9%
$1,298,278
Alternative Uses
Best Use
Retail
$1.67M
$1.46M – $1.95M
NOI $116,845 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.01M – $2.68M
NOI $160,580 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4,326
Businesses Nearby
21k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Hotels & Casinos 29%
Shops & Services 26%
Sheraton Syracuse University Hotel and Conference Center
Hotels & Casinos
6,100 visits/mo
0.1 miles
Insomnia Cookies
Dining
6,022 visits/mo
0.1 miles
Chase Bank
Shops & Services
5,497 visits/mo
0.1 miles
Franco's Pizza
Dining
2,233 visits/mo
0.4 miles
Taste of Asia
Dining
1,000 visits/mo
0.1 miles
Demographics for 13210, NY
23,150
Population
9,774
Households
2.4
Avg Household Size
27
Median Age
50%
College-Educated
92%
High-School Grad
3.8 sq mi
ZIP Area
6,092
Density / Sq Mi
$38,783
Median Household Income
$20,554
Median Earnings
$1,081
Median Rent
$167,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Syracuse, NY
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Frequently Asked Questions
What type of property is this?
Retail space - Two-story retail building with basement and 20 dedicated parking spaces, offering development potential near major Hill employers.
Where is this retail space located?
The property is located at 1004 E Adams St Syracuse, NY.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Two‑story retail building with basement totaling 9,018 RSF; 0.46‑acre site with access via E Adams Street and S Crouse Avenue; 20 dedicated parking spots on‑site
