2006 Genesee StSyracuse, NY 13219

Property Details for 2006 Genesee St

Year built

1970

Lot size

2.25 AC

Property size (Sq ft)

27,900 SF

Zone code

05 - COMMERCIAL

Property type

Strip malls

Property subtype

Neighborhood centers

APN

313201 014.-07-22.0

APU

31320101407220

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $6,622,912

  6.5%

  $6,113,458

  7%

  $5,676,782

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,423,211

  Geo Method

  $9,186,443

• Alternative Use

  Use

  Valuation

  Residential

  $5,156,930

  Hospitality

  $4,723,720

  Educational

  $3,930,080

  Medical

  $4,065,242

  Retail

  $6,113,458

Location Insight

City

Syracuse

County

Onondaga

State

New York

Latitude

43.0494

Longitude

-76.197

CBSA code

45060

CBSA name

SYRACUSE, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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