Fully Leased Syracuse Industrial
For Sale
Contact for pricing
532 State Fair Blvd, Syracuse, NY 13204
12,000 SF industrial facility in Syracuse's industrial corridor.
Property Size12,000 SF
Lot Size1.30 Acres
Price / SF$100
Days on Market183
Property Features for 532 State Fair Blvd
General Information
Standard status
Active
Size
12,000 SF
Class
C
Lot size
1.30 Acres
Property subtype
Industrial
Occupancy
100%
Building Details
Year Built
1990
Listing Agency:
IronHorn Enterprises
Listed By:
Ryan Jenkins · License #0225268974
Source:
Crexi
Added: Feb 18
Changed: Aug 16
Last Checked: Aug 19 at 8:24AM
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 IronHorn Enterprises
Investment Insights
Based on property information with market context.
The property at 532 State Fair Boulevard is a 12,000-square-foot industrial facility situated on 1.3 acres. Constructed in 1990, it features 16-foot clear heights and seven drive-in doors, accommodating contractor, service, distribution, or light manufacturing uses. Approximately 41% of the space is dedicated to office buildout. The property is located along State Fair Boulevard, providing immediate access to I-690 and proximity to I-90 (NYS Thruway), placing it within one of Central New York’s active industrial submarkets. Its location near Downtown Syracuse and the Inner Harbor redevelopment district, along with access to major regional transportation routes, positions it as an income-producing asset.
Key Highlights
- Fully leased industrial investment property, providing immediate income.
- Strategic location with immediate access to I‑690 and minutes from I‑90 (NYS Thruway).
- Functional 12,000‑square‑foot facility with 16‑foot clear heights and seven drive‑in doors.
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
$64,954
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
5.41%
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%
$1,299,080
$1.3M
Cap Rate 7%
$927,914
$927.9K
Cap Rate 9%
$721,711
$721.7K
Market Conditions
NOI Build-Up for 12,000 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
$82.1K $6.84/SF
− Vacancy
−$5.7K −$0.47/SF
EGI
$76.4K $6.37/SF
− OpEx
−$11.5K −$0.96/SF
NOI
$65.0K $5.41/SF
Area
Syracuse, NY
Vacancy
6.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
15.00%
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%
$1,299,080
Cap Rate 7%
$927,914
Cap Rate 9%
$721,711
Alternative Uses
Best Use
Office B
$1.65M
$1.44M – $1.92M
NOI $115,425 @ 7.0% cap · market cap 9.62%
Second Best
Warehouse
$927.9K
$811.9K – $1.08M
NOI $64,954 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$2.09M
$1.82M – $2.43M
NOI $145,981 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
575
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
Market
Vacancy Rate% for Office in Syracuse, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Planet Self Storage — 901 Hiawatha Blvd W, Syracuse, NY 13204
- Detail Office Inc. — 1224 W Genesee St, Syracuse, NY 13204
Frequently Asked Questions
What type of property is this?
Warehouse - 12,000 SF industrial facility in Syracuse's industrial corridor.
Where is this warehouse located?
The property is located at 532 State Fair Blvd Syracuse, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Fully leased industrial investment property, providing immediate income.; Strategic location with immediate access to I‑690 and minutes from I‑90 (NYS Thruway).; Functional 12,000‑square‑foot facility with 16‑foot clear heights and seven drive‑in doors.
