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DOWNTOWN OFFICE INVESTMENT WITH PARKING 506 E Washington St 8,300 SF 60% Leased Office Building Syracuse, NY 13202 $1,515,041 CAD ($182.54 CAD/SF) 7.55% Cap Rate
INVESTMENT HIGHLIGHTS
- Prime Downtown Syracuse Location with on-site parking
- 32 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
PRIME DOWNTOWN OFFICE BUILDING WITH 32-CAR PARKING LOT INCLUDED!!
This 6,300 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.
This 6,300 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.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$158,391
|
$19.08
|
| Other Income |
$24,792
|
$2.99
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$183,182
|
$22.07
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$68,866
|
$8.30
|
| Net Operating Income |
$114,317
|
$13.77
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $158,391 |
| Annual Per SF | $19.08 |
| Other Income (CAD) | |
|---|---|
| Annual | $24,792 |
| Annual Per SF | $2.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $183,182 |
| Annual Per SF | $22.07 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $68,866 |
| Annual Per SF | $8.30 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $114,317 |
| Annual Per SF | $13.77 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Building Size
8,300 SF
Building Class
B
Year Built/Renovated
1960/2002
Price
$1,515,041 CAD
Price Per SF
$182.54 CAD
Cap Rate
7.55%
NOI
$114,317 CAD
Percent Leased
60%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
8,300 SF
Building FAR
0.32
Lot Size
0.60 AC
Opportunity Zone
Yes
Zoning
Commercial - MX-5
Parking
32 Spaces (3.86 Spaces per 1,000 SF Leased)
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
- -
- -
- -
The attorneys and staff at The Marrone Law Firm pride ourselves on being approachable and down-to-earth. We take complicated legal issues and make them easy for the client to understand and feel confident they are making informed decisions. We take our roles seriously, and consider the issues surrounding elder law and aging to be our life's work. So why do clients choose to work with us?
| 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
- 1st Fl-Ste E
- 1,674 SF
- Office
- Full Build-Out
- Jan 2026
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste E | 1,674 SF | Office | Full Build-Out | Jan 2026 |
1st Fl-Ste E
| Size |
| 1,674 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Jan 2026 |
1 1
Walk Score®
Very Walkable (88)
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 311500-103-000-0025-001-000-0000 | Improvements Assessment | $300,607 CAD (2024) |
| Land Assessment | $523,993 CAD (2024) | Total Assessment | $824,600 CAD (2024) |
PROPERTY TAXES
Parcel Number
311500-103-000-0025-001-000-0000
Land Assessment
$523,993 CAD (2024)
Improvements Assessment
$300,607 CAD (2024)
Total Assessment
$824,600 CAD (2024)
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DOWNTOWN OFFICE INVESTMENT WITH PARKING | 506 E Washington St
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