605-609 E Fayette St - DOWNTOWN/UNIVERSITY HOTEL/RESIDENTIAL SITE
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605-609 E Fayette St - DOWNTOWN/UNIVERSITY HOTEL/RESIDENTIAL SITE
0.57 Acres of Residential Land Offered at $1,300,000 in Syracuse, NY 13202
Investment Highlights
- Ideally situated between University Hill and Downtown Syracuse
- MX-5 Zoning allows for maximum density for development
- Adjacent Land (Under I-81 Viaduct to be removed) is NYS owned and will expand future potential development lot to over 2 acres
- New public incentives for the creation of new housing units.
Executive Summary
CENTRAL SYRACUSE DEVELOPMENT SITE at the crossroads of Downtown Syracuse and University Hill.
Property sits next to the soon-to-be demolished I-81 Viaduct that will open up additonal contiguous development land in access of 2 acres!
Area has seen tremendous growth over the last 5 years including 100's of new apartments offering a central location and easy access to the vibrant Downtown Syracuse market as well Syracuse University and the three major area Hospitals.
New zoning in place allows for the maximum development under MX-5 designation that incentivizes new housing construction.
Property sits next to the soon-to-be demolished I-81 Viaduct that will open up additonal contiguous development land in access of 2 acres!
Area has seen tremendous growth over the last 5 years including 100's of new apartments offering a central location and easy access to the vibrant Downtown Syracuse market as well Syracuse University and the three major area Hospitals.
New zoning in place allows for the maximum development under MX-5 designation that incentivizes new housing construction.
Property Facts
| Price | $1,300,000 | Property Subtype | Residential |
| Sale Type | Investment or Owner User | Total Lot Size | 0.57 AC |
| No. Lots | 1 | Opportunity Zone |
Yes
|
| Property Type | Land |
| Price | $1,300,000 |
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.57 AC |
| Opportunity Zone |
Yes |
1 Lot Available
Lot
| Price | $1,300,000 | Lot Size | 0.57 AC |
| Price Per AC | $2,280,702 |
| Price | $1,300,000 |
| Price Per AC | $2,280,702 |
| Lot Size | 0.57 AC |
Property abuts a large NYS-state owned parcel that would increase the total development parcel to over 2 acres. The NYS State land will be available in 2026 when I-81 viaduct is removed as part of $2 billion infrastructure project.
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Walk Score ®
Very Walkable (86)
Bike Score ®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 311500-103-000-0024-001-000-0000 | Improvements Assessment | $0 |
| Land Assessment | $120,000 | Total Assessment | $120,000 |
PROPERTY TAXES
Parcel Number
311500-103-000-0024-001-000-0000
Land Assessment
$120,000
Improvements Assessment
$0
Total Assessment
$120,000
zoning
| Zoning Code | MX-5 |
| MX-5 |
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605-609 E Fayette St - DOWNTOWN/UNIVERSITY HOTEL/RESIDENTIAL SITE
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