University Hill Redevelopment
For Sale
$1,500,000
601 Irving Avenue, Syracuse, NY
Redevelopment opportunity on University Hill, seller will vacate upon closing.
Property Size10,000 SF
Price / SF$150
Days on Market331
Property Features for 601 Irving Avenue
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Office
Building Details
Building Size
10,000 SF
Listing Agency:
Syracuse Office
(315) 445-8512
Listed By:
Leonard DeStefano · License #30MA0803428
(315) 445-8512
Source:
Pyramidbrokerage
Added: Sep 25, 2025
Changed: Aug 8
Last Checked: Aug 21 at 4:11AM
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 Syracuse Office
Investment Insights
Based on property information with market context.
Located on University Hill in Syracuse, this property presents a redevelopment opportunity. The seller will vacate the premises upon closing. Currently operating as Beit Chayim Messianic Jewish.
Key Highlights
- Redevelopment potential makes this a unique opportunity.
- Property on University Hill, Syracuse.
- Seller will vacate upon closing.
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
$96,188
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
6.41%
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%
$1,923,760
$1.9M
Cap Rate 7%
$1,374,114
$1.4M
Cap Rate 9%
$1,068,756
$1.1M
Market Conditions
NOI Build-Up for 10,000 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
$150.0K $15.00/SF
− Vacancy
−$21.8K −$2.18/SF
EGI
$128.3K $12.83/SF
− OpEx
−$32.1K −$3.21/SF
NOI
$96.2K $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%
$1,923,760
Cap Rate 7%
$1,374,114
Cap Rate 9%
$1,068,756
Alternative Uses
Best Use
Office B
$1.37M
$1.20M – $1.60M
NOI $96,188 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,651 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,009
Businesses Nearby
Explore this area
Business Placement
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 - Redevelopment opportunity on University Hill, seller will vacate upon closing.
Where is this office building located?
The property is located at 601 Irving Avenue Syracuse, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Redevelopment potential makes this a unique opportunity.; Property on University Hill, Syracuse.; Seller will vacate upon closing.
