Spa & Wellness
New
For Sale
$1,000,000
5298 Terry Rd, Syracuse, NY 13219
Constructed in 2008 with car-dependent access and limited bikeability.
Property Size3,200 SF
Days on Market3
Property Features for 5298 Terry Rd
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$14,078
Building Details
Building Size
3,200 SF
Year Built
2008
Stories
1
Units
4
Listing Agency:
(315) 802-1404
Listed By:
Gaetano Belmonte
(315) 802-1404
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 16 at 7:31AM
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 Gaetano Belmonte
Investment Insights
Based on property information with market context.
This spa and wellness property was constructed in 2008. Located at 5298 Terry Rd in Onondaga, NY, the property has a Walk Score of 19, indicating a car-dependent setting, and a Bike Score of 31, classified as somewhat bikeable.
Key Highlights
- Constructed in 2008
- Walk Score: 19, Car‑Dependent
- Bike Score: 31, Somewhat Bikeable
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
$28,326
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
2.83%
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%
$566,520
$566.5K
Cap Rate 7%
$404,657
$404.7K
Cap Rate 9%
$314,733
$314.7K
Market Conditions
NOI Build-Up for 3,200 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
$42.2K $13.20/SF
− Vacancy
−$1.8K −$0.55/SF
EGI
$40.5K $12.65/SF
− OpEx
−$12.1K −$3.79/SF
NOI
$28.3K $8.85/SF
Area
Syracuse, NY
Vacancy
4.20%
Lease Rate
$13.20 /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%
$566,520
Cap Rate 7%
$404,657
Cap Rate 9%
$314,733
Alternative Uses
Best Use
Retail
$404.7K
$354.1K – $472.1K
NOI $28,326 @ 7.0% cap · market cap 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$556.1K
$486.6K – $648.8K
NOI $38,928 @ 7.0% cap · market cap 3.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13219, NY
15,436
Population
6,551
Households
2.4
Avg Household Size
45
Median Age
43%
College-Educated
93%
High-School Grad
5.0 sq mi
ZIP Area
3,087
Density / Sq Mi
$81,414
Median Household Income
$52,298
Median Earnings
$1,039
Median Rent
$173,400
Median Home Value
Market
Vacancy Rate% for Retail in Syracuse, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Constructed in 2008 with car-dependent access and limited bikeability.
Where is this spa & wellness property located?
The property is located at 5298 Terry Rd Syracuse, NY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Constructed in 2008; Walk Score: 19, Car‑Dependent; Bike Score: 31, Somewhat Bikeable
