Mixed-Use Building with
For Sale
$525,000
3604 Court Street, Salina, NY 13206
C2-zoned property combines an operating diner, mechanic garage, and one-bedroom apartment in a single building.
Property Size5,351 SF
Price / SF$98.11
Days on Market40
Property Features for 3604 Court Street
General Information
Standard status
Active
Size
5,351 SF
Property subtype
CommercialSale
Building Details
Buildings
1
Listing Agency:
Keller Williams Syracuse
(315) 701-6900
Listed By:
Kelly Ryan Vidakovic · License #10401319715
(315) 701-6900
Source:
Nicholcityrealty
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 9:52AM
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 Keller Williams Syracuse
Investment Insights
Based on property information with market context.
This mixed-use building brings together three distinct components: an operating diner, a spacious auto mechanic garage, and a one-bedroom apartment. The diner is leased on a month-to-month arrangement, while the garage is vacant and available for a new occupant or owner use. The apartment is currently occupied by the seller and provides an additional residential component within the property.
Located at 3604 Court Street in Syracuse, the property carries C2, Commercial zoning. Built in 1958, the building offers a combination of restaurant, automotive, and residential space under one roof. Its configuration supports flexible ownership and occupancy arrangements, subject to applicable zoning and use requirements.
Located at 3604 Court Street in Syracuse, the property carries C2, Commercial zoning. Built in 1958, the building offers a combination of restaurant, automotive, and residential space under one roof. Its configuration supports flexible ownership and occupancy arrangements, subject to applicable zoning and use requirements.
Key Highlights
- Operating diner leased month‑to‑month
- Spacious auto mechanic garage currently vacant
- One‑bedroom apartment occupied by the seller
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
$24,027
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
4.58%
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%
$480,540
$480.5K
Cap Rate 7%
$343,243
$343.2K
Cap Rate 9%
$266,967
$267.0K
Market Conditions
NOI Build-Up for 5,351 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
$36.9K $6.89/SF
− Vacancy
−$2.5K −$0.48/SF
EGI
$34.3K $6.41/SF
− OpEx
−$10.3K −$1.92/SF
NOI
$24.0K $4.49/SF
Area
Onondaga County, NY
Vacancy
6.90%
Lease Rate
$6.89 /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%
$480,540
Cap Rate 7%
$343,243
Cap Rate 9%
$266,967
Alternative Uses
Best Use
Retail
$922.7K
$807.4K – $1.08M
NOI $64,591 @ 7.0% cap · market cap 12.30%
Second Best
Office B
$806.2K
$705.4K – $940.6K
NOI $56,433 @ 7.0% cap · market cap 10.75%
Theoretical Best
Office A
$929.9K
$813.7K – $1.08M
NOI $65,096 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
929
Businesses Nearby
Explore this area
Business Placement
Demographics for 13206, NY
16,599
Population
8,460
Households
2
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,049
Density / Sq Mi
$60,314
Median Household Income
$40,429
Median Earnings
$952
Median Rent
$130,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - C2-zoned property combines an operating diner, mechanic garage, and one-bedroom apartment in a single building.
Where is this mixed-use property located?
The property is located at 3604 Court Street Salina, NY.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Operating diner leased month‑to‑month; Spacious auto mechanic garage currently vacant; One‑bedroom apartment occupied by the seller
