Industrial Property Near I-690 &
For Sale
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3584 Walters Rd, Syracuse, NY
NNN leased investment property with credit tenant, 8+ acres.
Property Size32,000 SF
Lot Size109.00 Acres
Price / SF$73.44
Days on Market357
Property Features for 3584 Walters Rd
General Information
Standard status
Active
Size
32,000 SF
Lot size
109.00 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Icon Companies - Corporate
(315) 299-6292
Listed By:
Grazi Zazzara · License #46000047478
Source:
Moodyscre
Added: Sep 11, 2025
Changed: Aug 10
Last Checked: Aug 31 at 8:07PM
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 Icon Companies - Corporate
Investment Insights
Based on property information with market context.
This NNN leased investment property at 3584 Walters Rd. offers over 8 acres and 23,000 square feet. The location is conveniently near I-690 and I-90. A publicly traded credit tenant occupies 100% of the premises and is responsible for all expenses and maintenance. The tenant is Royal Adhesives and Sealants, which was acquired by HB Fuller, a multibillion-dollar global company with headquarters in Minnesota and over $3.5 billion in annual revenue. The buildout is highly specialized, making relocation cost-prohibitive. The site benefits from low-cost electricity provided by Solvay Municipal Electric System, which has been in existence since 1896. All public utilities, including sewer, water, gas, and electric, are available on site. The property size is 32,000 square feet.
Key Highlights
- NNN Leased investment property with a publicly traded credit tenant.
- Tenant responsible for all expenses and maintenance.
- Highly specialized buildout makes relocation cost‑prohibitive for the tenant.
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
$142,644
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
6.07%
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%
$2,852,880
$2.9M
Cap Rate 7%
$2,037,771
$2.0M
Cap Rate 9%
$1,584,933
$1.6M
Market Conditions
NOI Build-Up for 32,000 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
$218.9K $6.84/SF
− Vacancy
−$15.1K −$0.47/SF
EGI
$203.8K $6.37/SF
− OpEx
−$61.1K −$1.91/SF
NOI
$142.6K $4.46/SF
Area
Syracuse, NY
Vacancy
6.90%
Lease Rate
$6.84 /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%
$2,852,880
Cap Rate 7%
$2,037,771
Cap Rate 9%
$1,584,933
Alternative Uses
Best Use
Industrial
$2.04M
$1.78M – $2.38M
NOI $142,644 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.56M
$4.87M – $6.49M
NOI $389,284 @ 7.0% cap · market cap 16.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
191
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - NNN leased investment property with credit tenant, 8+ acres.
Where is this manufacturing property located?
The property is located at 3584 Walters Rd Syracuse, NY.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: NNN Leased investment property with a publicly traded credit tenant.; Tenant responsible for all expenses and maintenance.; Highly specialized buildout makes relocation cost‑prohibitive for the tenant.
