Building Details

Year Built 1970

Buildings 1

Building Size 8,510 SF

Listing Agency: Keller Williams Syracuse k***@kw.com Show Phone

Listed By: Karen E Whalen · License #10301219318 Show Phone

Source: Exprealty

Added: Sep 18 Changed: Sep 25 Last Checked: Sep 26 at 8:04AM

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Investment Insights

Based on property information with market context.

This flex-space property combines front-office accommodations with a broad open warehouse and supplemental storage areas. The front section includes multiple offices, additional work space, and two bathrooms, while the rear portion has two overhead garage doors for loading and vehicle access. The building was constructed in 1970 and features gas heat, a septic system, and a groundwater well.

The approximately 2.78-acre site includes paved parking and loading areas around the building. The property has frontage along Route 11, visibility from Interstate 81, and direct access to I-81. The roof was replaced in 2013, and the paved lot was resurfaced approximately five years ago. Its combination of office, warehouse, and access features supports a range of commercial operations.

Key Highlights

• Approximately 2.78‑acre site with paved parking and loading areas
• Open warehouse layout with multiple offices, work space, storage, and two bathrooms
• Rear section includes two overhead garage doors

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

$45,800

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

9.18%

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%

$916,000 $916.0K

Cap Rate 7%

$654,286 $654.3K

Cap Rate 9%

$508,889 $508.9K

Market Conditions

NOI Build-Up for 8,400 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

$57.9K $6.89/SF

− Vacancy

−$4.0K −$0.48/SF

EGI

$53.9K $6.41/SF

− OpEx

−$8.1K −$0.96/SF

NOI

$45.8K $5.45/SF

Area

Onondaga County, NY

Vacancy

6.90%

Lease Rate

$6.89 /SF/Yr

Expense Ratio

15.00%

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%

$916,000

Cap Rate 7%

$654,286

Cap Rate 9%

$508,889

Alternative Uses

Best Use

Warehouse

$654.3K

$572.5K – $763.3K (±1% cap)

NOI $45,800 @ 7.0% cap · market cap 9.18%

Second Best

Industrial

$538.8K

$471.5K – $628.6K (±1% cap)

NOI $37,718 @ 7.0% cap · market cap 7.56%

Theoretical Best

Office A

$1.46M

$1.28M – $1.70M (±1% cap)

NOI $102,187 @ 7.0% cap · market cap 20.48%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Auto Repair Shop Building Supply Cafe & Coffee Shop Garden Center Daycare Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Drive-in doors

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

38

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 13084, NY

4,101

Population

1,627

Households

2.5

Avg Household Size

47

Median Age

39%

College-Educated

96%

High-School Grad

42.5 sq mi

ZIP Area

96

Density / Sq Mi

$87,917

Median Household Income

$65,893

Median Earnings

$1,285

Median Rent

$200,900

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Flexible commercial building with offices, open warehouse space, storage, and paved areas for parking and loading.

Where is this flex space located?

The property is located at 2967 Us Route 11 Lafayette, NY.

What is the asking price?

The asking price for this property is $499,000.

What are key features of this property?

This property features: Approximately 2.78‑acre site with paved parking and loading areas; Open warehouse layout with multiple offices, work space, storage, and two bathrooms; Rear section includes two overhead garage doors