Building Details

Construction Block Construction

Listing Agency: JWP Commercial Show Phone

Listed By: Joshua W. Podkaminer, SIOR, CCIM Show Phone

Source: Moodyscre

Added: Jul 6 Changed: Sep 6 Last Checked: Sep 14 at 8:19AM

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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.

This is a high-quality three-building office/flex industrial complex with solid block construction and a mix of grade-level and dock-level access. The site has seen recent improvements, including paving and roof work.

The property is positioned in a central location with excellent interstate access. It is also within close proximity to Hancock International Airport and the Micron site in Clay, NY.

The complex is currently described as having solid tenants, supporting its appeal for either an owner/investor or a straight investor seeking stabilized holdings with value-add potential.

Key Highlights

• Three‑building office/flex complex with grade‑level and dock‑level access
• Recent improvements include paving and roof work
• Block construction across the complex

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

$80,237

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

4.73%

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%

$1,604,740 $1.6M

Cap Rate 7%

$1,146,243 $1.1M

Cap Rate 9%

$891,522 $891.5K

Market Conditions

NOI Build-Up for 18,000 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

$123.1K $6.84/SF

− Vacancy

−$8.5K −$0.47/SF

EGI

$114.6K $6.37/SF

− OpEx

−$34.4K −$1.91/SF

NOI

$80.2K $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%

$1,604,740

Cap Rate 7%

$1,146,243

Cap Rate 9%

$891,522

Alternative Uses

Best Use

Office B

$2.47M

$2.16M – $2.89M (±1% cap)

NOI $173,138 @ 7.0% cap · market cap 10.21%

Second Best

Flex RnD

$2.33M

$2.04M – $2.72M (±1% cap)

NOI $163,215 @ 7.0% cap · market cap 9.63%

Theoretical Best

Office A

$3.13M

$2.74M – $3.65M (±1% cap)

NOI $218,972 @ 7.0% cap · market cap 12.92%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Edison Electricians of Syracuse Electrical Service D & M Litigation ... Law Firm New York & Bermuda ... Charitable Organization Kristine Mims Physician Church World Services ... Charitable Organization

Suggested Use

Top Pick Dental Office Storage Facility Cafe & Coffee Shop Garden Center (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

430

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 13212, NY

20,220

Population

9,213

Households

2.2

Avg Household Size

45

Median Age

28%

College-Educated

93%

High-School Grad

11.1 sq mi

ZIP Area

1,822

Density / Sq Mi

$74,931

Median Household Income

$45,740

Median Earnings

$1,027

Median Rent

$157,400

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Three-building office/flex complex with grade-level and dock-level access and recent paving and roof improvements.

Where is this flex space located?

The property is located at 200 Gateway Park Dr North Syracuse, NY.

What is the asking price?

The asking price for this property is $1,695,000.

What are key features of this property?

This property features: Three‑building office/flex complex with grade‑level and dock‑level access; Recent improvements include paving and roof work; Block construction across the complex