Freestanding Restaurant with Party
2956 Erie Boulevard E, Syracuse, NY 13224
For Sale
$2,500,000
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 Market122
Property Features for 2956 Erie Boulevard E
General Information
Standard status
Size
Total Parking Spaces
Lot size
Site & Location
Frontage
Traffic Count
Highway Access
Road Access
Restaurant
Seating Capacity
Patio
Amenities
elevator
loading dock
5 private karaoke/party rooms
BBQ tables
Building Details
Buildings
Parking Ratio
Listing Agency:
Howard Hanna Real Estate
(315) 446-8291
Listed By:
Catherine Huang · License NY #10301221167
(315) 372-7772
Source:
Nicholcityrealty
Added: Jul 13
Changed: Nov 10
Last Checked: Nov 10 at 8:07AM
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
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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 / Yr
$141,181
Cap Rate
5.65%
Suggested Prices Based on Cap Rates
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
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 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.
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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
$215,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Conventional restaurants in Syracuse, NY
Properties on Market for Conventional restaurants in Syracuse
Vacancy Rate% for Retail in Syracuse, NY
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 Erie Boulevard E 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
