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    829 Genesee St Syracuse, NY 13204

    Sponsored
    For Sale
    $1,550,000

    Value-add office building, high visibility

    Property size:
    9,800 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This 9,800 square foot, Class B office building at 829-31 W. Genesee Street in Syracuse, NY, presents a compelling investment opportunity. Built in 1920 and renovated in 1980, the single-story building boasts a prominent location on a major commuting route, offering easy access to downtown Syracuse and major highways. Currently 25% occupied, the property features a long-term Verizon tower lease, generating significant income. 7,154 square feet of office space will become available Summer 2023. The interior is in excellent condition, recently updated with new carpet and paint (2022). The building includes a large conference room, nine private offices, a workroom, and multiple bathrooms. The space may be divisible to suit various tenant needs. On-site parking is available, with additional spaces for lease next door. The asking price is $1,550,000, representing a price per square foot of $158.16 and a pro-forma cap rate of 8.06%, with a pro-forma NOI of $125,000. The property's strong location, existing Verizon lease, and potential for increased occupancy through lease-up of vacant space offer significant upside potential for an investor or user. The building is owned by an LLC and consists of two units.

    Property Features for 829 Genesee St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    9,800 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1920/1980
    Buildings
    1
    Stories
    1
    Units
    2

    HighLights

    • Significant upside potential through NNN lease structure.
    • Long‑term lease with Verizon.
    • Potential for lease rate increase by reclaiming a portion of Verizon's occupied space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Icap Llc Property Management Company

    Suggested Use

    Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Daycare Center Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Syracuse
    County
    Onondaga
    State
    New York
    Longitude
    -76.16737
    Latitude
    43.0531287

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    FAQs

    What type of property is this?
    Office Property / Space - Value-add office building, high visibility
    Where is this office property / space located?
    The property is located at 829 Genesee St Syracuse, NY.
    What is the asking price?
    The asking price for this property is $1,550,000.
    What are key features of this property?
    This property features: Significant upside potential through NNN lease structure.; Long-term lease with Verizon.; Potential for lease rate increase by reclaiming a portion of Verizon's occupied space.
    Request Owner's contact information
    829 Genesee St Syracuse, NY 13204
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    829 Genesee St Syracuse, NY 13204
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