Restaurant with Bar and
For Sale
Contact for pricing
2965 Erie Blvd E, Syracuse, NY 13224
Restaurant building with commercial refrigeration, substantial parking, and CM zoning supporting multiple uses.
Property Size7,176 SF
Price / SF$222.97
Days on Market138
Property Features for 2965 Erie Blvd E
General Information
Standard status
Active
Size
7,176 SF
Total Parking Spaces
125
Property subtype
RETAIL
Zoning
CM
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Furnished
Yes
Equipment Included
Yes
Listing Agency:
Cushman & Wakefield | Pyramid Brokerage - Syracuse
(315) 727-7679
Listed By:
William Colucci · License #30KA0534709
(315) 727-7679
Source:
Moodyscre
Added: Apr 17
Changed: Aug 31
Last Checked: Aug 31 at 4:41PM
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 Cushman & Wakefield | Pyramid Brokerage - Syracuse
Investment Insights
Based on property information with market context.
This 7,176-square-foot restaurant property includes dining capacity for approximately 115, a separate bar and dining area for approximately 45, and partial FF&E. The existing refrigeration package includes two coolers and one freezer. Building improvements include an EDPM rubber roof and 1,000A/3-Phase power service.
Access is available from I-690 via Midler Avenue or Thompson Road. The site provides approximately 125 car parking spaces and is zoned CM, which allows for multiple uses. An adjacent property is also available, creating an approximately 3.0-acre assemblage opportunity.
Access is available from I-690 via Midler Avenue or Thompson Road. The site provides approximately 125 car parking spaces and is zoned CM, which allows for multiple uses. An adjacent property is also available, creating an approximately 3.0-acre assemblage opportunity.
Key Highlights
- 7,176‑square‑foot restaurant building with dining for 115± and bar/dining for 45±
- Partial FF&E includes full refrigeration with 2 coolers and 1 freezer
- Approximately 125± car parking spaces
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
$71,301
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
4.46%
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%
$1,426,020
$1.4M
Cap Rate 7%
$1,018,586
$1.0M
Cap Rate 9%
$792,233
$792.2K
Market Conditions
NOI Build-Up for 7,176 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
$99.0K $13.80/SF
− Vacancy
−$4.0K −$0.55/SF
EGI
$95.1K $13.25/SF
− OpEx
−$23.8K −$3.31/SF
NOI
$71.3K $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%
$1,426,020
Cap Rate 7%
$1,018,586
Cap Rate 9%
$792,233
Alternative Uses
Best Use
Specialty Retail
$1.02M
$891.3K – $1.19M
NOI $71,301 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,297 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
534
Businesses Nearby
142k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 48%
Dining 46%
Apparel 2%
Beauty & Spa 2%
Dollar Tree
Shops & Services
28,344 visits/mo
0.4 miles
Texas Roadhouse
Dining
21,922 visits/mo
0.5 miles
Ollie's Bargain Outlet
Shops & Services
17,120 visits/mo
0.5 miles
Olive Garden
Dining
16,755 visits/mo
0.5 miles
Popeyes Louisiana Kitchen
Dining
11,302 visits/mo
0.2 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 - Restaurant building with commercial refrigeration, substantial parking, and CM zoning supporting multiple uses.
Where is this conventional restaurant located?
The property is located at 2965 Erie Blvd E Syracuse, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 7,176‑square‑foot restaurant building with dining for 115± and bar/dining for 45±; Partial FF&E includes full refrigeration with 2 coolers and 1 freezer; Approximately 125± car parking spaces
