Flex and Industrial Office
For Sale
Contact for pricing
200 Gateway Park Dr, Syracuse, NY 13212
Multi-building flex and industrial property with shared and private office suites and ample surface parking.
Property Size20,000 SF
Price / SF$84.75
Days on Market200
Property Features for 200 Gateway Park Dr
General Information
Standard status
Active
Size
20,000 SF
Class
B
Property subtype
Industrial, Office
Zoning
Commercial
Lease Type
NNN
Building Details
Year Built
1987
Buildings
3
Stories
1
Tenancy
Multi
Listing Agency:
JWP Commercial
Listed By:
Joshua W. Podkaminer, SIOR, CCIM · License #NY
(315) 415-6030
Source:
Crexi
Added: Feb 19
Changed: Sep 2
Last Checked: Sep 7 at 12:24AM
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.
A nearly 20,000-square-foot Class B flex and industrial property available for sale, arranged across three standalone but neighboring buildings. The offering includes more than 100 rooms and two conference rooms, along with a mix of shared and private office suites designed for flexible occupancy.
The buildings include ample surface parking. The property also features multiple established tenants, offering income-producing potential with configurations that can accommodate change over time.
For buyers or investors seeking a combined office-and-flex setup, this property provides a campus-style arrangement with several suite options within multiple neighboring structures.
The buildings include ample surface parking. The property also features multiple established tenants, offering income-producing potential with configurations that can accommodate change over time.
For buyers or investors seeking a combined office-and-flex setup, this property provides a campus-style arrangement with several suite options within multiple neighboring structures.
Key Highlights
- Nearly 20,000 SF of Class B flex and industrial space in Syracuse, NY
- Three standalone but neighboring buildings totaling 100+ rooms
- Two conference rooms plus shared and private office suite configurations
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
$89,153
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
5.26%
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%
$1,783,060
$1.8M
Cap Rate 7%
$1,273,614
$1.3M
Cap Rate 9%
$990,589
$990.6K
Market Conditions
NOI Build-Up for 20,000 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
$136.8K $6.84/SF
− Vacancy
−$9.4K −$0.47/SF
EGI
$127.4K $6.37/SF
− OpEx
−$38.2K −$1.91/SF
NOI
$89.2K $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%
$1,783,060
Cap Rate 7%
$1,273,614
Cap Rate 9%
$990,589
Alternative Uses
Best Use
Office B
$2.75M
$2.40M – $3.21M
NOI $192,375 @ 7.0% cap · market cap 11.35%
Second Best
Flex RnD
$2.59M
$2.27M – $3.02M
NOI $181,350 @ 7.0% cap · market cap 10.70%
Theoretical Best
Office A
$3.48M
$3.04M – $4.06M
NOI $243,302 @ 7.0% cap · market cap 14.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-building flex and industrial property with shared and private office suites and ample surface parking.
Where is this flex space located?
The property is located at 200 Gateway Park Dr 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: Nearly 20,000 SF of Class B flex and industrial space in Syracuse, NY; Three standalone but neighboring buildings totaling 100+ rooms; Two conference rooms plus shared and private office suite configurations
