Former Rite Aid For
For Sale
Contact for pricing
512 W Onondaga St, Syracuse, NY 13204
Spacious building on 1.4 acres in Syracuse, NY.
Property Size11,348 SF
Lot Size1.40 Acres
Price / SF$114.12
Days on Market854
Property Features for 512 W Onondaga St
General Information
Standard status
Active
Size
11,348 SF
Total Parking Spaces
71
Lot size
1.40 Acres
Property subtype
Retail
Building Details
Year Built
1999
Stories
1
Listing Agency:
Ellicott Development
Listed By:
Sarah Couch · License #NY
Source:
Crexi
Added: Apr 19, 2024
Changed: Aug 14
Last Checked: Aug 19 at 1:24PM
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 Ellicott Development
Investment Insights
Based on property information with market context.
This prime property, formerly a Rite Aid, is a spacious building situated on a 1.4-acre lot. It features frontage and access on both W Onondaga Street and Slocum Avenue, providing an advantageous location in Syracuse. This property offers an opportunity for investors or users to acquire a vacant former Rite Aid and transform it. Potential uses include retail space, a medical center, or a fitness facility. The building has a size of 11348 square feet.
Key Highlights
- 1.4‑acre lot in the heart of Syracuse
- Prime location with frontage and access on W Onondaga Street and Slocum Avenue
- Exceptional opportunity for investors or users
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
$112,754
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
8.71%
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%
$2,255,080
$2.3M
Cap Rate 7%
$1,610,771
$1.6M
Cap Rate 9%
$1,252,822
$1.3M
Market Conditions
NOI Build-Up for 11,348 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
$156.6K $13.80/SF
− Vacancy
−$6.3K −$0.55/SF
EGI
$150.3K $13.25/SF
− OpEx
−$37.6K −$3.31/SF
NOI
$112.8K $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%
$2,255,080
Cap Rate 7%
$1,610,771
Cap Rate 9%
$1,252,822
Alternative Uses
Best Use
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,754 @ 7.0% cap · market cap 8.71%
Second Best
Retail
$1.44M
$1.26M – $1.67M
NOI $100,452 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$1.97M
$1.73M – $2.30M
NOI $138,050 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,895
Businesses Nearby
31k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 50%
Shops & Services 50%
Price Rite
Groceries
15,456 visits/mo
0.5 miles
Family Dollar
Shops & Services
7,663 visits/mo
0.0 miles
Family Dollar
Shops & Services
7,641 visits/mo
0.4 miles
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 Retail in Syracuse, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Drug store - Spacious building on 1.4 acres in Syracuse, NY.
Where is this drug store located?
The property is located at 512 W Onondaga St Syracuse, NY.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 1.4‑acre lot in the heart of Syracuse; Prime location with frontage and access on W Onondaga Street and Slocum Avenue; Exceptional opportunity for investors or users
