5206 Genesee St Syracuse, NY 13219
- Retail properties
- 14,550 SF
- 1.74 lot acres
Current Use by Public Records
- Retail properties
Property Details for 5206 Genesee St
- Year built
- 2006
- Lot size
- 1.74 lot acres
- Property size
- 14,550 SF
- Property type
- Retail properties
- Property subtype
- Drug stores
Description
This exceptional investment opportunity presents a 14,550 square foot Walgreens located at 5206 W Genesee St, Syracuse, NY 13219. The property sits on a 1.74-acre lot and boasts a prime location near major retailers including Walmart, Lowe's, Home Depot, and Costco, creating a high-traffic "Main and Main" intersection. The single-tenant, absolute triple-net (NNN) lease with a credit-rated tenant, Walgreens, has a remaining term of approximately 6.9 years, expiring October 31, 2031. The property features a strong net operating income (NOI) of $350,000, resulting in an 8% cap rate. Reported sales have shown impressive growth, exceeding 14% between 2021 and 2023, reaching $2,668,510. This translates to an exceptionally low estimated rent-to-sales ratio of 3%. Built in 2006, this 100% occupied property offers significant long-term stability and potential for appreciation. The surrounding area demonstrates strong economic indicators, including high household incomes within a 5-mile radius ($92,000 average within 1 mile, $103,000 within 5 miles) and a highly educated population in Onondaga County (91.3% high school graduates or higher, 36.5% with bachelor's degrees or higher). The county's robust economy is further supported by major employers such as Upstate Medical University and Syracuse University. This offering is ideal for 1031 exchange investors seeking a secure, high-performing retail investment with significant upside potential. The asking price is $4,375,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Syracuse
- County
- Onondaga
- State
- New York
- Longitude
- -76.266
- Latitude
- 43.0416
