Current Use by Public Records
- Retail properties & Spaces
Property Details for 3125 Erie Blvd
- Year built
- 1999
- Lot size
- 0.56 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a 6,000 square foot, Class A storefront in East Syracuse, NY, fully occupied by a credit-rated FedEx under a Net Lease. The property, built in 1999 and completely renovated in 2023, boasts a strong 6.75% cap rate and a substantial remaining lease term of 8.5 years (expiring 05/31/2033, commencing 06/01/2023), with renewal options for 2-5 years. The single-tenant, NNN lease provides a stable income stream, further enhanced by rent bumps scheduled for years 6-10. Located at 3125 Erie Blvd E, the property sits on a 0.56-acre lot and includes 35 parking spaces, catering to both employees and customers. The building is situated in a high-traffic area within Onondaga County, benefiting from excellent demographics and a densely populated surrounding area. The property's strong financial performance is underscored by a current NOI of $112,456 and a price per square foot of $277.67. This is a 1031 exchange-eligible property, making it an attractive option for investors seeking tax advantages. The property is zoned for commercial use and comprises one, single-story building with two units. This investment offers a compelling blend of stability, strong cash flow, and significant growth potential.
Value Estimations
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AI approach
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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
- -76.0813
- Latitude
- 43.056
