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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
Their firm provides outstanding service to their clients because of their dedication to the three underlying principles of professionalism, responsiveness, and quality. Bush & Germain was founded in 1937 to meet the accounting service needs of the Upstate New York business community and continues in the tradition of delivering big firm expertise with small firm attention to businesses and individuals. By combining their expertise, experience, and the energy of their staff, each client receives close personal and professional attention. Their high standards, service, and specialized staff spell the difference between their outstanding performance and other firms. They make sure that every client is served by the expertise of their whole firm. Their firm is responsive. Companies who choose their firm rely on competent advice from their fast, accurate personnel. They provide total financial services to individuals, large and small businesses, and other agencies.
Empire State Development’s roots trace to the Division of Commerce, created by the state legislature in 1941, and the Urban Development Corporation (UDC), which the legislature created in 1968. Over the years, many departments and divisions were created to handle the challenges of the state. Then, in 1995, in an effort to reduce the size of government and improve efficiency, the operational efforts of the Department of Economic Development (DED) and the UDC were consolidated; doing business as the Empire State Development Corporation (ESDC). Empire State Development is the umbrella organization for New York’s two principal economic development financing entities: The New York State Urban Development Corporation and the Department of Economic Development. In an effort to increase efficiency and enhance the delivery of initiatives, these two agencies have worked together seamlessly since 1995.
- Helio Health
- Health Care and Social Assistance
- -
- -
- -
- -
New York State became a state after ratifying the U.S. Constitution in 1788, and its government has since developed into a broad public institution serving residents through executive, legislative, and judicial branches. The state government centralizes access to agencies, statewide elected offices, programs, and services, while also supporting functions such as taxation, public safety, health, local administration, and other civic services. New York maintains a wide public-service presence across policy areas that include transportation, education, environmental oversight, business regulation, and social programs. The state remains a major U.S. government entity with a diverse administrative structure that connects residents, businesses, and local governments to essential services.
New York State became a state after ratifying the U.S. Constitution in 1788, and its government has since developed into a broad public institution serving residents through executive, legislative, and judicial branches. The state government centralizes access to agencies, statewide elected offices, programs, and services, while also supporting functions such as taxation, public safety, health, local administration, and other civic services. New York maintains a wide public-service presence across policy areas that include transportation, education, environmental oversight, business regulation, and social programs. The state remains a major U.S. government entity with a diverse administrative structure that connects residents, businesses, and local governments to essential services.
- NYS Office of the Inspector General
- Public Administration
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- -
- -
- -
- Public Service Commission
- Public Administration
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- -
- -
- -
The Department of Veterans Affairs began as the Veterans Administration in 1930 and became a Cabinet-level department in 1989. The department serves veterans through health care, disability compensation, education assistance, home loans, life insurance, and burial benefits. The Department of Veterans Affairs operates through the Veterans Health Administration, the Veterans Benefits Administration, and the National Cemetery Administration, giving the agency a nationwide role in veteran services. The department also preserves and shares veterans' history through its history office and related archival efforts.
The United States Navy is the naval warfare branch of the U.S. Armed Forces and part of the Department of the Navy. Its origins trace to the Continental Navy during the American Revolution, and the service later became a permanent federal institution in the early republic. The Navy operates across surface warfare, submarines, naval aviation, special warfare, logistics, intelligence, and recruiting, supporting sea control, power projection, and maritime security. The service maintains pathways for enlisted sailors and officers, reflecting its ongoing role in attracting and training personnel.
| 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
Presented by
CENTRAL SYRACUSE INVESTMENT/REDEVELOPMENT | 620 W Erie Blvd
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