Versatile Flex Building with
For Sale
Contact for pricing
559 State Fair Blvd, Syracuse, NY 13204
15,800± SF flex building with industrial outside storage.
Property Size15,800 SF
Lot Size2.40 Acres
Price / SF$56.90
Days on Market152
Property Features for 559 State Fair Blvd
General Information
Standard status
Active
Size
15,800 SF
Lot size
2.40 Acres
Property subtype
Industrial
Zoning
industrial
Lease Type
NNN
Building Details
Year Built
1999
Buildings
4
Stories
1
Listing Agency:
Cushman & Wakefield Pyramid Brokerage Company Syracuse
Listed By:
CHRISTOPHER SAVAGE · License #NY 10401297516
Source:
Crexi
Added: Mar 15
Changed: Aug 8
Last Checked: Aug 11 at 12:24PM
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 Cushman & Wakefield Pyramid Brokerage Company Syracuse
Investment Insights
Based on property information with market context.
Located at 559 State Fair Boulevard, Syracuse, New York 13204, this property features a 15,800± SF flex building suitable for various business needs. The property includes a 6,400± SF heated warehouse, modern office structures, and a former fuel silo offering cold storage. Situated on a 2.4-acre fully fenced lot with three gated entrances, the site offers convenience and security. The location provides high visibility with over 80,000 cars passing daily on I-690 and State Fair Blvd. Immediate highway access and proximity to major highways including I-690, I-81, and the NYS Thruway enhance logistical efficiency. The property also features industrial outside storage capabilities. There are two leased billboards on the premises, providing extra income opportunities. This industrial property is strategically located just outside the Syracuse CBD.
Key Highlights
- High Visibility Location: Over 80,000 cars passing daily on I‑690 and State Fair Blvd.
- Versatile Flex Building: 15,800± SF suitable for various business needs.
- Spacious Heated Warehouse: 6,400± SF of heated warehouse space.
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
$70,431
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
7.83%
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%
$1,408,620
$1.4M
Cap Rate 7%
$1,006,157
$1.0M
Cap Rate 9%
$782,567
$782.6K
Market Conditions
NOI Build-Up for 15,800 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
$108.1K $6.84/SF
− Vacancy
−$7.5K −$0.47/SF
EGI
$100.6K $6.37/SF
− OpEx
−$30.2K −$1.91/SF
NOI
$70.4K $4.46/SF
Area
Syracuse, NY
Vacancy
6.90%
Lease Rate
$6.84 /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%
$1,408,620
Cap Rate 7%
$1,006,157
Cap Rate 9%
$782,567
Alternative Uses
Best Use
Flex RnD
$2.05M
$1.79M – $2.39M
NOI $143,267 @ 7.0% cap · market cap 15.94%
Second Best
Warehouse
$1.22M
$1.07M – $1.43M
NOI $85,523 @ 7.0% cap · market cap 9.51%
Theoretical Best
Office A
$2.75M
$2.40M – $3.20M
NOI $192,209 @ 7.0% cap · market cap 21.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
162
Businesses Nearby
Under-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 Industrial in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 15,800± SF flex building with industrial outside storage.
Where is this flex space located?
The property is located at 559 State Fair Blvd Syracuse, NY.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: High Visibility Location: Over 80,000 cars passing daily on I‑690 and State Fair Blvd.; Versatile Flex Building: 15,800± SF suitable for various business needs.; Spacious Heated Warehouse: 6,400± SF of heated warehouse space.
