Flex/Industrial Facility with Heavy
For Sale
Contact for pricing
1840 Lemoyne Ave, Syracuse, NY 13208
Mid-sized flex/industrial building on 1.45 acres, built in 1943, with masonry construction, sprinklers, and heavy power.
Property Size32,000 SF
Price / SF$50
Days on Market144
Property Features for 1840 Lemoyne Ave
General Information
Standard status
Active
Size
32,000 SF
Property subtype
Industrial, Office
Building Details
Buildings
1
Listing Agency:
JWP Commercial
Listed By:
Joshua W. Podkaminer, SIOR, CCIM · License #NY
(315) 415-6030
Source:
Crexi
Added: Apr 17
Changed: Sep 5
Last Checked: Sep 5 at 5:44PM
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 JWP Commercial
Investment Insights
Based on property information with market context.
1840 Lemoyne Ave is a mid-sized flex/industrial facility built in 1943. The property features masonry construction and is equipped with sprinklers and heavy power, supporting a range of industrial and warehouse-related uses for an owner-user or operator. Public listings also describe industrial zoning and position the site as a workable option for investors or redevelopment-minded buyers seeking an immediately usable asset.
The property is located in one of Syracuse’s established industrial corridors, within the Lyncourt/North Syracuse industrial pocket. Marketing materials note immediate access to I-81 and the New York State Thruway, and Syracuse Hancock International Airport is approximately 10 minutes (about 3.9 miles) away.
The offering is described as roughly 31,595 to 34,578 square feet on 1.45 acres, with the facility totaling about 32,000 square feet. Neither project details nor site-specific changes are stated in the materials, but regional transportation and economic developments are referenced as supporting context for industrial demand in Central New York.
The property is located in one of Syracuse’s established industrial corridors, within the Lyncourt/North Syracuse industrial pocket. Marketing materials note immediate access to I-81 and the New York State Thruway, and Syracuse Hancock International Airport is approximately 10 minutes (about 3.9 miles) away.
The offering is described as roughly 31,595 to 34,578 square feet on 1.45 acres, with the facility totaling about 32,000 square feet. Neither project details nor site-specific changes are stated in the materials, but regional transportation and economic developments are referenced as supporting context for industrial demand in Central New York.
Key Highlights
- Mid‑sized flex/industrial facility on 1.45 acres, built in 1943
- Masonry construction with sprinklers and heavy power
- Property size listed at approximately 31,595 to 34,578 SF
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
$142,644
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
8.92%
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%
$2,852,880
$2.9M
Cap Rate 7%
$2,037,771
$2.0M
Cap Rate 9%
$1,584,933
$1.6M
Market Conditions
NOI Build-Up for 32,000 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
$218.9K $6.84/SF
− Vacancy
−$15.1K −$0.47/SF
EGI
$203.8K $6.37/SF
− OpEx
−$61.1K −$1.91/SF
NOI
$142.6K $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%
$2,852,880
Cap Rate 7%
$2,037,771
Cap Rate 9%
$1,584,933
Alternative Uses
Best Use
Flex RnD
$4.15M
$3.63M – $4.84M
NOI $290,160 @ 7.0% cap · market cap 18.14%
Second Best
Warehouse
$2.47M
$2.17M – $2.89M
NOI $173,211 @ 7.0% cap · market cap 10.83%
Theoretical Best
Office A
$5.56M
$4.87M – $6.49M
NOI $389,284 @ 7.0% cap · market cap 24.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Under-served
Demand for This Use
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?
Flex space - Mid-sized flex/industrial building on 1.45 acres, built in 1943, with masonry construction, sprinklers, and heavy power.
Where is this flex space located?
The property is located at 1840 Lemoyne Ave Syracuse, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Mid‑sized flex/industrial facility on 1.45 acres, built in 1943; Masonry construction with sprinklers and heavy power; Property size listed at approximately 31,595 to 34,578 SF
