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CENTRAL SYRACUSE INVESTMENT/REDEVELOPMENT 620 W Erie Blvd 125,000 SF 71% Leased Office Building Syracuse, NY 13204 $8,200,000 ($65.60/SF) 9.18% 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 $752,5000.00 (9.18% cap rate) with only 71% occupancy.
- 350 parking spaces located in lower-level garage and surrounding lots.
Executive Summary
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 265 located in four on-site adjacent parking lots.
Tremendous upside with $752,500.00 NOI on existing listing-a 9.18% cap rate on 71% 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) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$1,532,500
|
$12.26
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$1,532,500
|
$12.26
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$780,000
|
$6.24
|
| Net Operating Income |
$752,500
|
$6.02
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $1,532,500 |
| Annual Per SF | $12.26 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $1,532,500 |
| Annual Per SF | $12.26 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $780,000 |
| Annual Per SF | $6.24 |
| Net Operating Income | |
|---|---|
| Annual | $752,500 |
| Annual Per SF | $6.02 |
Property Facts
Amenities
- Bus Line
- Air Conditioning
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
Bush & Germain, CPA, PC began in 1937 as a New York State licensed CPA firm. The firm provides tax, accounting, and business consulting services for business owners, executives, and independent professionals. Service lines include business tax preparation, individual tax preparation, financial planning, advisory work, small business accounting, and broader business services. The company is based in Syracuse, New York, and continues to operate as a full-service accounting practice.
Empire State Development is New York State's economic development agency, focused on business investment, job growth, and broader state economic activity. The organization traces its roots to the New York State Urban Development Corporation, created in 1968, and was reorganized in 1995 when several state economic development entities were consolidated under the Empire State Development name. Empire State Development supports companies and communities through loans, grants, tax credits, real estate development, marketing, infrastructure, innovation, and workforce development. The agency also works on revitalization, early-stage business support, and programs that encourage growth across diverse industries and regions in New York State.
- Helio Health
- Health Care and Social Assistance
- -
- -
- -
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New York State began as one of the original U.S. states, joining the Union in 1788 after a colonial history shaped by Dutch settlement, English rule, and the growth of Albany and New York City. The state serves residents and businesses through a broad network of agencies and online services that cover government, taxes, transportation, parks, civil service, and other public functions. A central portal provides entry point for information about state government agencies, programs, and services, reflecting a wide public-service role across the state.
New York State began as one of the original U.S. states, joining the Union in 1788 after a colonial history shaped by Dutch settlement, English rule, and the growth of Albany and New York City. The state serves residents and businesses through a broad network of agencies and online services that cover government, taxes, transportation, parks, civil service, and other public functions. A central portal provides entry point for information about state government agencies, programs, and services, reflecting a wide public-service role across the state.
- NYS Office of the Inspector General
- Public Administration
- -
- -
- -
- -
- Public Service Commission
- Public Administration
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- -
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- -
The Department of Veterans Affairs began in 1930 as the Veterans Administration, created to bring federal veteran care and benefits under one organization. The department provides health care, disability compensation, education support, financial benefits, home loan guarantees, and burial and memorial services for veterans, servicemembers, families, caregivers, and survivors. The agency's work spans health administration, benefits administration, and national cemetery operations, reflecting a broad federal role in veteran support. In 1989, the Veterans Administration was renamed the Department of Veterans Affairs, and the agency continues to serve as a central provider of veteran-focused services across the United States.
The U.S. Navy originated from the Continental Navy in 1775 and was established in its current form in 1794. As the maritime branch of the United States armed forces, the U.S. Navy protects America at sea and keeps the seas open and free. The service operates across naval warfare, aviation, submarine warfare, surface combat, and special operations through sea, air, and land missions. The U.S. Navy remains part of the Department of the Navy and continues a long-running role in U.S. defense and global maritime presence.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
Professional, Scientific, and Technical Services | - | - | - | - | |
|
Public Administration | - | - | - | - | |
| Helio Health | Health Care and Social Assistance | - | - | - | - | |
|
Public Administration | - | - | - | - | |
|
Public Administration | - | - | - | - | |
| NYS Office of the Inspector General | Public Administration | - | - | - | - | |
| Public Service Commission | Public Administration | - | - | - | - | |
|
Public Administration | - | - | Full Service | Nov 2029 | |
|
Public Administration | - | - | - | - |
Property Taxes
| Parcel Numbers | Improvements Assessment | $3,789,800 (2025) | |
| Land Assessment | $577,200 (2025) | Total Assessment | $4,367,000 (2025) |
Property Taxes
Contact the Sale Advisor
CENTRAL SYRACUSE INVESTMENT/REDEVELOPMENT | 620 W Erie Blvd

