Fully Leased Industrial
For Sale
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1401 Erie Blvd E, Syracuse, NY 13210
58,000 SF industrial building fully leased to four tenants.
Property Size58,000 SF
Price / SF$103.45
Days on Market193
Property Features for 1401 Erie Blvd E
General Information
Standard status
Active
Size
58,000 SF
Property subtype
Industrial
Net Operating Income
$475,589
Building Details
Units
4
Listing Agency:
JF Real Estate
(315) 430-1827
Listed By:
Matt Funiciello · License #NY 10401305595
Source:
Crexi
Added: Feb 9
Changed: Aug 9
Last Checked: Aug 19 at 11:31PM
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 JF Real Estate
Investment Insights
Based on property information with market context.
This 58,000 square foot industrial building is fully leased to four tenants with stable business models. The building provides 74 parking spaces and is visible from Interstate 690. Syracuse University and Upstate Medical University are located approximately one mile from the property. The region is experiencing growth in high-tech and manufacturing, driven by Micron’s planned campus in Clay, which is spurring new companies, workforce migration, and rising industrial demand. Downtown Syracuse, roughly one mile west, is undergoing revitalization with new apartments, restaurants, and mixed-use development. The area offers transportation access via I-81, I-690, and I-90, with upcoming infrastructure improvements expected to enhance redevelopment opportunities. The property is located at 1401 Erie Blvd E, Syracuse, NY 13210.
Key Highlights
- Fully leased to four stable tenants with strong business models, providing immediate income.
- Located approximately one mile from Syracuse University and Upstate Medical University, ensuring economic stability and growth.
- Visible from Interstate 690, offering significant exposure.
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
$258,542
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
4.31%
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%
$5,170,840
$5.2M
Cap Rate 7%
$3,693,457
$3.7M
Cap Rate 9%
$2,872,689
$2.9M
Market Conditions
NOI Build-Up for 58,000 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
$396.7K $6.84/SF
− Vacancy
−$27.4K −$0.47/SF
EGI
$369.3K $6.37/SF
− OpEx
−$110.8K −$1.91/SF
NOI
$258.5K $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%
$5,170,840
Cap Rate 7%
$3,693,457
Cap Rate 9%
$2,872,689
Alternative Uses
Best Use
Industrial
$3.69M
$3.23M – $4.31M
NOI $258,542 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.08M
$8.82M – $11.76M
NOI $705,577 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,042
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Industrial in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - 58,000 SF industrial building fully leased to four tenants.
Where is this industrial property located?
The property is located at 1401 Erie Blvd E Syracuse, NY.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Fully leased to four stable tenants with strong business models, providing immediate income.; Located approximately one mile from Syracuse University and Upstate Medical University, ensuring economic stability and growth.; Visible from Interstate 690, offering significant exposure.
