Class A Office
For Sale
$13,500,000
500 Plum Street, Syracuse, NY 13204
Class A office building offering sweeping downtown and waterfront views in Syracuse’s Franklin Square neighborhood.
Property Size125,270 SF
Price / SF$107.77
Days on Market34
Property Features for 500 Plum Street
General Information
Standard status
Active
Size
125,270 SF
Class
A
Property subtype
Office
Building Details
Tenancy
Multi
Listing Agency:
CBRE - Albany
Listed By:
Cory LaDuke, SIOR · License #Associate Real Estate Broker
Source:
Cbre
Added: Jul 21
Changed: Aug 23
Last Checked: Aug 22 at 4:40AM
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 CBRE - Albany
Investment Insights
Based on property information with market context.
Bridgewater Place is a Class A office building for sale at 500 Plum Street. The property totals approximately 125,270 square feet and presents an architectural presence on the Syracuse skyline. CBRE Upstate NY is offering the opportunity to acquire the building known for the views it frames from within its office environment.
Located in the Franklin Square neighborhood, Bridgewater Place offers sweeping views of downtown, the newly renovated Onondaga Creekwalk, Onondaga Lake, and the Inner Harbor. The building’s setting and outlook provide a distinctive backdrop for day-to-day business from the office floors.
Located in the Franklin Square neighborhood, Bridgewater Place offers sweeping views of downtown, the newly renovated Onondaga Creekwalk, Onondaga Lake, and the Inner Harbor. The building’s setting and outlook provide a distinctive backdrop for day-to-day business from the office floors.
Key Highlights
- Class A office building at 500 Plum Street in Syracuse, NY
- Approximately 125,270 SF Class A office building
- Built in 1916
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
$1,204,941
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
8.93%
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%
$24,098,820
$24.1M
Cap Rate 7%
$17,213,443
$17.2M
Cap Rate 9%
$13,388,233
$13.4M
Market Conditions
NOI Build-Up for 125,270 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
$1.88M $15.00/SF
− Vacancy
−$272.5K −$2.18/SF
EGI
$1.61M $12.83/SF
− OpEx
−$401.6K −$3.21/SF
NOI
$1.20M $9.62/SF
Area
Syracuse, NY
Vacancy
14.50%
Lease Rate
$15.00 /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%
$24,098,820
Cap Rate 7%
$17,213,443
Cap Rate 9%
$13,388,233
Alternative Uses
Best Use
Office B
$17.21M
$15.06M – $20.08M
NOI $1,204,941 @ 7.0% cap · market cap 8.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$21.77M
$19.05M – $25.40M
NOI $1,523,925 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,187
Businesses Nearby
Explore this area
Business Placement
Demographics for 13204, NY
19,752
Population
10,410
Households
1.9
Avg Household Size
31
Median Age
26%
College-Educated
84%
High-School Grad
4.3 sq mi
ZIP Area
4,593
Density / Sq Mi
$42,585
Median Household Income
$35,609
Median Earnings
$1,054
Median Rent
$97,400
Median Home Value
Market
Vacancy Rate% for Office in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Class A office building offering sweeping downtown and waterfront views in Syracuse’s Franklin Square neighborhood.
Where is this office building located?
The property is located at 500 Plum Street Syracuse, NY.
What is the asking price?
The asking price for this property is $13,500,000.
What are key features of this property?
This property features: Class A office building at 500 Plum Street in Syracuse, NY; Approximately 125,270 SF Class A office building; Built in 1916
