Syracuse NNN Leased Investment
For Sale
$600,000
523 West Genesee Street, Syracuse, NY 13204
NNN leased investment property in Syracuse's historic automobile row.
Property Size2,848 SF
Lot Size0.66 Acres
Price / SF$210.67
Days on Market128
Property Features for 523 West Genesee Street
General Information
Standard status
Active
Size
2,848 SF
Lot size
0.66 Acres
Property subtype
Retail
Listing Agency:
CBRE | Syracuse
(315) 422-4200
Listed By:
Bill Anninos · License #Associate Real Estate Broker
Source:
Cbre
Added: Mar 25
Changed: Jul 10
Last Checked: Jul 15 at 5:04AM
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 CBRE | Syracuse
Investment Insights
Based on property information with market context.
This NNN leased investment property is strategically positioned on a prominent corner at the eastern entrance to Syracuse‘s historic automobile row. The property features a 2,848± square foot building with ample parking on a 28,650± square foot lot, which is approximately 0.658± acres. It includes a pylon sign and three drive-in garage bays. The location benefits from a signalized intersection at West Genesee and Plum Streets, with curb cuts on both streets. Additionally, it is situated just one-half block from the I-690 offramp. Enterprise Rent-A-Car began operating this full-service location in 2021 and will have the option to exercise its first renewal in 2026, (notice due by May 31, 2026). The company holds strong, investment-grade credit ratings from the leading credit rating agencies.
Key Highlights
- NNN leased investment property with a strong, investment‑grade credit rated tenant (Enterprise Rent‑A‑Car).
- Strategically positioned on a prominent corner at the eastern entrance to Syracuse’s historic automobile row.
- Ample parking on a 28,650± SF lot (0.658± acres).
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $37.6k | $13.20 |
| − Vacancy | −$1.6k | −$0.55 |
| EGI | $36.0k | $12.65 |
| − OpEx | −$10.8k | −$3.79 |
| NOI | $25.2k | $8.85 |
2,848 SF · lease $13.20/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$360.1K
$315.1K – $420.2K
NOI $25,210 @ 7.0% cap · market cap 4.20%
Second Best
Industrial
$181.4K
$158.7K – $211.6K
NOI $12,695 @ 7.0% cap · market cap 2.12%
Theoretical Best
Office A
$494.9K
$433.1K – $577.4K
NOI $34,646 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,023
Businesses Nearby
66k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 21%
Hotels & Casinos 19%
Dinosaur Bar-B-Que
Dining
18,818 visits/mo
0.3 miles
Burger King
Dining
13,296 visits/mo
0.5 miles
Courtyard by Marriott Syracuse Downtown at Armory Square
Hotels & Casinos
12,689 visits/mo
0.3 miles
Spaghetti Warehouse
Dining
7,513 visits/mo
0.5 miles
Bank of America
Shops & Services
4,792 visits/mo
0.5 miles
Demographics for 13204, NY
19,752
Population
10,410
Households
1.9
Avg Household Size
31
Median Age
26%
College-Educated
84%
High-School Grad
4.3 sq mi
ZIP Area
4,593
Density / Sq Mi
$42,585
Median Household Income
$35,609
Median Earnings
$1,054
Median Rent
$97,400
Median Home Value
Market
Vacancy Rate% for Retail in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - NNN leased investment property in Syracuse's historic automobile row.
Where is this nnn property located?
The property is located at 523 West Genesee Street Syracuse, NY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: NNN leased investment property with a strong, investment‑grade credit rated tenant (Enterprise Rent‑A‑Car).; Strategically positioned on a prominent corner at the eastern entrance to Syracuse’s historic automobile row.; Ample parking on a 28,650± SF lot (0.658± acres).
