Freestanding Restaurant
For Sale
$550,000
779 State Fair Boulevard, Syracuse, NY 13209
Standalone restaurant property with select kitchen equipment, ample parking, and highway access.
Property Size4,424 SF
Price / SF$124.32
Days on Market48
Property Features for 779 State Fair Boulevard
General Information
Standard status
Active
Size
4,424 SF
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Equipment Included
Yes
Building Details
Year Built
1975
Buildings
1
Listing Agency:
Rooftop Realty Group LLC
(315) 569-8250
Listed By:
Mark Cardone · License #10991228663
Source:
Rooftoprealtygroup
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 30 at 7:56PM
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 Rooftop Realty Group LLC
Investment Insights
Based on property information with market context.
This freestanding restaurant building contains 4,424 square feet and was constructed in 1975. The property includes select kitchen equipment, providing existing operational infrastructure for restaurant use, along with ample parking for customers and staff.
Located at 779 State Fair Boulevard, the property offers access to major highways and is served by Solvay Electric. Its standalone configuration and existing restaurant-related improvements support continued restaurant operations or a new concept requiring an established commercial building.
Located at 779 State Fair Boulevard, the property offers access to major highways and is served by Solvay Electric. Its standalone configuration and existing restaurant-related improvements support continued restaurant operations or a new concept requiring an established commercial building.
Key Highlights
- 4,424‑square‑foot freestanding restaurant building
- Select kitchen equipment included
- Ample on‑site parking
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
$43,957
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
7.99%
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%
$879,140
$879.1K
Cap Rate 7%
$627,957
$628.0K
Cap Rate 9%
$488,411
$488.4K
Market Conditions
NOI Build-Up for 4,424 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
$61.1K $13.80/SF
− Vacancy
−$2.4K −$0.55/SF
EGI
$58.6K $13.25/SF
− OpEx
−$14.7K −$3.31/SF
NOI
$44.0K $9.94/SF
Area
Syracuse, NY
Vacancy
4.00%
Lease Rate
$13.80 /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%
$879,140
Cap Rate 7%
$627,957
Cap Rate 9%
$488,411
Alternative Uses
Best Use
Specialty Retail
$628.0K
$549.5K – $732.6K
NOI $43,957 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$768.8K
$672.7K – $897.0K
NOI $53,818 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
12k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Byrne Dairy
Shops & Services
11,503 visits/mo
0.1 miles
Demographics for 13209, NY
13,018
Population
6,374
Households
2
Avg Household Size
43
Median Age
29%
College-Educated
92%
High-School Grad
13.1 sq mi
ZIP Area
994
Density / Sq Mi
$67,307
Median Household Income
$44,812
Median Earnings
$968
Median Rent
$146,200
Median Home Value
Market
Vacancy Rate% for Retail in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Standalone restaurant property with select kitchen equipment, ample parking, and highway access.
Where is this conventional restaurant located?
The property is located at 779 State Fair Boulevard Syracuse, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,424‑square‑foot freestanding restaurant building; Select kitchen equipment included; Ample on‑site parking
