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    506 W Union St Newark, NY 14513

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    Claim this Listing
    Pending
    $149,900

    SINGLE_FAMILY - Newark, NY

    Type:Office
    Property size:
    2,297 SF
    Lot size:
    0.22 Acres
    Added:
    Mar 10, 2026
    Days on Market:
    47
    Last Refresh:
    Apr 25 at 10:06 am

    Property Features for 506 W Union St

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    Business
    Rooms
    Basement
    Parking
    10
    Parking features
    Paved or Surfaced
    Interior features
    BedroomOnMainLevel
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Pending
    APN
    542001-067-111-0020-973-037-0000
    Size
    2,297 SF
    Lot size
    0.22 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5205

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air, Heat Pump (Heating)
    Cooling system
    Central Air, Heat Pump
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Flooring type
    Vinyl, Linoleum
    Building materials
    BlownInInsulation, Block, Concrete
    Roof type
    Asphalt, Shingle

    We can help!

    Listing Contact
    Tracy Lynn Zornow

    Listing agent Tracy Lynn Zornow License #10401317805

    Listing office Empire Realty Group W Union St 833 Ste 7, Webster, NY

    Listing date Mar 10, 2026

    MLS# R1665842

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Remodeled Craftsman Building in Newark

    Located in the Village of Newark, this remodeled 2-story Craftsman-style building, constructed around 1900, blends historic charm with modern functionality. Zoned B3 Commercial, the property is suitable for professional offices, wellness practices, medical services, boutique businesses, or mixed-use. The building features five rooms suitable for offices or treatment rooms, a reception area, and 1.5 bathrooms. Original woodwork and built-in features add warmth and character. A new kitchen includes cabinetry, countertops, a farmhouse sink, appliances, and a garbage disposal. The building also features new flooring, fresh paint, a new full bath upstairs, and a new water heater. A handicap-accessible ramp is present. Off-street parking is available for approximately 10-12 vehicles. The property is located within walking distance to shops, restaurants, and village amenities, near NY Route 31, with New York State Department of Transportation traffic counts showing approximately 11,000-12,000 vehicles passing through Newark daily. Additional features include a walk-up attic and a full walk-out basement. The property currently holds a variance allowing single-family residential use, creating flexibility for investors, live-work opportunities, or future conversion. The lot size is 0.22 acres, and the property size is 2297 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tracy Zornow Homes Real Estate Agency TruAgent Real Estate Agency

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Newark Veterinary Hospital — 155 W Shore Blvd, Newark, NY 14513

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Wayne
    State
    New York
    Longitude
    -77.109019
    Latitude
    43.046338

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    FAQs

    What type of property is this?
    Medical Office Space - Remodeled commercial building with flexible layout and ample parking.
    Where is this medical office space located?
    The property is located at 506 W Union St Newark, NY.
    What is the asking price?
    The asking price for this property is $149,900.
    What are key features of this property?
    This property features: Prime B3 Commercial zoning with mixed‑use potential; Completely remodeled with new kitchen, bathrooms, flooring, paint, and water heater; Ample off‑street parking for 10‑12 vehicles
    (315) 573-2522
    We can help!
    Listing Contact
    Tracy Lynn Zornow
    Real Estate License ID: 10401317805
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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