Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    506 W Union St Newark, NY 14513

    View on Map
    Sponsored
    For Sale
    $149,900

    SINGLE_FAMILY - Newark, NY

    Type:Office
    Property size:
    2,297 SF
    Lot size:
    0.22 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 10 at 11:06 pm

    Property Features for 506 W Union St

    General Information

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

    Utilities

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

    Building Details

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

    We can help!

    Listing Contact
    Tracy Lynn Zornow

    Empire Realty Group (585) 746-9196

    Listing agent Tracy Lynn Zornow (585) 347-4900 License #10401317805

    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.

    Learn more

    Property Insight Report

    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

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Similar Places Nearby

    Newark Veterinary Hospital

    Location Insight

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

    Nearby Similar for Sale

    • $350,000
      2,412 SF

      Versatile Professional Building on One-Acre

      Well-maintained 2,412 SF building suitable for various professional uses.
      165 W Shore Blvd, Newark, NY 14513
      View Details
    • $700,000
      7,370 SF

      Turnkey Restaurant with Apartment and Garage

      Fully operational 182-seat restaurant with apartment and garage in Newark.
      1121 E Union St, Newark, NY 14513
      View Details
    • $375,000
      10,912 SF

      Mixed-Use Investment Property on Main

      Mixed-use property with storefronts and residential unit in Newark, NY.
      214 S Main St, Newark, NY 14513
      View Details
    • $165,000
      Pending

      Spacious Commercial Property with Patios

      Roomy commercial property with patios, ideal for various businesses.
      145 Railroad Ave, Newark, NY 14513
      View Details
    • $750,000

      Wayne County Multifamily Investment

      38-unit multifamily property located in Wayne County, New York.
      3767 Fairville Maple Ridge Rd, Newark, NY 14513
      View Details
    • $1,500,000

      107-Room Hotel Near Erie Canal

      Hotel with banquet room, pool, and redevelopment potential.
      125 N Main St, Newark, NY 14513
      View Details
    • $750,000

      Mobile Home Park For Sale

      Mobile home park featuring tenant and park owned homes.
      3767 Fairville Maple Ridge Rd, Newark, NY 14513
      View Details
    • $128,900
      Pending

      Commercial Storefront with Rented Apartment

      Commercial storefront with a fully rented two-bedroom apartment.
      105 E Miller St, Newark, NY 14513
      View Details
    • $89,900

      Village Two-Family Home Opportunity

      Two-family home in Newark, ideal for owners or investors.
      128 Prospect St, Newark, NY 14513
      View Details
    • $950,000
      7,370 SF

      Newark Restaurant & Apartment

      Turnkey Restaurant, Apartment, Garage
      1121 Union St, Newark, NY 14513
      View Details
    • $240,000
      2,846 SF

      Newark, NY Retail Opportunity

      Former Pizza Hut, 2846 sq ft, $240,000
      224 Union St, Newark, NY 14513
      View Details
    • $1,250,000
      22,364 SF

      Newark Retail Opportunity on 1.56 Acres

      22,000+ sq ft retail space in high-traffic Newark location.
      100 Mason St, Newark, NY 14513
      View Details

    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
    Request Owner's contact information
    506 W Union St Newark, NY 14513
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    506 W Union St
    Newark, NY 14513
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    506 W Union St Newark, NY 14513
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Tracy Lynn Zornow
    Real Estate License ID: 10401317805
    (315) 573-2522 (585) 347-4900
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!