Office Building on Commuting
For Sale
Contact for pricing
829 W Genesee St, Syracuse, NY 13204
Highly visible office building near downtown Syracuse with Verizon tower.
Property Size9,800 SF
Price / SF$158.16
Days on Market1256
Property Features for 829 W Genesee St
General Information
Standard status
Active
Size
9,800 SF
Class
B
Property subtype
Office
Occupancy
25%
Investment Type
Value Add
Building Details
Year Built
1920
Year Renovated
1980
Buildings
1
Stories
1
Units
2
Listing Agency:
O' Connell More Consulting & Real Estate
Listed By:
Christine O'Connell More · License #10301113077
Source:
Crexi
Added: Mar 15, 2023
Changed: Aug 8
Last Checked: Aug 20 at 2:40PM
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 O' Connell More Consulting & Real Estate
Investment Insights
Based on property information with market context.
This highly visible office building is situated on a major commuting route, offering convenient access to downtown Syracuse and nearby highways. The property includes a long-term Verizon tower on the premises. As of Summer 2023, 7,154 square feet of office space is available. The interior is in excellent condition, featuring new carpet and paint installed in 2022. The seller has consistently made improvements to the building. The layout includes a large conference room, nine private offices, a workroom, and multiple bathrooms. The space may be divisible. The property is suitable for an investor or user. Onsite parking is available, with the option to lease additional spaces next door. The building has a total size of 9,800 square feet.
Key Highlights
- Highly visible location on major commuting route, minutes from downtown Syracuse and highways.
- 7,154 sf of office space available.
- Long‑term Verizon tower on premises.
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
$94,264
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
6.08%
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%
$1,885,280
$1.9M
Cap Rate 7%
$1,346,629
$1.3M
Cap Rate 9%
$1,047,378
$1.0M
Market Conditions
NOI Build-Up for 9,800 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
$147.0K $15.00/SF
− Vacancy
−$21.3K −$2.18/SF
EGI
$125.7K $12.83/SF
− OpEx
−$31.4K −$3.21/SF
NOI
$94.3K $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%
$1,885,280
Cap Rate 7%
$1,346,629
Cap Rate 9%
$1,047,378
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.57M
NOI $94,264 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.99M
NOI $119,218 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,505
Businesses Nearby
Explore this area
Business Placement
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 Office in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Highly visible office building near downtown Syracuse with Verizon tower.
Where is this office building located?
The property is located at 829 W Genesee St Syracuse, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Highly visible location on major commuting route, minutes from downtown Syracuse and highways.; 7,154 sf of office space available.; Long‑term Verizon tower on premises.
