Mixed-Use Brick
221 Herald Place, Syracuse, NY 13202
For Sale
$975,000
Four renovated apartments complement a ground-floor commercial suite in downtown Syracuse.
Property Size7,644 SF
Price / SF$127.55
Days on Market71
Property Features for 221 Herald Place
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Site & Location
Corner Location
Road Access
Mixed-Use Components
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
off street parking
secured storage unit
coin-operated laundry
Building Details
Building Size
Year Built
Year Renovated
Buildings
Stories
Units
Construction
Tenancy
Listing Agency:
Hunt Real Estate ERA
(315) 682-7197
Listed By:
Dante Belmonte · License #NY 10401323828
(315) 446-4681
Source:
Cowanesquelakerealty
Added: Aug 31
Changed: Nov 8
Last Checked: Nov 8 at 8:50AM
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 Hunt Real Estate ERA
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Investment Insights
Based on property information with market context.
This 7,644 SF brick mixed-use building was rebuilt from the shell in 2014 and contains four renovated, two-story apartments, each with two bedrooms, plus an approximately 1,600 SF commercial suite at street level. Updated mechanical systems serve the building. Basement amenities include coin-operated laundry and a secured storage unit for each apartment. Off-street parking is available through the lot next to Krells.
The property occupies a downtown Syracuse street corner on the same block as Dinosaur Bar-B-Que. Armory Square, Clinton Square, the Onondaga Creekwalk, and several named restaurants are also identified nearby. MX-5, Commercial zoning applies to the property.
The property occupies a downtown Syracuse street corner on the same block as Dinosaur Bar-B-Que. Armory Square, Clinton Square, the Onondaga Creekwalk, and several named restaurants are also identified nearby. MX-5, Commercial zoning applies to the property.
Key Highlights
- Four two‑bedroom apartments, each spanning two stories
- Approximately 1,600 SF ground‑level commercial suite
- 7,644 SF mixed‑use building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,172
Cap Rate
7.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,443,440
$1.4M
Cap Rate 7%
$1,031,029
$1.0M
Cap Rate 9%
$801,911
$801.9K
Market Conditions
NOI Build-Up for 7,644 SF
Gross rent
$140.3K $18.36/SF
− Vacancy
−$9.1K −$1.19/SF
EGI
$131.2K $17.17/SF
− OpEx
−$59.0K −$7.72/SF
NOI
$72.2K $9.44/SF
Area
Syracuse, NY
Vacancy
6.50%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,443,440
Cap Rate 7%
$1,031,029
Cap Rate 9%
$801,911
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$902.2K – $1.20M
NOI $72,172 @ 7.0% cap · market cap 7.40%
Second Best
Mixed Use
$979.5K
$857.1K – $1.14M
NOI $68,567 @ 7.0% cap · market cap 7.03%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,990 @ 7.0% cap · market cap 9.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,175
Businesses Nearby
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Business Placement
Demographics for 13202, NY
6,967
Population
3,525
Households
2
Avg Household Size
30
Median Age
36%
College-Educated
78%
High-School Grad
1.0 sq mi
ZIP Area
6,967
Density / Sq Mi
$27,365
Median Household Income
$35,990
Median Earnings
$807
Median Rent
$79,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Mixed-use properties in Syracuse
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four renovated apartments complement a ground-floor commercial suite in downtown Syracuse.
Where is this mixed-use property located?
The property is located at 221 Herald Place Syracuse, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Four two‑bedroom apartments, each spanning two stories; Approximately 1,600 SF ground‑level commercial suite; 7,644 SF mixed‑use building
