2006 Genesee StSyracuse, NY 13219

For Sale
$2,100,000

Mixed-use, high-occupancy, strong NOI.

Overview

Added:
Dec 11, 2024
Days on market:
97
Geddes Plaza, located at 2006 W Genesee St, Syracuse, NY 13219, presents a compelling investment opportunity. This Class B, stabilized mixed-use property encompasses 51,528 square feet across four buildings on a 2.25-acre lot. The property features 50 units, including 22 residential apartments and 28 commercial spaces, currently boasting 92% occupancy with 46 tenants under a modified lease structure. The asking price is $2,100,000, representing a price per square foot of $40.75 and a 9.80% cap rate, generating a net operating income (NOI) of $205,900. Its strategic location in the West Genesee Street Corridor provides exceptional visibility and accessibility, with proximity to Interstates 690 and 81, offering convenient access to Syracuse's suburbs and the Micron Chip Fabrication project. The property benefits from cost savings through Solvay's Municipal Electric Department. This high-occupancy, multi-tenant property offers investors a stable investment with significant potential for long-term growth and strong returns due to its prime location and low utility costs. The property is situated in Onondaga County, New York.

Highlights

  • High-visibility location in the West Genesee Street Corridor with strong foot traffic.
  • Excellent access to I-690 and I-81, providing easy access to Syracuse and its suburbs.
  • Significant utility cost savings via Solvay Municipal Electric Department.
  • High occupancy rates and strong leasing history provide stable income and returns.

Property Details for 2006 Genesee St

Property type
Lifestyle centers, Power centers
Square Feet
51,528 SF
Class
B
Buildings
4
Lot Size (sq. ft)
98,010 SF
Units
50

Location Insight

City
Syracuse
County
Onondaga
State
New York
Latitude
43.048968359313
Longitude
-76.19741472765
2006 Genesee St, Syracuse, New York

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2006 Genesee St
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