Former Credit Union
For Sale
Contact for pricing
Pending
963 State Fair Blvd, Syracuse, NY 13209
2,520 SF building on 1.59 AC corner lot.
Property Size2,520 SF
Lot Size1.59 Acres
Days on Market155
Property Features for 963 State Fair Blvd
General Information
Standard status
Pending
Size
2,520 SF
Lot size
1.59 Acres
Property subtype
Retail
Zoning
Commercial-B, highway commercial district
Building Details
Year Built
2007
Buildings
1
Stories
1
Listing Agency:
Hunt Real Estate ERA
(315) 446-4681
Listed By:
Dante Belmonte · License #NY 10401323828
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Jul 24 at 10:32AM
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 Hunt Real Estate ERA
Investment Insights
Based on property information with market context.
This is a former credit union building constructed in 2007, totaling 2,520 square feet. The property is situated on a 1.59-acre double lot located on a corner, offering high visibility. It features two drive-thru lanes and ample parking space. The zoning is Commercial B, Highway Commercial District. The building has been well maintained.
Key Highlights
- 1.59 AC double lot on a corner with great visibility
- Zoned Commercial B, Highway Commercial District
- Two drive‑thru lanes**
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
$25,039
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
5.06%
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%
$500,780
$500.8K
Cap Rate 7%
$357,700
$357.7K
Cap Rate 9%
$278,211
$278.2K
Market Conditions
NOI Build-Up for 2,520 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
$34.8K $13.80/SF
− Vacancy
−$1.4K −$0.55/SF
EGI
$33.4K $13.25/SF
− OpEx
−$8.3K −$3.31/SF
NOI
$25.0K $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%
$500,780
Cap Rate 7%
$357,700
Cap Rate 9%
$278,211
Alternative Uses
Best Use
Specialty Retail
$357.7K
$313.0K – $417.3K
NOI $25,039 @ 7.0% cap · market cap 5.06%
Second Best
Retail
$318.7K
$278.8K – $371.8K
NOI $22,307 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$437.9K
$383.2K – $510.9K
NOI $30,656 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 70%
Dining 30%
Dollar General
Shops & Services
6,331 visits/mo
0.3 miles
Krispy Krunchy Chicken
Dining
2,713 visits/mo
0.2 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - 2,520 SF building on 1.59 AC corner lot.
Where is this bank located?
The property is located at 963 State Fair Blvd Syracuse, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 1.59 AC double lot on a corner with great visibility; Zoned Commercial B, Highway Commercial District; Two drive‑thru lanes**
