Building Details

Year Built 2007

Buildings 1

Stories 1

Tenancy Single

Listing Agency: Matthews

Listed By: Scotty Latimer · License #790608

Source: Crexi

Added: Aug 3 Changed: Aug 10 Last Checked: Aug 10 at 1:35PM

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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 Matthews

Investment Insights

Based on property information with market context.

This 6,549-square-foot retail property was constructed in 2007 and is occupied by Advance Auto Parts. The tenancy has recently been extended, providing an established operating profile for the asset.

Located at 431 Genesee Street in Chittenango, New York, the property is part of the Syracuse, NY MSA. The offering reflects an 8.25% cap rate.

Key Highlights

• Advance Auto Parts occupies the retail property
• Recent lease extension supports continued tenancy
• 6,549‑square‑foot retail building

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

$84,658

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

5.82%

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%

$1,693,160 $1.7M

Cap Rate 7%

$1,209,400 $1.2M

Cap Rate 9%

$940,644 $940.6K

Market Conditions

NOI Build-Up for 6,549 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

$124.2K $18.96/SF

− Vacancy

−$3.2K −$0.49/SF

EGI

$120.9K $18.47/SF

− OpEx

−$36.3K −$5.54/SF

NOI

$84.7K $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%

$1,693,160

Cap Rate 7%

$1,209,400

Cap Rate 9%

$940,644

Alternative Uses

Best Use

Retail

$1.21M

$1.06M – $1.41M (±1% cap)

NOI $84,658 @ 7.0% cap · market cap 5.82%

Second Best

—

—

no second resolved use

Theoretical Best

Industrial

$2.20M

$1.92M – $2.57M (±1% cap)

NOI $153,961 @ 7.0% cap · market cap 10.58%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Advance Auto Parts Rental Equipment Company UPS Access Point ... Courier Service

Suggested Use

Top Pick Parking Lot & Garage Dental Office Electrical Service Bakery (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Retail space - Leased retail property with a recent lease extension in the Syracuse, NY MSA.

Where is this retail space located?

The property is located at 431 Genesee Street 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: Advance Auto Parts occupies the retail property; Recent lease extension supports continued tenancy; 6,549‑square‑foot retail building