709 Genesee StSyracuse, NY 13210

Property Details for 709 Genesee St

Year built

1930

Lot size

0.41 AC

Property size (Sq ft)

8,816 SF

Zone code

10

Property type

Office properties

Property subtype

Office buildings

APN

311500 048.-01-10.0

APU

31150004801100

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,423,636

  6.5%

  $1,314,126

  7%

  $1,220,260

• Comparable approach

  Method

  Valuation

  Relative Method

  $805,414

  Geo Method

  $1,151,898

• Alternative Use

  Use

  Valuation

  Residential

  $1,629,516

  Hospitality

  $1,492,628

  Educational

  $1,241,849

  Medical

  $1,284,558

  Retail

  $1,931,765

Location Insight

City

Syracuse

County

Onondaga

State

New York

Latitude

43.048

Longitude

-76.1414

CBSA code

45060

CBSA name

SYRACUSE, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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