301 S Salina St | Syracuse, NY 13202
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301 S Salina St
Syracuse, NY 13202
Historic FW Woolworth Building · Retail Property For Sale
Investment Highlights
- Centrally located Historic Downtown Syracuse Redevelopment Opportunity
- 14,000 s.f. foot print is ideal for creating new loft-apartments with 14'+ ceilings
- Over 2,000 new market rate apartments recently created in Downtown with increasing demand and increasing prices.
- Over $100,000.00 in annual net income from recently signed 10-year NNN lease to national tenant
- Phase 1 Application for Historic Tax Credits approved
- Over $1 Billion in new development in Downtown Syracuse over the last 10 years
Executive Summary
RECENT PRICE ADJUSTMENT to reflect elevated interest and offers on the property and the owner's desired to close on a sale of the property 3rd quarter 2024.
The Historic FW Woolworth Building is located in the heart of Syracuse's revitalized downtown...Offering excellent exposure from both South Salina and East Fayette Streets...This 56,000 s.f. building, over 4-levels, offers one of the last remaining historic redevelopment opportunities in downtown Syracuse that has experienced an boom of investment activity over the last 10 years totaling over $1 BILLION!...
The top 2 floors each offer a 14,000 sf footprint with 14' ceilings, windows on 3 sides and access by two staircases and an existing elevator that provide for an excellent opportunity for the creation of 20 new loft apartments (see attached concept plan)...The first part of the Historic Tax Credit application has already be completed and approved by the existing owner allowing a new owner the ability to take advantage of this very lucrative program to facilitate the redevelopment of this property...Over 2,000 market-rate apartments have been created in downtown Syracuse over the past year with several hundred more under development with demand continuing to rise...In 2021, DGX (a Dollar General Subsidiary) opened on the 1st floor of the property in 5,580 s.f. This one lease provides $103,000.00 of NET INCOME annually with an increase to $114,331.00/year starting in 2026 thru 2031.
The Historic FW Woolworth Building is located in the heart of Syracuse's revitalized downtown...Offering excellent exposure from both South Salina and East Fayette Streets...This 56,000 s.f. building, over 4-levels, offers one of the last remaining historic redevelopment opportunities in downtown Syracuse that has experienced an boom of investment activity over the last 10 years totaling over $1 BILLION!...
The top 2 floors each offer a 14,000 sf footprint with 14' ceilings, windows on 3 sides and access by two staircases and an existing elevator that provide for an excellent opportunity for the creation of 20 new loft apartments (see attached concept plan)...The first part of the Historic Tax Credit application has already be completed and approved by the existing owner allowing a new owner the ability to take advantage of this very lucrative program to facilitate the redevelopment of this property...Over 2,000 market-rate apartments have been created in downtown Syracuse over the past year with several hundred more under development with demand continuing to rise...In 2021, DGX (a Dollar General Subsidiary) opened on the 1st floor of the property in 5,580 s.f. This one lease provides $103,000.00 of NET INCOME annually with an increase to $114,331.00/year starting in 2026 thru 2031.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
56,000 SF
Building Class
A
Year Built/Renovated
1920/2021
Price
$3,100,000
Price Per SF
$55
Tenancy
Multiple
Building Height
4 Stories
Building FAR
3.67
Lot Size
0.35 AC
Opportunity Zone
Yes
Zoning
012 - Syracuse MX-5 Zoning
Frontage
Amenities
- Bus Line
PROPERTY TAXES
| Parcel Number | 311500-101-000-0006-012-000-0000 | Improvements Assessment | $406,000 |
| Land Assessment | $494,000 | Total Assessment | $900,000 |
PROPERTY TAXES
Parcel Number
311500-101-000-0006-012-000-0000
Land Assessment
$494,000
Improvements Assessment
$406,000
Total Assessment
$900,000
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