Sleep Number,
Syracuse, NY Investment Summary
| Price | $3,508,000 |
| Cap Rate | 6.50% |
| NOI | $228,000 |
| Lease Term | 10 Years |
| Lease Type | NNN, with tenant responsible for all taxes, insurance, and maintenance, excluding roof and structure |
| Rental Increases | 10% rental increases every five (5) years in option periods |
| Year Built | 2023 |
| Building Size | 3,000 SF |
| Lot Size | 0.56 acres (24,394 SF) |
| Status | Available |
| Lead Brokers | Vincent Aicale Executive Managing Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Managing Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Vice Chairman 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Executive Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
10-YEAR NNN LEASE TO STRONG CORPORATE TENANT
» Relocation Store – relocation from successful Shoppingtown Mall location
» New 10-Year NNN lease to corporate tenant with a corporate guaranty (NASDAQ “SNBR”)
» NNN lease requires minimal management, ideal for an out-of-area investor
» 10% rental increases every five (5) years
» Sleep Number’s annual net sales grew by 20% to $2.2 billion in 2021
» 2023 high-quality construction featuring Sleep Number’s latest prototype
HIGH-VISIBILITY LOCATION IN A MAIN RETAIL CORRIDOR
» Outparcel location with excellent visibility along Erie Boulevard East with access to 26,960 daily vehicles in front of the site
» Situated in a main retail corridor adjacent to Burlington, DICK’S Sporting Goods, Dunkin’, and Starbucks with nearby major retailers such as Trader Joe’s, Walmart Supercenter, The Home Depot, PetSmart, and Best Buy
» Nearby freeway access just one mile from Interstate 690 (100,780 AADT) and less than one mile from Interstate 481 (62,260 AADT)
» Within 10 minutes of Le Moyne College (2,700+ students), Syracuse University (22,698 students), and Nottingham High School (1,366 students)
» Beneficial proximity to SUNY Upstate Medical University (the region’s largest employer and the only academic medical center in Central New York), Crouse Hospital (506 beds), St. Joseph’s Health Hospital (58 beds), and Syracuse VA Medical Center (106 beds)
ACCESS TO A LARGE CONSUMER BASE IN THE 5TH LARGEST CITY IN NEW YORK
» Well-positioned in Syracuse, the fifth-largest city in New York (population of 149,655)
» 172,881 residents live within a five-mile radius
» Average annual household income of $113,303 within a one mile (projected to increase 19% by 2027)
» Strong local economy with private sector jobs in the Syracuse metro area rising over the year by 7,800, or 3.2%, to 251,300 in January 2023
» New York’s annual average private sector employment increased by 445,200, or 5.8%, to 8,076,900 in 2022
Property Description
» This Sleep Number outparcel location maintains excellent visibility along Erie Boulevard East and has immediate access to 26,960 daily vehicles in front of the site
» The property is prominently located in a main retail corridor adjacent to Burlington, DICK’S Sporting Goods, Dunkin’, and Starbucks with nearby major retailers such as Trader Joe’s, Walmart Supercenter, The Home Depot, PetSmart, and Best Buy
» The site offers nearby freeway access situated just one mile off Interstate 690 (100,780 AADT) and less than a mile from Interstate 481 (62,260 AADT)
» The location is within ten minutes of Le Moyne College (2,700+ students), Syracuse University (22,698 students), and Nottingham High School (1,366 students)
» The subject property is well-positioned in Syracuse, the fifth-largest city in New York with a 2023 population of 149,655
» 172,881 residents live within a five-mile radius with an average annual household income of$113,303 within one mile
