5206 Genesee StSyracuse, NY 13219

For Sale
$4,375,000

High-growth Walgreens, strong NOI, 7+ years remaining.

Overview

Added:
Dec 11, 2024
Days on market:
97
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.

Highlights

  • Strong 3% rent-to-sales ratio.
  • Impressive 14% sales growth (2021-2023).
  • Excellent adjacency to Walmart Supercenter and Lowe's.
  • Prime location near Costco and Home Depot.
  • Highly desirable corner location at Main and Main.

Property Details for 5206 Genesee St

Property type
Other retail properties, Individual retail properties
Square Feet
14,550 SF
Year Built
2006
Lot Size (sq. ft)
75,794 SF

Location Insight

City
Syracuse
County
Onondaga
State
New York
Latitude
43.041646911002
Longitude
-76.266042020564
5206 Genesee St, Syracuse, New York

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5206 Genesee St
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