Freestanding Restaurant with Party
For Sale
$2,500,000
2956 E Erie Boulevard, Syracuse, NY 13224
Freestanding facility includes a commercial kitchen, private party rooms, patio dining, and elevator access.
Property Size14,209 SF
Lot Size1.40 Acres
Price / SF$175.94
Days on Market49
Property Features for 2956 E Erie Boulevard
General Information
Standard status
Active
Size
14,209 SF
Total Parking Spaces
100
Lot size
1.40 Acres
Property subtype
CommercialLease
Site & Location
Frontage
130 ft
Traffic Count
21,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Restaurant
Seating Capacity
140
Patio
Yes
Amenities
elevator
loading dock
5 private karaoke/party rooms
BBQ tables
Building Details
Buildings
1
Parking Ratio
10 per 1,000 SF
Listing Agency:
Howard Hanna Real Estate
(315) 372-7772
Listed By:
Catherine Huang · License #10301221167
(315) 372-7772
Source:
Nicholcityrealty
Added: Jul 13
Changed: Aug 29
Last Checked: Aug 29 at 10:14PM
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 Howard Hanna Real Estate
Investment Insights
Based on property information with market context.
The property is a freestanding restaurant facility on a 1.4-acre parcel, with a 140-seat dining area, five private karaoke or party rooms, and an elevator. Improvements include a fully equipped commercial kitchen, BBQ tables, an outdoor dining patio, and a loading dock. Flexible commercial zoning supports restaurant, retail, and showroom uses.
Located at 2956 E Erie Boulevard in Syracuse, the site offers 130 feet along Erie Boulevard and reported traffic of approximately 21,000 VPD. On-site parking includes 100 spaces, and the I-690 interchange connects the property with the Syracuse/DeWitt CBD and the broader I-81 corridor. The surrounding retail cluster includes Walmart, Trader Joe's, Best Buy, and The Home Depot, while nearby medical offices, four major hospitals, and two universities contribute to the surrounding daytime population.
Located at 2956 E Erie Boulevard in Syracuse, the site offers 130 feet along Erie Boulevard and reported traffic of approximately 21,000 VPD. On-site parking includes 100 spaces, and the I-690 interchange connects the property with the Syracuse/DeWitt CBD and the broader I-81 corridor. The surrounding retail cluster includes Walmart, Trader Joe's, Best Buy, and The Home Depot, while nearby medical offices, four major hospitals, and two universities contribute to the surrounding daytime population.
Key Highlights
- Freestanding restaurant facility on a 1.4‑acre parcel
- 140‑seat dining area with 5 private karaoke or party rooms
- Fully equipped commercial kitchen, BBQ tables, patio, elevator, and loading dock
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
$141,181
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
5.65%
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%
$2,823,620
$2.8M
Cap Rate 7%
$2,016,871
$2.0M
Cap Rate 9%
$1,568,678
$1.6M
Market Conditions
NOI Build-Up for 14,209 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
$196.1K $13.80/SF
− Vacancy
−$7.8K −$0.55/SF
EGI
$188.2K $13.25/SF
− OpEx
−$47.1K −$3.31/SF
NOI
$141.2K $9.94/SF
Area
Syracuse, NY
Vacancy
4.00%
Lease Rate
$13.80 /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%
$2,823,620
Cap Rate 7%
$2,016,871
Cap Rate 9%
$1,568,678
Alternative Uses
Best Use
Specialty Retail
$2.02M
$1.76M – $2.35M
NOI $141,181 @ 7.0% cap · market cap 5.65%
Second Best
Retail
$1.80M
$1.57M – $2.10M
NOI $125,777 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $172,854 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
459
Businesses Nearby
84k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 44%
Hotels & Casinos 3%
Dollar Tree
Shops & Services
28,344 visits/mo
0.5 miles
Popeyes Louisiana Kitchen
Dining
11,302 visits/mo
0.3 miles
Tous Les Jours
Dining
9,863 visits/mo
0.4 miles
Dunkin' Donuts
Dining
8,943 visits/mo
0.2 miles
Bruegger's
Dining
6,915 visits/mo
0.3 miles
Demographics for 13224, NY
8,705
Population
3,948
Households
2.2
Avg Household Size
40
Median Age
57%
College-Educated
91%
High-School Grad
2.9 sq mi
ZIP Area
3,002
Density / Sq Mi
$81,667
Median Household Income
$50,043
Median Earnings
$1,029
Median Rent
$215,100
Median Home Value
Market
Vacancy Rate% for Retail in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freestanding facility includes a commercial kitchen, private party rooms, patio dining, and elevator access.
Where is this conventional restaurant located?
The property is located at 2956 E Erie Boulevard Syracuse, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Freestanding restaurant facility on a 1.4‑acre parcel; 140‑seat dining area with 5 private karaoke or party rooms; Fully equipped commercial kitchen, BBQ tables, patio, elevator, and loading dock
