Net-Leased Family Dollar
For Sale
$1,759,112
1701 N Salina St, Syracuse, NY 13208
Net-leased Family Dollar on a prominent retail corridor with ample parking and high-visibility signage.
Property Size8,320 SF
Price / SF$211.43
Days on Market43
Property Features for 1701 N Salina St
General Information
Standard status
Active
Size
8,320 SF
Property subtype
Discount
Lease Type
NN
Amenities
Corporate Guarantee: 7,100+ Total Stores – 2025 Revenue of $13+ Billion With $495m EBITDA
Early Renewal-Strong Commitment: Recent Extension – 6+ Years Remaining on Primary Lease Term w/Increases Every Option Term
Adjacent to Destiny USA: Super Regional Shopping, Dining & Entertainment Hub – Largest Shopping Mall in NY – 10th Largest Nationwide
Excellent Visibility & Access: Frontage on N Salina St & Right Off Hiawatha Blvd & I-81 – Combined Traffic Counts of 108,000+ VPD
Densely Populated Area: 55,000+ People Within a 2 MI Radius
Qualifies For Bonus Depreciation: Contact Listing Agent For Estimate of Savings
Strong Residual Value: Infill Location – Sits In Area's Primary Retail Corridor
High Performing Location: $2.3 Million in Sales 2025 – Ranked in Top 18% Family Dollar Stores Nationwide on Placer AI
Building Details
Building Size
8,320 SF
Listing Agency:
Marcus & Millichap
Listed By:
Scott Sandelin · License #License(s): FL: SL636794
(786) 522-7009
Source:
Marcusmillichap
Added: Jul 25
Changed: Sep 2
Last Checked: Sep 5 at 4:03AM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
Marcus & Millichap presents a net-leased Family Dollar retail property located at 1701 N Salina Street in Syracuse, New York. The offering is a Family Dollar building with a net lease structure in place, featuring approximately 6+ years remaining in the current term along with two five-year renewal options.
The property includes an 8,320 SF building on a 0.98-acre parcel and was constructed in 2013. It is positioned for visibility and customer access along N Salina Street, with ample parking and high-visibility signage supporting retail operations.
The tenant has operated at this location since 2013. The lease provides for contractual rental increases of 21% on the first renewal option and 10% on the second renewal option term.
The property includes an 8,320 SF building on a 0.98-acre parcel and was constructed in 2013. It is positioned for visibility and customer access along N Salina Street, with ample parking and high-visibility signage supporting retail operations.
The tenant has operated at this location since 2013. The lease provides for contractual rental increases of 21% on the first renewal option and 10% on the second renewal option term.
Key Highlights
- Net‑leased Family Dollar at 1701 N Salina Street, Syracuse, with ~6+ years remaining and (2) five‑year renewal options
- Lease includes rental increases: 21% on the 1st option term and 10% on the 2nd option term
- 8,320 SF Family Dollar building on a 0.98‑acre (42,688 SF) parcel; constructed in 2013
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
$73,648
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
4.19%
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%
$1,472,960
$1.5M
Cap Rate 7%
$1,052,114
$1.1M
Cap Rate 9%
$818,311
$818.3K
Market Conditions
NOI Build-Up for 8,320 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
$109.8K $13.20/SF
− Vacancy
−$4.6K −$0.55/SF
EGI
$105.2K $12.65/SF
− OpEx
−$31.6K −$3.79/SF
NOI
$73.6K $8.85/SF
Area
Syracuse, NY
Vacancy
4.20%
Lease Rate
$13.20 /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%
$1,472,960
Cap Rate 7%
$1,052,114
Cap Rate 9%
$818,311
Alternative Uses
Best Use
Retail
$1.05M
$920.6K – $1.23M
NOI $73,648 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,214 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,052
Businesses Nearby
139k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 60%
Dining 21%
Hotels & Casinos 12%
Shops & Services 8%
Macy's
Apparel
82,674 visits/mo
0.3 miles
Wendy's
Dining
17,705 visits/mo
0.3 miles
Embassy Suites by Hilton Syracuse Destiny
Hotels & Casinos
16,495 visits/mo
0.1 miles
Dunkin' Donuts
Dining
11,095 visits/mo
0.3 miles
Family Dollar
Shops & Services
8,880 visits/mo
0.1 miles
Demographics for 13208, NY
23,603
Population
10,325
Households
2.3
Avg Household Size
33
Median Age
19%
College-Educated
77%
High-School Grad
4.1 sq mi
ZIP Area
5,757
Density / Sq Mi
$40,641
Median Household Income
$35,015
Median Earnings
$999
Median Rent
$110,300
Median Home Value
Market
Vacancy Rate% for Retail in Syracuse, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Net-leased Family Dollar on a prominent retail corridor with ample parking and high-visibility signage.
Where is this retail space located?
The property is located at 1701 N Salina St Syracuse, NY.
What is the asking price?
The asking price for this property is $1,759,112.
What are key features of this property?
This property features: Net‑leased Family Dollar at 1701 N Salina Street, Syracuse, with ~6+ years remaining and (2) five‑year renewal options; Lease includes rental increases: 21% on the 1st option term and 10% on the 2nd option term; 8,320 SF Family Dollar building on a 0.98‑acre (42,688 SF) parcel; constructed in 2013
