University Hill Redevelopment
For Sale
$1,500,000
601 Irving Avenue, Syracuse, NY
Redevelopment opportunity on University Hill, seller will vacate upon closing.
Property Size10,000 SF
Price / SF$150
Days on Market401
Property Features for 601 Irving Avenue
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Office
Building Details
Building Size
10,000 SF
Listing Agency:
Syracuse Office
Listed By:
Leonard DeStefano
(315) 445-8512
Source:
Pyramidbrokerage
Added: Sep 25, 2025
Changed: Oct 25
Last Checked: Oct 30 at 10:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Syracuse Office
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Investment Insights
Based on property information with market context.
Located on University Hill in Syracuse, this property presents a redevelopment opportunity. The seller will vacate the premises upon closing. Currently operating as Beit Chayim Messianic Jewish.
Key Highlights
- Redevelopment potential makes this a unique opportunity.
- Property on University Hill, Syracuse.
- Seller will vacate upon closing.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$96,188
Cap Rate
6.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,923,760
$1.9M
Cap Rate 7%
$1,374,114
$1.4M
Cap Rate 9%
$1,068,756
$1.1M
Market Conditions
NOI Build-Up for 10,000 SF
Gross rent
$150.0K $15.00/SF
− Vacancy
−$21.8K −$2.18/SF
EGI
$128.3K $12.83/SF
− OpEx
−$32.1K −$3.21/SF
NOI
$96.2K $9.62/SF
Area
Syracuse, NY
Vacancy
14.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,923,760
Cap Rate 7%
$1,374,114
Cap Rate 9%
$1,068,756
Alternative Uses
Best Use
Office B
$1.37M
$1.20M – $1.60M
NOI $96,188 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,651 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,009
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Syracuse, NY
Frequently Asked Questions
What type of property is this?
Office building - Redevelopment opportunity on University Hill, seller will vacate upon closing.
Where is this office building located?
The property is located at 601 Irving Avenue Syracuse, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Redevelopment potential makes this a unique opportunity.; Property on University Hill, Syracuse.; Seller will vacate upon closing.
