701 Geddes StSyracuse, NY 13204

Property Details for 701 Geddes St

Year built

1920

Lot size

0.53 AC

Property size (Sq ft)

31,480 SF

Zone code

10

Property type

Investment properties

Property subtype

Live-work space

APN

311500 097.-16-62.0

APU

31150009716620

Description

701 South Geddes Street in Syracuse, NY presents a compelling investment opportunity. This 44,680 square foot general commercial building sits on a 0.53-acre lot at a key, signalized intersection, ensuring high visibility and accessibility. Constructed in 1920, the building currently houses eleven thriving retail tenants, demonstrating strong existing income potential. The property's prominent location makes it ideal for retail and street retail investors seeking a well-established presence in a bustling area of Greater Syracuse. The building offers 38,552 square feet of leasable space, currently occupied by multiple tenants. The property's substantial size and location offer significant upside potential. The existing structure provides a solid foundation for continued rental income, while the potential for development on the second floor presents an exciting avenue for future expansion and increased profitability. This corner property represents a rare chance to acquire a well-established, income-generating asset in a desirable Syracuse location with significant growth potential. The asking price is $1,500,000.

• CAP approach

  CAP return

  Valuation

  6%

  $5,885,210

  6.5%

  $5,432,500

  7%

  $5,044,460

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,933,470

  Geo Method

  $4,195,440

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $10,981,200

  Retail / Commercial

  $5,531,050

  Hospitality / Lodging

  $3,883,010

  Office

  $5,318,120

  Institutional / Educational

  $5,619,430

  Residential Income

  $6,574,740

  Multifamily

  $8,322,420

  Automotive / Energy

  $4,816,660

  Parking / Income-Based Land

  $1,740,060

  Restaurant / Food Service

  $2,657,240

  Healthcare / Senior Housing

  $5,651,770

Location Insight

City

Syracuse

County

Onondaga

State

New York

Latitude

43.0407

Longitude

-76.1716

CBSA code

45060

CBSA name

SYRACUSE, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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