Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Updated Retail/Office Space Available Title is generated by Realmo AI

    221 Herald Pl, Syracuse, NY 13202

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Updated first-floor retail or office space with ample natural light.

    Type:Retail, Office
    Added:
    Nov 27, 2024
    Days on Market:
    551
    Last Refresh:
    May 12 at 8:49 pm

    Property Features for 221 Herald Pl

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office

    Spaces For Lease

    at 221 Herald Pl Contact us

    $16/Mo

    Size
    1,600 SF
    Type
    Retail, Office
    Contact us

    We can help!

    Listing Contact
    Paul Myles

    Listing agent Paul Myles License #NY 10401218674

    Listing office JF Real Estate

    Listing date Nov 27, 2024

    Source Crexi

    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 JF Real Estate

    HighLights

    • Updated retail/office space ready for your business.
    • First floor location for easy access.
    • Wide open layout offering flexible design options.
    • Lots of natural light creating a bright and inviting atmosphere.

    Overview

    This is an updated first-floor space suitable for retail or office use. The layout is wide open and benefits from abundant natural light.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Syracuse
    County
    Onondaga
    State
    New York
    Longitude
    -76.1545614
    Latitude
    43.0531355

    Nearby Similar for Lease

    • $2,434/Mo
      3,650 SF

      Syracuse Retail Space For Rent

      Large retail space on a busy corner, ready for your business.
      910 Park Street, Syracuse, NY 13208
      View Details
    • $5,000/Mo
      37,112 SF

      Syracuse Office Space Sublease

      Office space for sublease, all-inclusive rent covers utilities and maintenance.
      422 W Onondaga Street, Syracuse, NY 13202
      View Details
    • $1,200/Mo
      500 SF

      Retail Space on Busy Street

      Renovated retail space suitable for various business models.
      1211 Milton Avenue, Syracuse, NY 13204
      View Details
    • $2,500,000 SF/Yr
      14,209 SF

      Freestanding Facility on Erie Boulevard

      10,040 SF facility on 1.4 acres with ample parking.
      2956 Erie Blvd E, Syracuse, NY
      View Details
    • $2,434/Mo

      Retail Space on Busy Corner

      Large retail space suitable for various businesses, ready for customization.
      910 Park St, Syracuse, NY 13208
      View Details
    • $5,000/Mo

      Sublease Office Space Available

      Office space for sublease with all-inclusive monthly rate.
      422 W Onondaga St, Syracuse, NY 13202
      View Details
    • $22 SF/Yr
      4,168 SF

      Downtown Syracuse Class A Office

      Class A office space in downtown Syracuse for lease.
      333 West Washington Street, Syracuse, NY, 13202
      View Details
    • $1,000/Mo

      Unique Syracuse Restaurant Opportunity

      Garage with apartment for restaurant use in Syracuse, NY.
      108 Dell St, Syracuse, NY 13210
      View Details
    • $16 SF/Yr
      2,029 SF

      Professional Office Space Available

      2,029 SF office space with highway and university access.
      3125 East Genesee Street, Syracuse, NY, 13224
      View Details
    • $1,200/Mo

      Renovated Retail Space on Milton

      Renovated retail space on a busy street, flexible landlord.
      1211 Milton Ave, Syracuse, NY 13204
      View Details
    • $16 SF/Yr
      2,500 SF

      Creative Office Space in Syracuse

      Modern office space with natural light and flexible floor plans.
      200 S Geddes St, Syracuse, NY
      View Details
    • $13 SF/Yr
      983 SF

      Retail Space in Community Center

      Retail spaces available within a busy Syracuse community center.
      2102-2214 Genesee St, Syracuse, NY
      View Details

    FAQs

    What type of property is this?
    Retail space - Updated first-floor retail or office space with ample natural light.
    Where is this retail space located?
    The property is located at 221 Herald Pl Syracuse, NY.
    What is the lease rate?
    The lease rate is $198 SF/Yr.
    What are key features of this property?
    This property features: Updated retail/office space ready for your business.; First floor location for easy access.; Wide open layout offering flexible design options.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Paul Myles
    Real Estate License ID: NY 10401218674
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    221 Herald Pl, Syracuse, NY 13202
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!