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DOWNTOWN OFFICE INVESTMENT WITH PARKING 506 E Washington St 8,300 SF 100% 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
- 100% Leased Renovated Office Building
- 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 100 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.
Three existing tenants have lease expirations from 2027-2029.
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 100 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.
Three existing tenants have lease expirations from 2027-2029.
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)
Financial Summary (Pro Forma - 2027) |
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 - 2027)
| 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
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
100%
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
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- On Transit, Inc.
- Administrative and Support Services
- 1,674 SF
- -
- -
- Orthopedic Appliances
- Professional, Scientific, and Technical Services
- -
- -
- -
-
- Professional, Scientific, and Technical Services
- -
- -
- -
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| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| On Transit, Inc. | Administrative and Support Services | 1,674 SF | - | - | ||
| Orthopedic Appliances | Professional, Scientific, and Technical Services | - | - | - | ||
|
|
Professional, Scientific, and Technical Services | - | - | - |
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
- 1st Fl-Ste E
- 1,566 SF
- Office/Retail
- -
- Jun 2027
| Space | Size | Space Use | Build-Out | Available |
| 1st Fl-Ste E | 1,566 SF | Office/Retail | - | Jun 2027 |
1st Fl-Ste E
| Size |
| 1,566 SF |
| Space Use |
| Office/Retail |
| Build-Out |
| - |
| Available |
| Jun 2027 |
Moderately walkable
70/100
Moderately drivable
60/100
Good public transit
60/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 311500-103-000-0025-001-000-0000 | Improvements Assessment | $218,000 (2025) |
| Land Assessment | $380,000 (2025) | Total Assessment | $598,000 (2025) |
Property Taxes
Parcel Number
311500-103-000-0025-001-000-0000
Land Assessment
$380,000 (2025)
Improvements Assessment
$218,000 (2025)
Total Assessment
$598,000 (2025)
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DOWNTOWN OFFICE INVESTMENT WITH PARKING | 506 E Washington St