Renovated Distribution
For Sale
Contact for pricing
6403 Deere Rd, Syracuse, NY 13206
Partially leased industrial facility with warehouse, distribution, and light manufacturing functionality.
Property Size35,367 SF
Lot Size3.00 Acres
Price / SF$76.34
Days on Market188
Property Features for 6403 Deere Rd
General Information
Standard status
Active
Size
35,367 SF
Class
C
Lot size
3.00 Acres
Property subtype
Industrial
Zoning
Industrial
Warehouse & Industrial
Clear Height
19.42 ft
Dock-High Doors
3
Drive-In Doors
3
Additional Details
Highway Access
Yes
Building Details
Year Built
1940
Year Renovated
2024
Building Size
35,367 SF
Listing Agency:
IronHorn Enterprises
Listed By:
Ryan Jenkins · License #0225268974
Source:
Crexi
Added: Feb 25
Changed: Aug 30
Last Checked: Aug 30 at 11:14AM
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.
This partially leased distribution facility combines established industrial construction with a 2024 renovation. The building contains 35,367 square feet on a 3-acre site, with 19’5” clear height, three dock-high doors, and three drive-in doors. The configuration supports warehouse, distribution, and light manufacturing operations, with site area for circulation and parking.
Located in Syracuse near Hiawatha Boulevard and I-690, the property provides access to I-81 and the New York State Thruway (I-90). Its position near Downtown Syracuse and regional logistics routes connects the facility with Albany, Rochester, Buffalo, and other Central New York destinations. Industrial zoning further identifies the property for commercial operating uses.
Located in Syracuse near Hiawatha Boulevard and I-690, the property provides access to I-81 and the New York State Thruway (I-90). Its position near Downtown Syracuse and regional logistics routes connects the facility with Albany, Rochester, Buffalo, and other Central New York destinations. Industrial zoning further identifies the property for commercial operating uses.
Key Highlights
- 35,367 SF distribution facility on 3 acres
- Renovation completed in 2024; originally constructed in 1940
- 19’5” clear height
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
$191,436
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
7.09%
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%
$3,828,720
$3.8M
Cap Rate 7%
$2,734,800
$2.7M
Cap Rate 9%
$2,127,067
$2.1M
Market Conditions
NOI Build-Up for 35,367 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
$241.9K $6.84/SF
− Vacancy
−$16.7K −$0.47/SF
EGI
$225.2K $6.37/SF
− OpEx
−$33.8K −$0.96/SF
NOI
$191.4K $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%
$3,828,720
Cap Rate 7%
$2,734,800
Cap Rate 9%
$2,127,067
Alternative Uses
Best Use
Warehouse
$2.73M
$2.39M – $3.19M
NOI $191,436 @ 7.0% cap · market cap 7.09%
Second Best
Industrial
$2.25M
$1.97M – $2.63M
NOI $157,653 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$6.15M
$5.38M – $7.17M
NOI $430,244 @ 7.0% cap · market cap 15.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19 ft
Clear height
3
Dock-high doors
3
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
517
Businesses Nearby
Explore this area
Business Placement
Demographics for 13206, NY
16,599
Population
8,460
Households
2
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
4.1 sq mi
ZIP Area
4,049
Density / Sq Mi
$60,314
Median Household Income
$40,429
Median Earnings
$952
Median Rent
$130,300
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?
Distribution center - Partially leased industrial facility with warehouse, distribution, and light manufacturing functionality.
Where is this distribution center located?
The property is located at 6403 Deere Rd Syracuse, NY.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 35,367 SF distribution facility on 3 acres; Renovation completed in 2024; originally constructed in 1940; 19’5” clear height
