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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

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 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

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
9.18%
NOI
$752,500
Percent Leased
71%
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

Major Tenants

  • Tenant
  • Industry
  • SF Occupied
  • Rent/SF
  • Lease Type
  • Lease End
  • Professional, Scientific, and Technical Services
  • -
  • -
  • -
  • -

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.

  • Public Administration
  • -
  • -
  • -
  • -

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
  • -
  • -
  • -
  • -
  • Public Administration
  • -
  • -
  • -
  • -

New York State is the government entity responsible for administering public programs, enforcing laws, and managing resources for the State of New York. It operates through multiple agencies and departments that oversee areas such as education, health, transportation, economic development, and public safety. The state government provides essential services to residents, including licensing, regulatory oversight, and social programs, while also maintaining infrastructure and environmental stewardship. It functions under a constitutional framework with executive, legislative, and judicial branches, ensuring governance and accountability. The state engages in policy development, budget management, and intergovernmental relations to support economic growth and community well-being. As a government organization, it maintains offices in Albany and Washington, D.C., along with numerous regional offices across the state.

  • Public Administration
  • -
  • -
  • -
  • -

New York State is the government entity responsible for administering public programs, enforcing laws, and managing resources for the State of New York. It operates through multiple agencies and departments that oversee areas such as education, health, transportation, economic development, and public safety. The state government provides essential services to residents, including licensing, regulatory oversight, and social programs, while also maintaining infrastructure and environmental stewardship. It functions under a constitutional framework with executive, legislative, and judicial branches, ensuring governance and accountability. The state engages in policy development, budget management, and intergovernmental relations to support economic growth and community well-being. As a government organization, it maintains offices in Albany and Washington, D.C., along with numerous regional offices across the state.

  • NYS Office of the Inspector General
  • Public Administration
  • -
  • -
  • -
  • -
  • Public Service Commission
  • Public Administration
  • -
  • -
  • -
  • -
  • Public Administration
  • -
  • -
  • Full Service
  • Nov 2029

The U.S. Department of Veterans Affairs began as the Veterans Administration and became a Cabinet-level department in 1989. The department carries forward a long federal tradition of supporting veterans through health care, education, disability, funerary, and financial benefits. Its Veterans Health Administration operates a nationwide health care system for enrolled veterans, while other administrations handle benefits, appeals, and related services. The department also maintains a history program that traces the federal government's role in caring for veterans back through earlier agencies and legacy institutions.

  • Public Administration
  • -
  • -
  • -
  • -

The United States Navy traces its origins to the Continental Navy established in 1775. It's recognized as the largest and most capable navy globally, maintaining a significant presence in international waters. The Navy operates numerous ships including aircraft carriers, destroyers, and submarines. It also has a robust naval aviation component with various aircraft for combat and support roles. The Navy's operations span the globe, with numerous bases and a wide network of alliances and partnerships.

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 - - - -
Moderately walkable
70/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100

Property Taxes

Property Taxes

Parcel Numbers
Multiple
  • 311500-105-000-0010-004-000-0000
  • 311500-105-000-0010-003-000-0000
  • 311500-105-000-0010-002-001-0000
  • 311500-105-000-0010-005-000-0000
Land Assessment
$577,200 (2025)
Improvements Assessment
$3,789,800 (2025)
Total Assessment
$4,367,000 (2025)
  • Listing ID: 39404309

  • Date on Market: 2/11/2026

  • Last Updated:

  • Address: 620 W Erie Blvd, Syracuse, NY 13204

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