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506 E Washington St
Syracuse, NY 13202
DOWNTOWN OFFICE INVESTMENT WITH PARKING · Office Property For Sale
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
PRIME DOWNTOWN OFFICE BUILDING WITH 32-CAR PARKING LOT INCLUDED!!
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--especially with the active $2 Billion removal of the I-81 Viaduct and the $100 Billion Micron Semi-conductor Complex (broke ground 1/16/26)
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--especially with the active $2 Billion removal of the I-81 Viaduct and the $100 Billion Micron Semi-conductor Complex (broke ground 1/16/26)
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
8,300 SF
Building Class
B
Year Built/Renovated
1960/2002
Price
$1,100,000
Price Per SF
$132.53
Cap Rate
7.55%
NOI
$83,000
Percent Leased
80%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
8,300 SF
Building FAR
0.32
Lot Size
0.60 AC
Opportunity Zone
Yes
Zoning
Commercial - MX-5
Parking
32 Spaces (3.86 Spaces per 1,000 SF Leased)
AMENITIES
- Bus Line
- Signage
PROPERTY TAXES
| Parcel Number | 311500-103-000-0025-001-000-0000 | Improvements Assessment | $218,000 |
| Land Assessment | $380,000 | Total Assessment | $598,000 |
PROPERTY TAXES
Parcel Number
311500-103-000-0025-001-000-0000
Land Assessment
$380,000
Improvements Assessment
$218,000
Total Assessment
$598,000
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