Restaurant with
For Sale
$550,000
1370 Burnet Ave, Syracuse, NY 13206
Established restaurant facility with multiple dining areas, commercial kitchens, event space, and a separate tavern entrance.
Property Size6,936 SF
Price / SF$79.30
Days on Market8
Property Features for 1370 Burnet Ave
General Information
Standard status
Active
Size
6,936 SF
Additional Details
Furnished
Yes
Business Included
Yes
Highway Access
Yes
Equipment Included
Yes
Building Details
Year Built
1960
Listing Agency:
Coldwell Banker Prime Prop,Inc
(315) 214-2277
Listed By:
Robert J. Habberfield
Source:
Skinnercnyrealty
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 25 at 5:28AM
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.
The 6,936-square-foot restaurant includes multiple dining rooms, a lounge with booth seating, a tavern with a U-shaped bar, and a separate entrance from the parking lot. A large event room features a centered four-sided gas-fired brick fireplace and French-door access from the front dining areas. The property is being offered with its equipment and furnishings, including a dessert case, pizza oven, walk-in refrigeration, and kitchen preparation areas.
Kitchen facilities include two extended cooking lines, a preparation line serving the dining and tavern areas, and a lower-level cooking and preparation area. The lower level also contains office space, an employee break room, a baking area, and additional walk-in coolers. The site provides 50 parking spaces and is positioned between Midler and Teall Avenue, near the 690 entrance and exit ramp with connections to Routes 81, 481, and 90 and the New York State Thruway. The building dates to 1960.
Kitchen facilities include two extended cooking lines, a preparation line serving the dining and tavern areas, and a lower-level cooking and preparation area. The lower level also contains office space, an employee break room, a baking area, and additional walk-in coolers. The site provides 50 parking spaces and is positioned between Midler and Teall Avenue, near the 690 entrance and exit ramp with connections to Routes 81, 481, and 90 and the New York State Thruway. The building dates to 1960.
Key Highlights
- 6,936‑square‑foot restaurant building with dining, lounge, tavern, kitchen, and event areas
- Tavern includes a U‑shaped wood‑topped bar with 15 stools and a separate parking‑lot entrance
- Large event room accommodates approximately 80 seats and features a four‑sided gas‑fired brick fireplace
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
$30,918
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
5.62%
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%
$618,360
$618.4K
Cap Rate 7%
$441,686
$441.7K
Cap Rate 9%
$343,533
$343.5K
Market Conditions
NOI Build-Up for 6,936 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
$47.4K $6.84/SF
− Vacancy
−$3.3K −$0.47/SF
EGI
$44.2K $6.37/SF
− OpEx
−$13.3K −$1.91/SF
NOI
$30.9K $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%
$618,360
Cap Rate 7%
$441,686
Cap Rate 9%
$343,533
Alternative Uses
Best Use
Specialty Retail
$984.5K
$861.5K – $1.15M
NOI $68,916 @ 7.0% cap · market cap 12.53%
Second Best
Industrial
$441.7K
$386.5K – $515.3K
NOI $30,918 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$1.21M
$1.05M – $1.41M
NOI $84,377 @ 7.0% cap · market cap 15.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
660
Businesses Nearby
80k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 54%
Shops & Services 28%
Dining 19%
Price Rite
Groceries
23,119 visits/mo
0.4 miles
Aldi
Groceries
19,895 visits/mo
0.3 miles
Burger King
Dining
12,908 visits/mo
0.5 miles
Sunoco
Shops & Services
8,600 visits/mo
0.4 miles
Family Dollar
Shops & Services
6,513 visits/mo
0.2 miles
Demographics for 13206, NY
16,599
Population
8,460
Households
2
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,049
Density / Sq Mi
$60,314
Median Household Income
$40,429
Median Earnings
$952
Median Rent
$130,300
Median Home Value
Market
Vacancy Rate% for Retail in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant facility with multiple dining areas, commercial kitchens, event space, and a separate tavern entrance.
Where is this conventional restaurant located?
The property is located at 1370 Burnet Ave Syracuse, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 6,936‑square‑foot restaurant building with dining, lounge, tavern, kitchen, and event areas; Tavern includes a U‑shaped wood‑topped bar with 15 stools and a separate parking‑lot entrance; Large event room accommodates approximately 80 seats and features a four‑sided gas‑fired brick fireplace
