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CENTRAL SYRACUSE INVESTMENT/REDEVELOPMENT 620 W Erie Blvd 125,000 SF 70% Leased Office Building Syracuse, NY 13204 $8,200,000 ($65.60/SF) 8.54% Cap Rate
Investment Highlights
- This Central Syracuse Investment Opportunity is located adjacent to Downtown Syracuse and near Syracuse University
- Historically strong tenant based anchored by Federal and New York State Agencies
- Strong redevelopment opportunity with a residential component. Over $100 million of residential investment with 1-mile of site over the last 5 years.
- Tremendous upside with existing NOI of $700,000.00 (8.5% cap rate) with only 70% occupancy.
- 350 parking spaces located in lower-level garage and surrounding lots.
Executive Summary
CENTRAL SYRACUSE INVESTMENT/REDEVELOPMENT OPPORTUNITY\
Prime location on the western edge of Downtown Syracuse and close proximity to Syracuse University
3-Story, 125,000 s.f. building with lower-level parking garage.
350 parking spaces included. 85 spaces in lower-level garage and 165 located in four on-site adjacent parking lots.
Tremendous upside with $700,000.00 NOI on existing listing-an 8.5% cap rate on 70% occupancy.
Excellent future residential conversion possibility. Over $100 million in residential development has occurred with 1 mile of the site in the last 5 years alone.
Significant recent investment in building infrastructure of over $1.5 million:
2026 New Boiler and fire panel/System upgrades
2025 New cooling tower #2 and installation of property security cameras.
2024 New cooling Tower #1
2022 New HVAC management/controls upgrade
2017 New rubber-membrane roof
2009 New external elevator.
2015-2025 Replacement of numerous individual heat-pump units.
Five tax parcels are included in the sale.
620 Erie Blvd., W (Tax# 105.10-02.1)
648-62 Erie Blvd., W. (Tax#105.-10-03.0)
401 Tracy St (Tax#105.-10-05.0)
415 Tracy Street (Tax#105.-10-04.0)
100 Van Rensselaer St (Tax#105.-10-06.0)
Prime location on the western edge of Downtown Syracuse and close proximity to Syracuse University
3-Story, 125,000 s.f. building with lower-level parking garage.
350 parking spaces included. 85 spaces in lower-level garage and 165 located in four on-site adjacent parking lots.
Tremendous upside with $700,000.00 NOI on existing listing-an 8.5% cap rate on 70% occupancy.
Excellent future residential conversion possibility. Over $100 million in residential development has occurred with 1 mile of the site in the last 5 years alone.
Significant recent investment in building infrastructure of over $1.5 million:
2026 New Boiler and fire panel/System upgrades
2025 New cooling tower #2 and installation of property security cameras.
2024 New cooling Tower #1
2022 New HVAC management/controls upgrade
2017 New rubber-membrane roof
2009 New external elevator.
2015-2025 Replacement of numerous individual heat-pump units.
Five tax parcels are included in the sale.
620 Erie Blvd., W (Tax# 105.10-02.1)
648-62 Erie Blvd., W. (Tax#105.-10-03.0)
401 Tracy St (Tax#105.-10-05.0)
415 Tracy Street (Tax#105.-10-04.0)
100 Van Rensselaer St (Tax#105.-10-06.0)
Financial Summary (Actual - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
125,000 SF
Building Class
B
Year Built
1988
Price
$8,200,000
Price Per SF
$65.60
Cap Rate
8.54%
NOI
$700,000
Percent Leased
70%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
41,667 SF
Building FAR
1.30
Lot Size
2.21 AC
Opportunity Zone
Yes
Zoning
MX-3 - The MX-3 district is established to provide for pedestrian-friendly, transit-supportive areas of higher-density residential and commercial use.
Parking
350 Spaces (2.8 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Air Conditioning
Walk Score®
Very Walkable (74)
Bike Score®
Very Bikeable (70)
Property Taxes
| Parcel Numbers | Improvements Assessment | $3,789,800 (2024) | |
| Land Assessment | $577,200 (2024) | Total Assessment | $4,367,000 (2024) |
Property Taxes
Parcel Numbers
Land Assessment
$577,200 (2024)
Improvements Assessment
$3,789,800 (2024)
Total Assessment
$4,367,000 (2024)
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CENTRAL SYRACUSE INVESTMENT/REDEVELOPMENT | 620 W Erie Blvd
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