Renovated Distribution
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1770 Lemoyne Avenue, Syracuse, NY 13208
Partially leased industrial facility with dock and drive-in loading, flexible I-1 zoning, and regional highway access.
Property Size138,698 SF
Lot Size6.33 Acres
Price / SF$71.38
Days on Market5
Property Features for 1770 Lemoyne Avenue
General Information
Standard status
Active
Size
138,698 SF
Class
C
Lot size
6.33 Acres
Property subtype
Industrial
Zoning
I-1
Warehouse & Industrial
Clear Height
22 ft
Dock-High Doors
13
Drive-In Doors
6
Additional Details
Highway Access
Yes
Building Details
Year Built
1951
Year Renovated
2024
Tenancy
Multi
Building Size
138,698 SF
Listing Agency:
IronHorn Enterprises
Listed By:
Ryan Jenkins · License #0225268974
Source:
Crexi
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 3:47AM
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 IronHorn Enterprises
Investment Insights
Based on property information with market context.
This partially leased distribution facility contains 138,698 square feet on a 6.33-acre site, with roughly 7% configured as office space. Originally constructed in 1951, the property underwent a comprehensive renovation in 2024. Interior clearance ranges from 14 feet to 22 feet, supporting varied industrial operations and storage requirements. Loading infrastructure includes 13 dock-high doors and 6 drive-in doors.
The property is located at 1770–1810 Lemoyne Avenue in Syracuse, near Hiawatha Boulevard and minutes from I-690, I-81, and the New York State Thruway (I-90). Downtown Syracuse and Syracuse Hancock International Airport are also nearby. I-1 zoning supports industrial uses, while the existing partial occupancy leaves additional space available for future leasing.
The property is located at 1770–1810 Lemoyne Avenue in Syracuse, near Hiawatha Boulevard and minutes from I-690, I-81, and the New York State Thruway (I-90). Downtown Syracuse and Syracuse Hancock International Airport are also nearby. I-1 zoning supports industrial uses, while the existing partial occupancy leaves additional space available for future leasing.
Key Highlights
- 138,698‑square‑foot industrial building on a 6.33‑acre site
- 2024 comprehensive renovation; original construction dates to 1951
- 14’-22’ clear heights with 13 dock‑high doors and 6 drive‑in doors
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
$750,749
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
7.58%
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%
$15,014,980
$15.0M
Cap Rate 7%
$10,724,986
$10.7M
Cap Rate 9%
$8,341,656
$8.3M
Market Conditions
NOI Build-Up for 138,698 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
$948.7K $6.84/SF
− Vacancy
−$65.5K −$0.47/SF
EGI
$883.2K $6.37/SF
− OpEx
−$132.5K −$0.96/SF
NOI
$750.7K $5.41/SF
Area
Syracuse, NY
Vacancy
6.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
15.00%
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%
$15,014,980
Cap Rate 7%
$10,724,986
Cap Rate 9%
$8,341,656
Alternative Uses
Best Use
Warehouse
$10.72M
$9.38M – $12.51M
NOI $750,749 @ 7.0% cap · market cap 7.58%
Second Best
Industrial
$8.83M
$7.73M – $10.30M
NOI $618,264 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$24.10M
$21.09M – $28.12M
NOI $1,687,278 @ 7.0% cap · market cap 17.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22 ft
Clear height
13
Dock-high doors
6
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 13208, NY
23,603
Population
10,325
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
77%
High-School Grad
4.1 sq mi
ZIP Area
5,757
Density / Sq Mi
$40,641
Median Household Income
$35,015
Median Earnings
$999
Median Rent
$110,300
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?
Distribution center - Partially leased industrial facility with dock and drive-in loading, flexible I-1 zoning, and regional highway access.
Where is this distribution center located?
The property is located at 1770 Lemoyne Avenue Syracuse, NY.
What is the asking price?
The asking price for this property is $9,900,000.
What are key features of this property?
This property features: 138,698‑square‑foot industrial building on a 6.33‑acre site; 2024 comprehensive renovation; original construction dates to 1951; 14’-22’ clear heights with 13 dock‑high doors and 6 drive‑in doors
