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DOWNTOWN OFFICE INVESTMENT WITH PARKING 506 E Washington St 8,300 SF 80% Leased Office Building Syracuse, NY 13202 $1,100,000 ($132.53/SF) 7.55% Cap Rate
INVESTMENT HIGHLIGHTS
- Prime Downtown Syracuse Location with on-site parking
- 32-space on-site parking lot allows for additional revenue
- Convenient location to Courthouses and Syracuse University
- Available 1,674 s.f. space allows for Owner-Occupied situation with future growth potential
- Desirable MX-5 Zoning would allow for a sizable future redevelopment project on the .6 acre site
EXECUTIVE SUMMARY
This 8,300 s.f. completely renovated office building provides direct access for tenants and free-on-site parking for employees and clients.
Additional parking spaces can be leased out to neighboring business to generate additional income.
Two existing tenants have lease commitments for 3-5 years and a vacant office space provides an excellent opportunity for a user-owner.
The property is ideally located near the courthouses and Syracuse University.
Future redevelopment opportunities for this property are enticing as development pressures for prime downtown and University Hill real estate continue to escalate.
FINANCIAL SUMMARY (PRO FORMA - 2026) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$115,000
|
$13.86
|
| Other Income |
$18,000
|
$2.17
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$133,000
|
$16.02
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$50,000
|
$6.02
|
| Net Operating Income |
$83,000
|
$10.00
|
FINANCIAL SUMMARY (PRO FORMA - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $115,000 |
| Annual Per SF | $13.86 |
| Other Income | |
|---|---|
| Annual | $18,000 |
| Annual Per SF | $2.17 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $133,000 |
| Annual Per SF | $16.02 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $50,000 |
| Annual Per SF | $6.02 |
| Net Operating Income | |
|---|---|
| Annual | $83,000 |
| Annual Per SF | $10.00 |
PROPERTY FACTS
AMENITIES
- Bus Line
- Signage
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Orthopedic Appliances
- Professional, Scientific, and Technical Services
- -
- -
- -
-
- Professional, Scientific, and Technical Services
- -
- -
- -
The attorneys and staff at The Marrone Law Firm pride ourselves on being approachable and down-to-earth. We take complicated legal issues and make them easy for the client to understand and feel confident they are making informed decisions. We take our roles seriously, and consider the issues surrounding elder law and aging to be our life's work. So why do clients choose to work with us?
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Orthopedic Appliances | Professional, Scientific, and Technical Services | - | - | - | ||
|
|
Professional, Scientific, and Technical Services | - | - | - |
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
Suite E at 506 E Washington St offers 1,674 SF of prime first-floor office space, perfectly suited for professional use. Built out as a law firm, this suite is in excellent condition and features a functional layout with five private offices, one conference room, a welcoming reception area, and partitioned workspaces. Amenities include air conditioning, central heat, private restrooms, and dedicated conference facilities, ensuring comfort and convenience for your team and clients. Available for occupancy starting January 1, 2026, this space is offered at $15/SF on a Modified Gross (MG) basis—an exceptional opportunity for businesses seeking a turnkey office environment in a desirable location.
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste E | 1,674 SF | Office | Full Build-Out | Jan 2026 |
1st Fl-Ste E
| Size |
| 1,674 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Jan 2026 |
1st Fl-Ste E
| Size | 1,674 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Jan 2026 |
Suite E at 506 E Washington St offers 1,674 SF of prime first-floor office space, perfectly suited for professional use. Built out as a law firm, this suite is in excellent condition and features a functional layout with five private offices, one conference room, a welcoming reception area, and partitioned workspaces. Amenities include air conditioning, central heat, private restrooms, and dedicated conference facilities, ensuring comfort and convenience for your team and clients. Available for occupancy starting January 1, 2026, this space is offered at $15/SF on a Modified Gross (MG) basis—an exceptional opportunity for businesses seeking a turnkey office environment in a desirable location.
PROPERTY TAXES
| Parcel Number | 311500-103-000-0025-001-000-0000 | Improvements Assessment | $218,000 (2024) |
| Land Assessment | $380,000 (2024) | Total Assessment | $598,000 (2024) |
PROPERTY TAXES
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DOWNTOWN OFFICE INVESTMENT WITH PARKING | 506 E Washington St
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