Mixed-Use Retail and
For Sale
$349,900
HAWLEY AVE, Syracuse, NY 13203
Mixed-use building with a first-floor retail storefront and an upstairs one-bedroom apartment undergoing renovation.
Property Size3,383 SF
Price / SF$103.43
Days on Market93
Property Features for HAWLEY AVE
General Information
Standard status
Active
Size
3,383 SF
Property subtype
Office
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,456
Amenities
Gas
3
Concrete
Asphalt
10 Parking Spaces.
73X115
Building Details
Year Built
1970
Stories
2
Listing Agency:
(315) 458-9100
Listed By:
Howard Hanna Real Estate
(315) 458-9100
Source:
Xome
Added: May 9
Changed: Aug 8
Last Checked: Aug 8 at 3:32AM
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 Howard Hanna Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property combines a first-floor retail storefront with an upstairs one-bedroom apartment. The retail space was previously operated as a storefront and offers flexible commercial room for a variety of small business or workspace concepts. Above, the apartment is currently being renovated, with updates already started so the next owner can complete and customize the living space. A separate living setup above also supports live/work convenience.
The building is located in the historic Hawley Green neighborhood of Syracuse, described as a revitalized area with historic character and convenient access to downtown, hospitals, universities, restaurants, and major highways. The seller has also recently purchased a portion of the adjoining lot (see survey), which can be used to create additional parking. On the building systems, the furnace was new as of 9/2022, and the A/C was new as of 7/2023.
The building is located in the historic Hawley Green neighborhood of Syracuse, described as a revitalized area with historic character and convenient access to downtown, hospitals, universities, restaurants, and major highways. The seller has also recently purchased a portion of the adjoining lot (see survey), which can be used to create additional parking. On the building systems, the furnace was new as of 9/2022, and the A/C was new as of 7/2023.
Key Highlights
- Mixed‑use building with a first‑floor retail storefront and an upstairs one‑bedroom apartment
- Upstairs one‑bedroom apartment is undergoing renovations, with updates already started
- Furnace was new as of 9/2022 and A/C was new as of 7/2023; heating/cooling includes central air and gas
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
$30,346
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
8.67%
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%
$606,920
$606.9K
Cap Rate 7%
$433,514
$433.5K
Cap Rate 9%
$337,178
$337.2K
Market Conditions
NOI Build-Up for 3,383 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
$52.8K $15.60/SF
− Vacancy
−$4.2K −$1.25/SF
EGI
$48.6K $14.35/SF
− OpEx
−$18.2K −$5.38/SF
NOI
$30.3K $8.97/SF
Area
Syracuse, NY
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$606,920
Cap Rate 7%
$433,514
Cap Rate 9%
$337,178
Alternative Uses
Best Use
Office B
$464.9K
$406.8K – $542.3K
NOI $32,540 @ 7.0% cap · market cap 9.30%
Second Best
Mixed Use
$433.5K
$379.3K – $505.8K
NOI $30,346 @ 7.0% cap · market cap 8.67%
Theoretical Best
Office A
$587.9K
$514.4K – $685.9K
NOI $41,155 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,515
Businesses Nearby
Explore this area
Business Placement
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 Office in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Mixed-use building with a first-floor retail storefront and an upstairs one-bedroom apartment undergoing renovation.
Where is this live-work space located?
The property is located at HAWLEY AVE Syracuse, NY.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Mixed‑use building with a first‑floor retail storefront and an upstairs one‑bedroom apartment; Upstairs one‑bedroom apartment is undergoing renovations, with updates already started; Furnace was new as of 9/2022 and A/C was new as of 7/2023; heating/cooling includes central air and gas
