Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    300-324 Spencer St Syracuse, NY

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Large square parcel in the heart of the inner harbor.

    Type:OFFICE
    Property size:
    150,000 SF
    Lot size:
    6.19 Acres
    Price / SF:
    $33/SF
    Added:
    Dec 26, 2023
    Days on Market:
    850
    Last Refresh:
    Apr 5 at 9:35 pm

    Property Features for 300-324 Spencer St

    General Information

    Standard status
    Active
    Size
    150,000 SF
    Lot size
    6.19 Acres
    Property subtype
    OFFICE

    Properties For Sale

    at 300-324 Spencer St Contact us

    We can help!

    Listing Contact
    Joshua W. Podkaminer, SIOR, CCIM

    Listing agent Joshua W. Podkaminer, SIOR, CCIM

    Listing office JWP Commercial

    Listing date Dec 26, 2023

    Source Moodyscre

    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 JWP Commercial

    Overview

    Large Parcel in Inner Harbor

    This is a large square parcel situated in the heart of the inner harbor district. The property encompasses a total area of 150000 square feet.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Law Firm Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Syracuse
    County
    Onondaga
    State
    New York
    Longitude
    -76.1602
    Latitude
    43.0597

    Nearby Similar for Sale

    • $389,000
      4,408 SF

      Versatile Commercial Building in Syracuse

      4,408 sq ft commercial/industrial building in a busy area.
      6730 Townline Road, Syracuse, NY 13211
      View Details
    • $279,000
      2,762 SF

      Syracuse Two-Family Brick Home

      Well-maintained two-family home near university with parking.
      1326 Madison Street, Syracuse, NY 13210
      View Details
    • $329,900
      2,128 SF

      Updated Eastwood Two-Family Home

      Move-in ready two-family in Eastwood, ideal for owner-occupant or investment.
      222 Lillian Avenue, Syracuse, NY 13206
      View Details
    • $425,000
      6,755 SF

      610 Oak St, Syracuse

      Historic firehouse converted to office space near downtown Syracuse.
      610 Oak St, Syracuse, NY 13203
      View Details
    • $382,500
      6,648 SF

      Updated Five-Unit Multifamily Property

      Spacious, updated five-unit property with income potential in Syracuse, NY.
      600 Pond Street, Syracuse, NY 13208
      View Details
    • $1,000
      3,450 SF

      Syracuse Multi-Family Home

      Two-family home in Syracuse, ideal for owner-occupant.
      147-49 Corning W Ave, Syracuse, NY 13205
      View Details
    • $224,000
      1,792 SF

      Syracuse Multifamily Investment Opportunity

      Two-unit multifamily near Syracuse University, ideal for investors or owners.
      812 Avery Ave, Syracuse, NY 13204
      View Details
    • $129,000
      2,560 SF

      Syracuse Duplex with Investment Potential

      Duplex in Salt Springs area with renovation potential.
      452 Ellis St, Syracuse, NY 13210
      View Details
    • $239,900
      1,740 SF

      Syracuse Multi-Family Investment Opportunity

      Two-family home with expansion potential in prime Syracuse location.
      3018 Grant Boulevard, Syracuse, NY 13208
      View Details
    • $2,650,000
      36,536 SF

      Leased Retail Plaza Investment Opportunity

      Fully leased six-unit retail plaza in Syracuse, New York.
      500 Butternut Street, Syracuse, NY 13208
      View Details
    • $245,000
      4,631 SF

      Syracuse Multifamily Investment Opportunity

      Four-unit property with upside potential in Syracuse, New York.
      1803 S Salina Street, Syracuse, NY 13205
      View Details
    • $249,900
      2,224 SF

      Eastwood Duplex with Updated Features

      Attractive Syracuse duplex near amenities with updated kitchens and hardwood floors.
      1353 Northcliffe Road, Syracuse, NY 13206
      View Details

    FAQs

    What type of property is this?
    Commercial land - Large square parcel in the heart of the inner harbor.
    Where is this commercial land located?
    The property is located at 300-324 Spencer St Syracuse, NY.
    What is the asking price?
    The asking price for this property is $5,000,000.
    What are key features of this property?
    This property features: Large square parcel; Heart of the inner harbor district
    (315) 415-6030 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Joshua W. Podkaminer, SIOR, CCIM
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!