709 Genesee StSyracuse, NY 13210

For Sale
$1,990,000

Prime location, renovated building, strong rental income.

Overview

Added:
Dec 11, 2024
Days on market:
95
This exceptional investment property, located at 709 E Genesee St in Syracuse, NY, presents a compelling opportunity. The 9,036 square foot building, renovated in 2014, combines retail and multifamily uses. The property features five fully renovated apartments, each boasting hardwood floors, granite countertops, stainless steel appliances, in-unit laundry, and flat-screen TVs. Three apartments include gas fireplaces. The extensive 2014 renovation encompassed a complete interior rebuild, new roof, exterior façade, windows, and a porous parking lot accommodating 23 vehicles. The lot itself measures 49' x 357' and extends from East Genesee Street to East Fayette Street. Approximately 4,500 square feet of ground-floor retail or office space is available for lease, offering significant upside potential. This property benefits from its prime location, just seven blocks from downtown Syracuse, near Syracuse University and SUNY ESF, and adjacent to the Crown Plaza Syracuse Hotel. The area is experiencing significant growth in student housing, with several new developments nearby. The current occupancy is 50%, with a new ten-year net lease effective March 2024. Operating expenses pass-through equals $4.00/SF. This is an ideal opportunity for an investor seeking a blend of immediate rental income and future development potential in a thriving urban setting. The property is zoned for both retail and multifamily use.

Highlights

  • 4,500± SF of ground-floor retail or office space available for lease.
  • 4,500± SF retail space with five fully renovated, leased apartments on the second floor providing supplemental income.
  • Excellent location: walking distance to Syracuse University, regional hospitals, downtown Syracuse, municipal government, and the East Genesee Street retail district; adjacent to the Crown Plaza Hotel.
  • 23 on-site parking spaces.
  • Completely renovated in 2011, including new roof, drywall, mechanical systems, exterior façade, windows, and interior rebuild; features a porous paving parking lot.

Property Details for 709 Genesee St

Property type
Other retail properties, Multifamily properties
Square Feet
9,036 SF
Year Renovated
2014
Lot Size (sq. ft)
1,786 SF

Location Insight

City
Syracuse
County
Onondaga
State
New York
Latitude
43.0476618
Longitude
-76.1414399
709 Genesee St, Syracuse, New York

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709 Genesee St
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