Two-Story Office Building with
For Sale
$1,400,000
207 Chapel Dr, Syracuse, NY 13219
Commercial zoning and multiple private offices support professional-service use.
Property Size8,205 SF
Price / SF$170.63
Days on Market122
Property Features for 207 Chapel Dr
General Information
Standard status
Active
Size
8,205 SF
Total Parking Spaces
10
Taxes and HOA fees
Annual Taxes
$806
Amenities
conference room
kitchenette
basement
Building Details
Buildings
1
Stories
2
Building Size
8,205 SF
Listing Agency:
Arquette & Associates, REALTORS
(315) 446-4100
Listed By:
Dominick A. Talarico · License #10401235475
(315) 446-4100
Source:
Exprealty
Added: May 1
Changed: Aug 29
Last Checked: Aug 29 at 1:25PM
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 Arquette & Associates, REALTORS
Investment Insights
Based on property information with market context.
This 8,205-square-foot, two-story commercial property combines a professional office layout with additional accommodations on the upper level. The main floor includes multiple private offices, oversized commercial bathrooms, a centrally positioned conference room, and a kitchenette. The second floor contains six bedrooms and bathrooms, providing flexibility for uses identified in the property information, including residential rental income, transitional housing, or extended-stay accommodations. The building is currently zoned commercial and includes an oversized two-car garage plus a large dry basement suitable for long-term storage. An 8-car on-site parking area serves the property, while additional lot area may support parking expansion or future development. The configuration also allows for potential adaptation to medical office, professional services, or corporate headquarters use.
Key Highlights
- 8,205 square feet of commercial space across two stories
- Main floor includes multiple private offices, conference room, kitchenette, and oversized commercial bathrooms
- Second floor features six bedrooms and bathrooms
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
$78,922
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
5.64%
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%
$1,578,440
$1.6M
Cap Rate 7%
$1,127,457
$1.1M
Cap Rate 9%
$876,911
$876.9K
Market Conditions
NOI Build-Up for 8,205 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 $15.00/SF
− Vacancy
−$17.8K −$2.18/SF
EGI
$105.2K $12.83/SF
− OpEx
−$26.3K −$3.21/SF
NOI
$78.9K $9.62/SF
Area
Syracuse, NY
Vacancy
14.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,578,440
Cap Rate 7%
$1,127,457
Cap Rate 9%
$876,911
Alternative Uses
Best Use
Office B
$1.13M
$986.5K – $1.32M
NOI $78,922 @ 7.0% cap · market cap 5.64%
Second Best
Healthcare Medical
$1.09M
$956.3K – $1.28M
NOI $76,503 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,815 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
487
Businesses Nearby
Explore this area
Business Placement
Demographics for 13219, NY
15,436
Population
6,551
Households
2.4
Avg Household Size
45
Median Age
43%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
3,087
Density / Sq Mi
$81,414
Median Household Income
$52,298
Median Earnings
$1,039
Median Rent
$173,400
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?
Office building - Commercial zoning and multiple private offices support professional-service use.
Where is this office building located?
The property is located at 207 Chapel Dr Syracuse, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 8,205 square feet of commercial space across two stories; Main floor includes multiple private offices, conference room, kitchenette, and oversized commercial bathrooms; Second floor features six bedrooms and bathrooms
