Syracuse Medical Center
For Sale
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3229 E Genesee St, Syracuse, NY 13214
23,500 SF clinical center available in Syracuse, NY.
Property Size23,500 SF
Price / SF$135.96
Days on Market1163
Property Features for 3229 E Genesee St
General Information
Standard status
Active
Size
23,500 SF
Class
B
Property subtype
Office
Investment Type
Owner/User
Building Details
Units
1
Listing Agency:
O' Connell More Consulting & Real Estate
Listed By:
Christine O'Connell More · License #10301113077
Source:
Crexi
Added: Jul 16, 2023
Changed: Sep 18
Last Checked: Sep 20 at 7:18AM
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 O' Connell More Consulting & Real Estate
Investment Insights
Based on property information with market context.
This 23,500 square foot single-story clinical center is located in Syracuse, NY. Previously used as a diabetes and dialysis center, the property features a large waiting area, diabetes testing and exam rooms, dialysis rooms, a laboratory, practitioner offices, conference rooms, and nursing stations. The property also generates income from a rooftop cell tower. Situated ten minutes from downtown Syracuse, it offers convenient access to the eastern suburbs and highways. The owners are open to various arrangements, including leasing, sale, or partnership. They are also willing to subdivide and/or renovate the space to meet tenant needs. The property was fully functioning until recently when the tenant relocated to a hospital campus.
Key Highlights
- 23,500 sf single‑floor clinical center, previously a fully functioning diabetes and dialysis center.
- Income‑generating rooftop cell tower.
- Flexible options: Owners prefer to lease, but will consider sale or partnership.
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
$219,114
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
6.86%
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%
$4,382,280
$4.4M
Cap Rate 7%
$3,130,200
$3.1M
Cap Rate 9%
$2,434,600
$2.4M
Market Conditions
NOI Build-Up for 23,500 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
$394.8K $16.80/SF
− Vacancy
−$29.6K −$1.26/SF
EGI
$365.2K $15.54/SF
− OpEx
−$146.1K −$6.22/SF
NOI
$219.1K $9.32/SF
Area
Syracuse, NY
Vacancy
7.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
40.00%
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%
$4,382,280
Cap Rate 7%
$3,130,200
Cap Rate 9%
$2,434,600
Alternative Uses
Best Use
Healthcare Medical
$3.13M
$2.74M – $3.65M
NOI $219,114 @ 7.0% cap · market cap 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.08M
$3.57M – $4.76M
NOI $285,880 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
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Business Placement
Demographics for 13214, NY
9,072
Population
3,417
Households
2.7
Avg Household Size
35
Median Age
52%
College-Educated
95%
High-School Grad
3.5 sq mi
ZIP Area
2,592
Density / Sq Mi
$93,200
Median Household Income
$34,909
Median Earnings
$998
Median Rent
$218,900
Median Home Value
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Frequently Asked Questions
What type of property is this?
Medical center - 23,500 SF clinical center available in Syracuse, NY.
Where is this medical center located?
The property is located at 3229 E Genesee St Syracuse, NY.
What is the asking price?
The asking price for this property is $3,195,000.
What are key features of this property?
This property features: 23,500 sf single‑floor clinical center, previously a fully functioning diabetes and dialysis center.; Income‑generating rooftop cell tower.; Flexible options: Owners prefer to lease, but will consider sale or partnership.
