Class A Office
For Sale
$13,000,000
6611 Manlius Center Road, East Syracuse, NY 13057
Net leased office building with bank branch and lower level.
Property Size45,450 SF
Lot Size2.30 Acres
Price / SF$286.03
Days on Market149
Property Features for 6611 Manlius Center Road
General Information
Standard status
Active
Size
45,450 SF
Lot size
2.30 Acres
Property subtype
Office
Listing Agency:
CBRE | Syracuse
(315) 422-4200
Listed By:
Bill Anninos · License #Associate Real Estate Broker
Source:
Cbre
Added: Mar 25
Changed: Aug 10
Last Checked: Aug 19 at 5:34AM
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 CBRE | Syracuse
Investment Insights
Based on property information with market context.
The property features a 30,450 square foot, net leased, Class A office building, complemented by a 15,000 square foot finished and occupied lower level. Situated on a 2.3-acre parcel, the Pathfinder Building includes a 3,500 square foot bank branch on the ground floor, complete with three drive-thru lanes. The entire building is 100% leased under a long-term, NNN lease. The Pathfinder Building is located at 6611 Manlius Center Road, East Syracuse (Town of Dewitt), NY, and serves as a Central New York Corporate Office & Bank Branch.
Key Highlights
- 100% Occupied
- Long Term, NNN Lease
- Single Tenant
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
$548,618
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
4.22%
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%
$10,972,360
$11.0M
Cap Rate 7%
$7,837,400
$7.8M
Cap Rate 9%
$6,095,756
$6.1M
Market Conditions
NOI Build-Up for 45,450 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
$818.1K $18.00/SF
− Vacancy
−$34.4K −$0.76/SF
EGI
$783.7K $17.24/SF
− OpEx
−$235.1K −$5.17/SF
NOI
$548.6K $12.07/SF
Area
Onondaga County, NY
Vacancy
4.20%
Lease Rate
$18.00 /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%
$10,972,360
Cap Rate 7%
$7,837,400
Cap Rate 9%
$6,095,756
Alternative Uses
Best Use
Retail
$7.84M
$6.86M – $9.14M
NOI $548,618 @ 7.0% cap · market cap 4.22%
Second Best
Office B
$6.85M
$5.99M – $7.99M
NOI $479,325 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$7.90M
$6.91M – $9.22M
NOI $552,905 @ 7.0% cap · market cap 4.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
Explore this area
Business Placement
Demographics for 13057, NY
14,676
Population
6,744
Households
2.2
Avg Household Size
46
Median Age
31%
College-Educated
93%
High-School Grad
27.7 sq mi
ZIP Area
530
Density / Sq Mi
$77,908
Median Household Income
$47,531
Median Earnings
$990
Median Rent
$159,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Net leased office building with bank branch and lower level.
Where is this office building located?
The property is located at 6611 Manlius Center Road East Syracuse, NY.
What is the asking price?
The asking price for this property is $13,000,000.
What are key features of this property?
This property features: 100% Occupied; Long Term, NNN Lease; Single Tenant
