Restaurant Building in Little
For Sale
Contact for pricing
429 N State St, Syracuse, NY 13203
Freestanding restaurant with equipped kitchen and parking in Syracuse.
Property Size6,300 SF
Lot Size0.46 Acres
Price / SF$119.05
Days on Market739
Property Features for 429 N State St
General Information
Standard status
Active
Size
6,300 SF
Lot size
0.46 Acres
Property subtype
Retail
Zoning
MX-4
Building Details
Buildings
1
Stories
3
Listing Agency:
CBRE - Syracuse
(315) 422-4200
Listed By:
Ed Kiesa · License #NY 30KI0591061
Source:
Crexi
Added: Aug 13, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:34AM
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.
This 6,300 square foot, three-story, freestanding building is a former restaurant and bar situated on a combined 0.46-acre corner lot, offering ample off-street parking. Previously home to Ilario’s Trattoria, the property is located at the entrance to Syracuse’s Little Italy neighborhood. It features a fully equipped kitchen, bar, and lounge. The kitchen equipment includes stoves, grills, fryers, coolers, freezers, a dishwasher, and prep tables. The property benefits from a high-visibility location across from St. Joseph’s Health Hospital, which has 451 beds and is one of the region’s largest employers with 4,000 employees. Four adjacent lots are available for parking. The zoning is MX-4. The property is located minutes from downtown Syracuse and Destiny USA, less than 0.5 miles from I-81, and less than 1.5 miles from I-690. The intended use of the property is for conventional restaurants and other restaurants.
Key Highlights
- Fully equipped commercial kitchen, bar, and lounge ready for immediate restaurant/bar operation.
- High‑visibility corner lot location across from St. Joseph’s Health Hospital, a major employer.
- Ample off‑street parking with four adjacent lots.
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
$62,597
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
8.35%
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%
$1,251,940
$1.3M
Cap Rate 7%
$894,243
$894.2K
Cap Rate 9%
$695,522
$695.5K
Market Conditions
NOI Build-Up for 6,300 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
$86.9K $13.80/SF
− Vacancy
−$3.5K −$0.55/SF
EGI
$83.5K $13.25/SF
− OpEx
−$20.9K −$3.31/SF
NOI
$62.6K $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%
$1,251,940
Cap Rate 7%
$894,243
Cap Rate 9%
$695,522
Alternative Uses
Best Use
Specialty Retail
$894.2K
$782.5K – $1.04M
NOI $62,597 @ 7.0% cap · market cap 8.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$958.0K – $1.28M
NOI $76,640 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,655
Businesses Nearby
96k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 44%
Dining 35%
Hotels & Casinos 15%
Groceries 4%
Dinosaur Bar-B-Que
Dining
18,818 visits/mo
0.2 miles
Mobil
Shops & Services
14,497 visits/mo
0.3 miles
Courtyard by Marriott Syracuse Downtown at Armory Square
Hotels & Casinos
12,689 visits/mo
0.5 miles
Dollar General
Shops & Services
7,527 visits/mo
0.4 miles
Spaghetti Warehouse
Dining
7,513 visits/mo
0.4 miles
Demographics for 13203, NY
16,240
Population
9,092
Households
1.8
Avg Household Size
37
Median Age
28%
College-Educated
84%
High-School Grad
1.7 sq mi
ZIP Area
9,553
Density / Sq Mi
$46,526
Median Household Income
$38,240
Median Earnings
$953
Median Rent
$148,700
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 - Freestanding restaurant with equipped kitchen and parking in Syracuse.
Where is this conventional restaurant located?
The property is located at 429 N State St Syracuse, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Fully equipped commercial kitchen, bar, and lounge ready for immediate restaurant/bar operation.; High‑visibility corner lot location across from St. Joseph’s Health Hospital, a major employer.; Ample off‑street parking with four adjacent lots.
