Conventional Restaurant with Event
For Sale
$4,900,000
3535 Walters Road, Syracuse, NY 13209
Renovated commercial facility includes a fully equipped kitchen, stage, banquet rooms, and daily restaurant operations.
Property Size16,400 SF
Lot Size22.00 Acres
Price / SF$298.78
Days on Market194
Property Features for 3535 Walters Road
General Information
Standard status
Active
Size
16,400 SF
Class
C
Lot size
22.00 Acres
Property subtype
Restaurant
Restaurant
Seating Capacity
800
Equipment Included
Yes
Additional Details
Business Included
Yes
Highway Access
Yes
Building Details
Building Size
16,400 SF
Year Built
2008
Year Renovated
2024
Listing Agency:
Bridgeway Commercial Realty, LLC
(315) 254-2027
Listed By:
Tom Lischak, CCIM · License #10491204314
(315) 254-2027
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 4:57PM
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 Bridgeway Commercial Realty, LLC
Investment Insights
Based on property information with market context.
This conventional restaurant and event facility contains approximately 16,400 SF across a full-service dining operation, two bars, banquet rooms, and a larger event area with stage. The building dates to 2008 and received renovations in 2024, including new HVAC units and updated interior finishes. A fully equipped kitchen supports ongoing restaurant service, while the stated occupant capacity is 800.
The property encompasses approximately 22 acres with parking capacity suited to the facility’s event use. It is adjacent to a Holiday Inn Express and offers highway access, with a large shopping mall located minutes away. Management and a staff of 45 are already in place. The Syracuse, New York address places the facility within the broader Upstate New York market.
The property encompasses approximately 22 acres with parking capacity suited to the facility’s event use. It is adjacent to a Holiday Inn Express and offers highway access, with a large shopping mall located minutes away. Management and a staff of 45 are already in place. The Syracuse, New York address places the facility within the broader Upstate New York market.
Key Highlights
- 16,400 +/- SF restaurant and event center
- 22+/- Acres with parking for an 800 occupant capacity
- Built in 2008 and renovated in 2024
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
$162,950
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
3.33%
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%
$3,259,000
$3.3M
Cap Rate 7%
$2,327,857
$2.3M
Cap Rate 9%
$1,810,556
$1.8M
Market Conditions
NOI Build-Up for 16,400 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
$226.3K $13.80/SF
− Vacancy
−$9.1K −$0.55/SF
EGI
$217.3K $13.25/SF
− OpEx
−$54.3K −$3.31/SF
NOI
$163.0K $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%
$3,259,000
Cap Rate 7%
$2,327,857
Cap Rate 9%
$1,810,556
Alternative Uses
Best Use
Specialty Retail
$2.33M
$2.04M – $2.72M
NOI $162,950 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.85M
$2.49M – $3.33M
NOI $199,508 @ 7.0% cap · market cap 4.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 13209, NY
13,018
Population
6,374
Households
2
Avg Household Size
43
Median Age
29%
College-Educated
92%
High-School Grad
13.1 sq mi
ZIP Area
994
Density / Sq Mi
$67,307
Median Household Income
$44,812
Median Earnings
$968
Median Rent
$146,200
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 - Renovated commercial facility includes a fully equipped kitchen, stage, banquet rooms, and daily restaurant operations.
Where is this conventional restaurant located?
The property is located at 3535 Walters Road Syracuse, NY.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 16,400 +/- SF restaurant and event center; 22+/- Acres with parking for an 800 occupant capacity; Built in 2008 and renovated in 2024
