Flex Space Building with Office and
For Sale
$295,000
2970 E Genesee St, Syracuse, NY 13224
Flex space building on a long frontage site with office area, garage storage, two bathrooms, and lifts.
Property Size1,740 SF
Days on Market13
Property Features for 2970 E Genesee St
General Information
Standard status
Active
Size
1,740 SF
Total Parking Spaces
25
Property subtype
Commercial
Site & Location
Road Access
Yes
Public Transit
Yes
Building Details
Building Size
1,740 SF
Year Built
1945
Listing Agency:
Coldwell Banker Prime Prop, Inc
(315) 446-2910
Listed By:
Susan Li · License #30LI0956504
(315) 446-2910
Source:
Elliman
Added: Jul 28
Changed: Jul 29
Last Checked: Aug 8 at 1:08PM
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 Coldwell Banker Prime Prop, Inc
Investment Insights
Based on property information with market context.
Flex space building with an office area designed for everyday administrative paperwork, plus extra storage space in the garage. The building also includes two bathrooms and two lifts serving the garage area.
Set on a site with 155 feet of road frontage and a newly paved driveway sized to accommodate 25 vehicles. Located at 2970 E Genesee St in Syracuse, NY 13224. Built in 1945.
The property’s configuration supports a mix of office and operational space, with garage storage and lift service for day-to-day workflow. Please check with the City regarding zoning, variances, and other potential usage options.
Set on a site with 155 feet of road frontage and a newly paved driveway sized to accommodate 25 vehicles. Located at 2970 E Genesee St in Syracuse, NY 13224. Built in 1945.
The property’s configuration supports a mix of office and operational space, with garage storage and lift service for day-to-day workflow. Please check with the City regarding zoning, variances, and other potential usage options.
Key Highlights
- 155 feet of road frontage
- Newly paved driveway sized for 25 vehicles
- Office area for everyday administrative paperwork
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
$16,737
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
5.67%
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%
$334,740
$334.7K
Cap Rate 7%
$239,100
$239.1K
Cap Rate 9%
$185,967
$186.0K
Market Conditions
NOI Build-Up for 1,740 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
$26.1K $15.00/SF
− Vacancy
−$3.8K −$2.18/SF
EGI
$22.3K $12.83/SF
− OpEx
−$5.6K −$3.21/SF
NOI
$16.7K $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%
$334,740
Cap Rate 7%
$239,100
Cap Rate 9%
$185,967
Alternative Uses
Best Use
Office B
$239.1K
$209.2K – $279.0K
NOI $16,737 @ 7.0% cap · market cap 5.67%
Second Best
Flex RnD
$225.4K
$197.2K – $263.0K
NOI $15,777 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$302.4K
$264.6K – $352.8K
NOI $21,167 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
322
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?
Flex space - Flex space building on a long frontage site with office area, garage storage, two bathrooms, and lifts.
Where is this flex space located?
The property is located at 2970 E Genesee St Syracuse, NY.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 155 feet of road frontage; Newly paved driveway sized for 25 vehicles; Office area for everyday administrative paperwork
