Mixed-Use Retail and
For Sale
$5,900,000
400 Butternut Street, Syracuse, NY 13208
Fully occupied mixed-use building with first-floor retail anchored by Kinney Drugs and Subway plus three floors of 2-bedroom apartments.
Property Size32,598 SF
Price / SF$180.99
Days on Market50
Property Features for 400 Butternut Street
General Information
Standard status
Active
Size
32,598 SF
Property subtype
Multi-Unit
Building Details
Building Size
32,598 SF
Listing Agency:
Syracuse Office
(315) 445-8534
Listed By:
Michael Kalet · License #30KA0534709
(315) 445-8534
Source:
Pyramidbrokerage
Added: Jun 28
Changed: Aug 15
Last Checked: Aug 16 at 3:53AM
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 Syracuse Office
Investment Insights
Based on property information with market context.
This fully occupied mixed-use property combines first-floor retail with three floors of apartment homes above. The retail level is anchored by Kinney Drugs and Subway, providing established commercial space at street level. On the upper floors, the building offers twelve 2-bedroom apartment units per floor, for three floors total, and all apartments are reported fully occupied.
Located on the central north side of the City of Syracuse, the property is set up for both everyday retail access and residential use. The configuration supports an owner-operator or investor seeking a building with income-producing components across different tenant types, with retail at the ground level and housing on the floors above.
For prospective buyers, the key operating feature is the building’s mixed layout: retail tenancy on the first floor paired with consistently sized 2-bedroom apartment units on the upper levels. With the property described as fully occupied, it offers a stabilized ownership profile across both commercial and residential spaces, while keeping day-to-day management focused within a single, combined asset.
Located on the central north side of the City of Syracuse, the property is set up for both everyday retail access and residential use. The configuration supports an owner-operator or investor seeking a building with income-producing components across different tenant types, with retail at the ground level and housing on the floors above.
For prospective buyers, the key operating feature is the building’s mixed layout: retail tenancy on the first floor paired with consistently sized 2-bedroom apartment units on the upper levels. With the property described as fully occupied, it offers a stabilized ownership profile across both commercial and residential spaces, while keeping day-to-day management focused within a single, combined asset.
Key Highlights
- Fully occupied mixed‑use building in the central (north side) City of Syracuse
- First‑floor retail anchored by Kinney Drugs and Subway
- Three floors of apartment units with twelve (12) 2‑bedroom units
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
$307,778
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
5.22%
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%
$6,155,560
$6.2M
Cap Rate 7%
$4,396,829
$4.4M
Cap Rate 9%
$3,419,756
$3.4M
Market Conditions
NOI Build-Up for 32,598 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
$598.5K $18.36/SF
− Vacancy
−$38.9K −$1.19/SF
EGI
$559.6K $17.17/SF
− OpEx
−$251.8K −$7.72/SF
NOI
$307.8K $9.44/SF
Area
Syracuse, NY
Vacancy
6.50%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$6,155,560
Cap Rate 7%
$4,396,829
Cap Rate 9%
$3,419,756
Alternative Uses
Best Use
Apartment 5plus
$4.40M
$3.85M – $5.13M
NOI $307,778 @ 7.0% cap · market cap 5.22%
Second Best
Mixed Use
$4.18M
$3.66M – $4.87M
NOI $292,404 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$5.67M
$4.96M – $6.61M
NOI $396,559 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,182
Businesses Nearby
Explore this area
Business Placement
Demographics for 13208, NY
23,603
Population
10,325
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
77%
High-School Grad
4.1 sq mi
ZIP Area
5,757
Density / Sq Mi
$40,641
Median Household Income
$35,015
Median Earnings
$999
Median Rent
$110,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied mixed-use building with first-floor retail anchored by Kinney Drugs and Subway plus three floors of 2-bedroom apartments.
Where is this apartment building located?
The property is located at 400 Butternut Street Syracuse, NY.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: Fully occupied mixed‑use building in the central (north side) City of Syracuse; First‑floor retail anchored by Kinney Drugs and Subway; Three floors of apartment units with twelve (12) 2‑bedroom units
