Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    631 Seneca Tpke Syracuse, NY 13205

    • Commercial real estate
    • 12,000 SF
    • 0.85 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2005392
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 631 Seneca Tpke

    Year built
    1970
    Lot size
    0.85 lot acres
    Property size
    12,000 SF
    Property type
    Commercial real estate

    Description

    This exceptional 14-unit multifamily property presents a compelling redevelopment or value-add investment opportunity in Syracuse, New York. Located at 631 E Seneca Turnpike, this 0.85-acre site boasts three, two-story buildings totaling 12,000 square feet, constructed in 1970 and renovated in 1990. The property features a mix of two and three-bedroom units, offering significant potential for increased rental income through renovations and upgrades. With 35 parking spaces and a convenient location near the 81/481 interchange, providing easy access to downtown Syracuse and the University District, this property is ideally situated for attracting tenants. The asking price is $1,499,000, translating to $124.92 per square foot and $107,071.43 per unit. The property is zoned commercial and will be delivered free of lease encumbrances, allowing for immediate implementation of improvements. The high-traffic intersection with traffic signals further enhances the property's visibility and accessibility. This is a rare chance to acquire a substantial multifamily asset with significant upside potential in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Syracuse
    County
    Onondaga
    State
    New York
    Longitude
    -76.129315959727
    Latitude
    43.001364704197

    Comparable in this City

    • $119,900

      Six-Unit Apartment Building For Sale

      Six-unit apartment building requiring full rehabilitation.
      237 Martin Luther King W, Syracuse, NY 13205
      View Details
    • $145,000

      Three-Unit Multifamily Property Available

      Three-unit property with steady income potential for investors or owner-occupants.
      2401 Midland Ave, Syracuse, NY 13205
      View Details
    • Contact for pricing
      2,388 SF

      Syracuse Two-Family Renovation Opportunity

      Two-family property in Syracuse, NY, needing major renovation.
      244 Garfield Ave, Syracuse, NY 13205
      View Details
    • $144,900

      Updated Duplex on Large Lot

      Updated duplex with a new roof on a large lot.
      123-25 E Lafayette Ave, Syracuse, NY 13205
      View Details
    • $140,000

      Profitable Syracuse Duplex Investment

      Income-generating duplex with recent renovations and strong cash flow.
      1148 Cannon St, Syracuse, NY 13205
      View Details
    • $49,900

      Multifamily Property For Sale

      Multifamily property with long-term tenant, investment or owner-occupancy opportunity.
      139 Cannon St, Syracuse, NY 13205
      View Details

    Similar Nearby for Sale

    • $119,900

      Six-Unit Apartment Building For Sale

      Six-unit apartment building requiring full rehabilitation.
      237 Martin Luther King W, Syracuse, NY 13205
      View Details
    • $144,900

      Updated Duplex on Large Lot

      Updated duplex with a new roof on a large lot.
      123-25 E Lafayette Ave, Syracuse, NY 13205
      View Details
    • $140,000

      Profitable Syracuse Duplex Investment

      Income-generating duplex with recent renovations and strong cash flow.
      1148 Cannon St, Syracuse, NY 13205
      View Details
    • $49,900

      Multifamily Property For Sale

      Multifamily property with long-term tenant, investment or owner-occupancy opportunity.
      139 Cannon St, Syracuse, NY 13205
      View Details
    • $109,900

      Two-Unit Multifamily Investment Opportunity

      Fully occupied duplex with rental income potential in Syracuse, NY.
      1137-39 Cannon St, Syracuse, NY 13205
      View Details
    • Contact for pricing

      Renovation Opportunity: Two-Family Property

      Two-family property needing total renovation, potential cash flow.
      339 W Newell St, Syracuse, NY 13205
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    631 Seneca Tpke
    Syracuse, NY 13205
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.