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    Property profile & analytics

    615 Genesee St Syracuse, NY 13204-2303

    • Office buildings
    • 11,174 SF
    • 0.45 lot acres
    OFF-MARKET
    Last Sale
    Jun 06, 2022
    $449,000
    Value Estimations
    $555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3461254
    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

    • Unite Here Local 150 / Labor Union
    • M&D Financial Agency / Insurance Agency
    • Central New York Area Labor Federation / Labor Union
    • Upstate Interiors Llc / Interior Designer
    • International Union-Elevator / Labor Union

    Property Details for 615 Genesee St

    Year built
    1980
    Lot size
    0.45 lot acres
    Property size
    11,174 SF
    Zone code
    05 - COMMERCIAL
    Property type
    Office buildings
    APN
    311500 106.-12-04.0
    APU
    31150010612040

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $545,000
      ML approach
      $555,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $695,000
      Market price range: $695k - $1.71M

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

    Location Insight

    • Map
    • Local Demand
    City
    Syracuse
    County
    Onondaga
    State
    New York
    Longitude
    -76.1607
    Latitude
    43.0529
    CBSA code
    45060
    CBSA name
    SYRACUSE, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $59,900
    $124,100
    $184,000
    -
    $92,868
    $192,403
    $285,271

    Comparable in this City

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      $445,000
      18,000 SF

      513 Erie W Blvd, Unit 17

      OFFICE BUILDING • 18,000 SF
      513 Erie W Blvd, Syracuse, NY 13204-2422
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    • Value Estimation
      $905,000
      59,796 SF

      455 Franklin St

      OFFICE BUILDING • 59,796 SF
      455 Franklin St, Syracuse, NY 13204
      View Details
    • Value Estimation
      $1,025,000
      102,958 SF

      400 Division St

      OFFICE BUILDING • 102,958 SF
      400 Division St, Syracuse, NY 13204-1438
      View Details
    • Value Estimation
      $345,000
      9,384 SF

      906 Spencer St

      OFFICE BUILDING • 9,384 SF
      906 Spencer St, Syracuse, NY 13204-1168
      View Details
    • Value Estimation
      $1,465,000
      26,660 SF

      308 Maltbie St

      OFFICE BUILDING • 26,660 SF
      308 Maltbie St, Syracuse, NY 13204-1418
      View Details
    • Value Estimation
      $290,000
      3,776 SF

      310 Seymour St

      OFFICE BUILDING • 3,776 SF
      310 Seymour St, Syracuse, NY 13204-3210
      View Details

    Similar Nearby for Sale

    • $1,550,000
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      Prime Syracuse Office Building

      Value-add office building, high visibility
      829 Genesee St, Syracuse, NY 13204
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    • $520,000

      Office Building Near Inner Harbor

      6400 SF office space with parking for 75 vehicles.
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    • $2,900,000
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      Mixed-Use Warehouse/Office/Retail Space

      Versatile warehouse, office, and retail space near Route 690.
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    • $750,000
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      Mixed-Use Building Near I-690

      12,500 SF mixed-use building with warehouse and office space.
      532 State Fair Blvd, Syracuse, NY 13204
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    • $297,000

      High-Traffic Mixed-Use Property

      Mixed-use property suitable for office, retail, or residential/office.
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    • $289,000
      9,400 SF

      West Fayette Street Mixed-Use

      Syracuse redevelopment opportunity: 9,400 sq ft, 3-story building.
      1965 Fayette St, Syracuse, NY 13204
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    Similar Nearby for Lease

    • $22 SF/Yr
      14,887 SF

      Class A Office Building

      Four-story renovated office building with parking and creekwalk access.
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    • $18 SF/Yr
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      Office Space Available For Rent

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      709 Erie Blvd W, Syracuse, NY 13204
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    • $26 SF/Yr
      5,500 SF

      Class A Office Space

      Up to 5,500 SF office space for rent.
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    • $16 SF/Yr
      10,000 SF

      Downtown Syracuse Office Space Available

      Professional office space near Armory Square with included amenities.
      105 Wyoming St, Syracuse, NY 13204
      View Details
    • Contact for pricing
      3,800 SF

      Flexible Office Space Available

      Office space with parking, private offices, and convenient location.
      212-210 W Division St, Syracuse, NY 13204
      View Details
    • $16 SF/Yr
      2,500 SF

      Creative Office Space in Syracuse

      Modern office space with natural light and flexible floor plans.
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    615 Genesee St
    Syracuse, NY 13204-2303
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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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