NNN Leased Retail
For Sale
$1,454,545
431 Genesee St, Chittenango, NY 13037
Fee-simple sale of an NN leased retail property occupied by Advance Auto Parts.
Property Size6,806 SF
Days on Market52
Property Features for 431 Genesee St
General Information
Standard status
Active
Size
6,806 SF
Property subtype
Commercial
Lease Term
±7 YRS
Net Operating Income
$120,000
Building Details
Building Size
6,806 SF
Year Built
2007
Listed By:
Landon Reynolds · License #836007 (TX)
(469) 868-4798
Source:
Matthews
Added: Jul 25
Changed: Sep 12
Last Checked: Sep 14 at 5:09AM
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 Landon Reynolds
Investment Insights
Based on property information with market context.
SRS National Net Lease presents the fee-simple opportunity to acquire an NN leased Advance Auto Parts investment property. The property is occupied by Advance Stores Company, Inc., with approximately three years remaining on the current term and three (5-year) extension options. The lease includes 5% rental increases at the beginning of each option period.
This is a net lease structure with limited landlord responsibilities.
The offering is for the land and building ownership of the retail site.
This is a net lease structure with limited landlord responsibilities.
The offering is for the land and building ownership of the retail site.
Key Highlights
- Fee‑simple (land and building) sale of an NN leased Advance Auto Parts retail property
- Tenant: Advance Stores Company, Inc.; approximately 3 years remaining on the current term
- Includes 3 (5‑year) extension options to extend the lease term
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
$87,981
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
6.05%
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%
$1,759,620
$1.8M
Cap Rate 7%
$1,256,871
$1.3M
Cap Rate 9%
$977,567
$977.6K
Market Conditions
NOI Build-Up for 6,806 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
$129.0K $18.96/SF
− Vacancy
−$3.4K −$0.49/SF
EGI
$125.7K $18.47/SF
− OpEx
−$37.7K −$5.54/SF
NOI
$88.0K $12.93/SF
Area
Madison County, NY
Vacancy
2.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,759,620
Cap Rate 7%
$1,256,871
Cap Rate 9%
$977,567
Alternative Uses
Best Use
Retail
$1.26M
$1.10M – $1.47M
NOI $87,981 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$2.29M
$2.00M – $2.67M
NOI $160,003 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
23k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Shops & Services 44%
Burger King
Dining
10,340 visits/mo
0.1 miles
Dollar General
Shops & Services
6,121 visits/mo
0.2 miles
SUBWAY
Dining
2,400 visits/mo
0.1 miles
Advance Auto Parts
Shops & Services
1,521 visits/mo
0.1 miles
O'Reilly Auto Parts
Shops & Services
1,318 visits/mo
0.2 miles
Demographics for 13037, NY
9,230
Population
3,987
Households
2.3
Avg Household Size
43
Median Age
34%
College-Educated
96%
High-School Grad
42.5 sq mi
ZIP Area
217
Density / Sq Mi
$79,191
Median Household Income
$50,679
Median Earnings
$826
Median Rent
$211,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Retail space - Fee-simple sale of an NN leased retail property occupied by Advance Auto Parts.
Where is this retail space located?
The property is located at 431 Genesee St Chittenango, NY.
What is the asking price?
The asking price for this property is $1,454,545.
What are key features of this property?
This property features: Fee‑simple (land and building) sale of an NN leased Advance Auto Parts retail property; Tenant: Advance Stores Company, Inc.; approximately 3 years remaining on the current term; Includes 3 (5‑year) extension options to extend the lease term
