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Erie Place I 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.
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
Medical
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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Erie Place I | 620 W Erie Blvd
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