Renovated Flex Building with
509 Erie Boulevard West, Syracuse, NY 13204
For Sale
Contact for pricing
Two mezzanine offices complement warehouse space with three dock doors and minimal interior columns.
Property Size22,420 SF
Price / SF$111.51
Days on Market41
Property Features for 509 Erie Boulevard West
General Information
Standard status
Size
Property subtype
Warehouse & Industrial
Warehouse Space
Dock-High Doors
Additional Details
Highway Access
Building Details
Year Renovated
Buildings
Building Size
Listing Agency:
JF Real Estate
Listed By:
Matt Funiciello · License #NY 10401305595
(315) 430-1827
Source:
Crexi
Added: Sep 30
Changed: Nov 8
Last Checked: Nov 8 at 4:37PM
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 JF Real Estate
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Investment Insights
Based on property information with market context.
This 22,420-square-foot flex building combines office and warehouse space. The office area includes two mezzanine suites with glass partitions, while the warehouse comprises 6,500 square feet and has three dock doors with minimal interior columns. Renovations completed in 2012 included granite countertops in conference rooms, the kitchen, bathrooms and windowsills.
The property is at 509 Erie Boulevard West, directly west of Downtown Syracuse’s Central Business District, with access from the I-690 West off-ramp.
The property is at 509 Erie Boulevard West, directly west of Downtown Syracuse’s Central Business District, with access from the I-690 West off-ramp.
Key Highlights
- 22,420‑square‑foot flex building renovated in 2012
- 6,500 square feet of warehouse space
- Two mezzanine offices with glass partitions
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$203,293
Cap Rate
8.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,065,860
$4.1M
Cap Rate 7%
$2,904,186
$2.9M
Cap Rate 9%
$2,258,811
$2.3M
Market Conditions
NOI Build-Up for 22,420 SF
Gross rent
$336.3K $15.00/SF
− Vacancy
−$23.5K −$1.05/SF
EGI
$312.8K $13.95/SF
− OpEx
−$109.5K −$4.88/SF
NOI
$203.3K $9.07/SF
Area
Syracuse, NY
Vacancy
7.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,065,860
Cap Rate 7%
$2,904,186
Cap Rate 9%
$2,258,811
Alternative Uses
Best Use
Flex RnD
$2.90M
$2.54M – $3.39M
NOI $203,293 @ 7.0% cap · market cap 8.13%
Second Best
Warehouse
$1.73M
$1.52M – $2.02M
NOI $121,356 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $272,742 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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See the owner, sales and loan history
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Current Use
Lease Details
3
Dock-high doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,072
Businesses Nearby
Well-served
Demand for This Use
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
$97,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Flex space in Syracuse, NY
Properties on Market for Flex space in Syracuse
Vacancy Rate% for Industrial in Syracuse, NY
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Frequently Asked Questions
What type of property is this?
Flex space - Two mezzanine offices complement warehouse space with three dock doors and minimal interior columns.
Where is this flex space located?
The property is located at 509 Erie Boulevard West Syracuse, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 22,420‑square‑foot flex building renovated in 2012; 6,500 square feet of warehouse space; Two mezzanine offices with glass partitions
