228 Seneca StManlius, NY 13104

Property Details for 228 Seneca St

Year built

1955

Lot size

0.61 AC

Property size (Sq ft)

3,195 SF

Zone code

IND

Property type

Office buildings

APN

313803 028.-01-10.1

APU

31380302801101

Description

This 0.61-acre commercial property in Manlius, NY, presents a unique redevelopment opportunity. Located at 228 E Seneca St, this B-Class property boasts 6,382 square feet, including 6,200 square feet of net rentable space, spread across a two-story building constructed in 1955 and renovated in 1990. The property features a commercially zoned lot (Com) and is ideally situated for high visibility, benefiting from heavy daytime traffic and proximity to churches, libraries, restaurants, shops, parks (Mill Run), and desirable neighborhoods. The site's versatility allows for various uses, including retail, personal service shops, banks, offices, restaurants, and indoor theaters, as permitted by zoning. The existing building is completely vacant and ready for immediate occupancy. Significant value-add features include functional vaults, drive-thrus, security systems, and ATM space. Ample parking is available, with 16 paved spaces, an estimated 5 gravel spaces, and additional redevelopable land for further expansion. The property's strategic location offers easy access to major transportation arteries, including Hancock International Airport (18.1 miles), Destiny USA (13.7 miles), Downtown Syracuse (11.6 miles), Cazenovia (10 minutes), Lyndon Corners (4 miles), and Fayetteville-Manlius High School (half a mile). The asking price is $1,200,000. The seller is accepting reasonable offers but is not willing to finance. APN: 028.-01-10.1.

• CAP approach

  CAP return

  Valuation

  6%

  $515,939

  6.5%

  $476,251

  7%

  $442,233

• Comparable approach

  Method

  Valuation

  Relative Method

  $291,889

  Geo Method

  $417,459

• Alternative Use

  Use

  Valuation

  Residential

  $590,552

  Hospitality

  $540,942

  Educational

  $450,058

  Medical

  $465,536

  Retail

  $700,090

Location Insight

City

Manlius

County

Onondaga

State

New York

Latitude

43.0015

Longitude

-75.9768

CBSA code

45060

CBSA name

SYRACUSE, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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