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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
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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