Retail Building with
For Sale
$1,290,000
3011 E Erie Boulevard, Syracuse, NY 13224
Former restaurant property with CM-Commercial zoning, I-690 access, and flexibility for retail and other commercial uses.
Property Size10,148 SF
Lot Size1.38 Acres
Price / SF$127.12
Days on Market42
Property Features for 3011 E Erie Boulevard
General Information
Standard status
Active
Size
10,148 SF
Total Parking Spaces
100
Lot size
1.38 Acres
Property subtype
CommercialLease
Zoning
CM-Commercial
Site & Location
Frontage
95 ft
Traffic Count
25,000 vehicles/day
Highway Access
Yes
Additional Details
Asking Price
$1,290,000
Building Details
Buildings
1
Listing Agency:
Howard Hanna Real Estate
(315) 372-7772
Listed By:
Catherine Huang · License #10301221167
(315) 372-7772
Source:
Nicholcityrealty
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 5:12PM
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.
This 10,148-square-foot commercial building occupies a 1.38-acre CM-Commercial zoned parcel at 3011 E Erie Boulevard in Syracuse, New York. Formerly operated as a restaurant, the property offers a reusable commercial structure with potential for retail, medical or dental services, professional offices, education, daycare, pet care, fitness, entertainment, or continued restaurant use, subject to applicable approvals.
The site includes 95 feet of frontage along Erie Boulevard East, a corridor reporting more than 25,000 vehicles in Average Annual Daily Traffic. A 100-space parking field serves the building, and the property provides access to I-690. Its location in Syracuse’s Eastside places it near the area’s established education and healthcare corridor.
The site includes 95 feet of frontage along Erie Boulevard East, a corridor reporting more than 25,000 vehicles in Average Annual Daily Traffic. A 100-space parking field serves the building, and the property provides access to I-690. Its location in Syracuse’s Eastside places it near the area’s established education and healthcare corridor.
Key Highlights
- 10,148 SF commercial building on a 1.38‑acre parcel
- CM‑Commercial zoning
- 95 feet of frontage on Erie Boulevard East
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
$89,829
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
6.96%
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%
$1,796,580
$1.8M
Cap Rate 7%
$1,283,271
$1.3M
Cap Rate 9%
$998,100
$998.1K
Market Conditions
NOI Build-Up for 10,148 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
$134.0K $13.20/SF
− Vacancy
−$5.6K −$0.55/SF
EGI
$128.3K $12.65/SF
− OpEx
−$38.5K −$3.79/SF
NOI
$89.8K $8.85/SF
Area
Syracuse, NY
Vacancy
4.20%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,796,580
Cap Rate 7%
$1,283,271
Cap Rate 9%
$998,100
Alternative Uses
Best Use
Retail
$1.28M
$1.12M – $1.50M
NOI $89,829 @ 7.0% cap · market cap 6.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,452 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
155k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 42%
Apparel 2%
Beauty & Spa 2%
Dollar Tree
Shops & Services
28,344 visits/mo
0.3 miles
Texas Roadhouse
Dining
21,922 visits/mo
0.5 miles
Ollie's Bargain Outlet
Shops & Services
17,120 visits/mo
0.4 miles
Olive Garden
Dining
16,755 visits/mo
0.5 miles
Popeyes Louisiana Kitchen
Dining
11,302 visits/mo
0.1 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?
Retail space - Former restaurant property with CM-Commercial zoning, I-690 access, and flexibility for retail and other commercial uses.
Where is this retail space located?
The property is located at 3011 E Erie Boulevard Syracuse, NY.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: 10,148 SF commercial building on a 1.38‑acre parcel; CM‑Commercial zoning; 95 feet of frontage on Erie Boulevard East
