Class A Office Building with
For Sale
$7,950,000
251 Salina Meadows Parkway, Syracuse, NY 13212
Institutional-quality two-story office building in a five-building suburban office park, offering dual entrances and a full-service elevator.
Property Size65,617 SF
Lot Size5.02 Acres
Price / SF$121.16
Days on Market123
Property Features for 251 Salina Meadows Parkway
General Information
Standard status
Active
Size
65,617 SF
Class
A
Lot size
5.02 Acres
Property subtype
Office
Occupancy
86%
Building Details
Stories
2
Listing Agency:
CBRE | Syracuse
Listed By:
Bill Anninos · License #Associate Real Estate Broker
(315) 422-4200
Source:
Cbre
Added: May 8
Changed: Sep 6
Last Checked: Sep 7 at 6:32AM
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 CBRE | Syracuse
Investment Insights
Based on property information with market context.
This two-story, Class A office building totals approximately 65,617± SF on a 5.02-acre parcel within Salina Meadows, a five-building suburban office park. The property is approximately 86% leased and features recent capital improvements, including newly renovated lobbies with modern, upscale finishes and furnishings. Internally, the building is designed for straightforward access with dual entrances, prominent common areas, and a full-service elevator.
Salina Meadows is described as being just north of Syracuse in the Town of Salina. The office park setting includes five buildings, positioning the property within a dedicated suburban business environment.
With its dual-entrance layout, institutional common areas, and elevator service, the building offers a practical configuration for day-to-day office operations and tenant occupancy.
Salina Meadows is described as being just north of Syracuse in the Town of Salina. The office park setting includes five buildings, positioning the property within a dedicated suburban business environment.
With its dual-entrance layout, institutional common areas, and elevator service, the building offers a practical configuration for day-to-day office operations and tenant occupancy.
Key Highlights
- Two‑story 65,617± SF Class A office building on a 5.02‑acre parcel
- Built in 1990 and located in Salina Meadows, a five‑building suburban office park just north of Syracuse (Town of Salina)
- Approximately 86% leased
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
$631,154
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
7.94%
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%
$12,623,080
$12.6M
Cap Rate 7%
$9,016,486
$9.0M
Cap Rate 9%
$7,012,822
$7.0M
Market Conditions
NOI Build-Up for 65,617 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
$984.3K $15.00/SF
− Vacancy
−$142.7K −$2.18/SF
EGI
$841.5K $12.83/SF
− OpEx
−$210.4K −$3.21/SF
NOI
$631.2K $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%
$12,623,080
Cap Rate 7%
$9,016,486
Cap Rate 9%
$7,012,822
Alternative Uses
Best Use
Office B
$9.02M
$7.89M – $10.52M
NOI $631,154 @ 7.0% cap · market cap 7.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.40M
$9.98M – $13.30M
NOI $798,239 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
86%
Occupancy
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
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?
Office building - Institutional-quality two-story office building in a five-building suburban office park, offering dual entrances and a full-service elevator.
Where is this office building located?
The property is located at 251 Salina Meadows Parkway Syracuse, NY.
What is the asking price?
The asking price for this property is $7,950,000.
What are key features of this property?
This property features: Two‑story 65,617± SF Class A office building on a 5.02‑acre parcel; Built in 1990 and located in Salina Meadows, a five‑building suburban office park just north of Syracuse (Town of Salina); Approximately 86% leased
