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    4729 Onondaga Blvd Syracuse, NY 13219
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    4729 Onondaga Blvd, Syracuse, NY 13219

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    • Retail properties & Spaces
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    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Thurber David DDS / Dental Office
    • Yang Tony DDS / Dental Office
    • Western Lights Liquors / (Bike/Boat/Book/etc) Store / Wine and Liquor Store
    • Supercuts / Barber Shop
    • Syracuse Urgent Dentistry / Dental Office

    Property Details for 4729 Onondaga Blvd

    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    Western Lights Shopping Center, located at 4729 Onondaga Blvd, Syracuse, NY 13219, offers a unique opportunity for businesses seeking retail, office, or light industrial space. This Class B property comprises three single-story buildings totaling 74,442 square feet of vacant space, divisible into units as small as 740 square feet and up to a contiguous 35,100 square feet. The center boasts a strong tenant mix including McDonald's, Price Chopper, Dollar Tree, and Mavis Tire, ensuring high visibility and foot traffic. With 832 total parking spaces, ample customer parking is readily available. The property is situated in a high-traffic area within a local retail corridor, alongside established businesses such as Wegmans, Goodwill, Rite Aid, and other national and local chains. The property's location in the Westside submarket of Onondaga County offers excellent access to major transportation routes. Annual property taxes are $2.37 per square foot. Flexible lease terms and customizable space are available to accommodate various business needs. The property is zoned to allow for office, light industrial, and warehouse uses. Contact us to discuss lease options and explore the possibilities at this prime Syracuse location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Syracuse
    County
    Onondaga
    State
    New York
    Longitude
    -76.1914
    Latitude
    43.0337

    Comparable in this City

    • Value Estimation by Request
      184,393 SF

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      14,550 SF

      5206 Genesee St

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      5206 Genesee St, Syracuse, NY 13219
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    • Value Estimation by Request
      11,221 SF

      4738 Onondaga Blvd

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      4738 Onondaga Blvd, Syracuse, NY 13219
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    • Value Estimation
      $1,015,000
      6,678 SF

      4488 Onondaga Blvd

      PROFESSIONAL BUILDING
      4488 Onondaga Blvd, Syracuse, NY 13219-3114
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    • Value Estimation
      $1,605,000
      58,012 SF

      813 Fay Rd

      MEDICAL CLINIC
      813 Fay Rd, Syracuse, NY 13219-3009
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    • Value Estimation by Request
      3,200 SF

      5298 Terry Rd

      PROFESSIONAL BUILDING
      5298 Terry Rd, Syracuse, NY 13219-3066
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    Similar Nearby for Lease

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      Renovated Space for Diverse Uses

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      4,000 SF

      Price Chopper Anchored Retail Space

      Retail and restaurant spaces available in Syracuse shopping center.
      4639-4671 Onondaga Blvd, Syracuse, NY 13219
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      1,202 SF

      Retail Space in Syracuse, NY

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      4736 Onondaga Blvd, Syracuse, NY 13219
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      Prime Retail Space on Genesee

      Highly visible retail space in a busy Syracuse corridor.
      3514 W Genesee St, Syracuse, NY 13219
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    Syracuse, NY 13219
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    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
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