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DOWNTOWN OFFICE INVESTMENT WITH PARKING 506 E Washington St 8,300 SF 60% Leased Office Building Syracuse, NY 13202 $1,511,092 CAD ($182.06 CAD/SF) 7.55% Cap Rate
Investment Highlights
- Prime Downtown Syracuse Location with on-site parking
- 32-space on-site parking lot allows for additional revenue
- Convenient location to Courthouses and Syracuse University
- Available 1,674 s.f. space allows for Owner-Occupied situation with future growth potential
- Desirable MX-5 Zoning would allow for a sizable future redevelopment project on the .6 acre site
Executive Summary
This 8,300 s.f. completely renovated office building provides direct access for tenants and free-on-site parking for employees and clients.
Additional parking spaces can be leased out to neighboring business to generate additional income.
Two existing tenants have lease commitments for 3-5 years and a vacant office space provides an excellent opportunity for a user-owner.
The property is ideally located near the courthouses and Syracuse University.
Future redevelopment opportunities for this property are enticing as development pressures for prime downtown and University Hill real estate continue to escalate--especially with the active $2 Billion removal of the I-81 Viaduct and the $100 Billion Micron Semi-conductor Complex (broke ground 1/16/26)
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$157,978
|
$19.03
|
| Other Income |
$24,727
|
$2.98
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$182,705
|
$22.01
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$68,686
|
$8.28
|
| Net Operating Income |
$114,019
|
$13.74
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $157,978 |
| Annual Per SF | $19.03 |
| Other Income (CAD) | |
|---|---|
| Annual | $24,727 |
| Annual Per SF | $2.98 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $182,705 |
| Annual Per SF | $22.01 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $68,686 |
| Annual Per SF | $8.28 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $114,019 |
| Annual Per SF | $13.74 |
Property Facts
Amenities
- Bus Line
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Orthopedic Appliances
- Professional, Scientific, and Technical Services
- -
- -
- -
-
- Professional, Scientific, and Technical Services
- -
- -
- -
Les avocats et le personnel du cabinet d'avocats Marrone sont fiers d'être accessibles et réalistes. Nous prenons en charge les questions juridiques complexes et les rendons faciles à comprendre pour le client et se sent confiant qu'il prend des décisions éclairées. Nous prenons nos rôles au sérieux et considérons que les questions entourant le droit des aînés et le vieillissement sont l'œuvre de notre vie. Alors pourquoi les clients choisissent-ils de travailler avec nous ?
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Orthopedic Appliances | Professional, Scientific, and Technical Services | - | - | - | ||
|
|
Professional, Scientific, and Technical Services | - | - | - |
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
Suite E at 506 E Washington St offers 1,674 SF of prime first-floor office space, perfectly suited for professional use. Built out as a law firm, this suite is in excellent condition and features a functional layout with five private offices, one conference room, a welcoming reception area, and partitioned workspaces. Amenities include air conditioning, central heat, private restrooms, and dedicated conference facilities, ensuring comfort and convenience for your team and clients. Available for occupancy starting January 1, 2026, this space is offered at $15/SF on a Modified Gross (MG) basis—an exceptional opportunity for businesses seeking a turnkey office environment in a desirable location.
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste E | 1,674 SF | Office | Full Build-Out | Now |
1st Fl-Ste E
| Size |
| 1,674 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
1st Fl-Ste E
| Size | 1,674 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
Suite E at 506 E Washington St offers 1,674 SF of prime first-floor office space, perfectly suited for professional use. Built out as a law firm, this suite is in excellent condition and features a functional layout with five private offices, one conference room, a welcoming reception area, and partitioned workspaces. Amenities include air conditioning, central heat, private restrooms, and dedicated conference facilities, ensuring comfort and convenience for your team and clients. Available for occupancy starting January 1, 2026, this space is offered at $15/SF on a Modified Gross (MG) basis—an exceptional opportunity for businesses seeking a turnkey office environment in a desirable location.
Property Taxes
| Parcel Number | 311500-103-000-0025-001-000-0000 | Improvements Assessment | $299,471 CAD (2024) |
| Land Assessment | $522,014 CAD (2024) | Total Assessment | $821,485 CAD (2024) |
Property Taxes
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DOWNTOWN OFFICE INVESTMENT WITH PARKING | 506 E Washington St
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