Building Details

Building Size 481 SF

Year Built 1950

Stories 1

Listing Agency: m***@gmail.com Show Phone

Listed By: Mandy Saloski Show Phone

Source: Elliman

Added: Jun 23 Changed: Aug 14 Last Checked: Aug 16 at 5:41AM

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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 Mandy Saloski

Investment Insights

Based on property information with market context.

This completely renovated village building offers a turnkey setup for professional use. The property is currently operated as a counseling center, with flexibility for a variety of smaller tenants and concepts. Furniture is negotiable, which can help streamline an incoming operator’s move-in and buildout decisions. Historically, the building has been used as a liquor store and is noted as the original fire station of Hannibal.

Located in Hannibal, NY in a rural village setting, the building is supported by public parking nearby. Public parking is available to the north side of the building, to the left of the building on the side of the road, and also across the street in the Village Square parking.

The layout and current counseling-center use make the property practical for buyers or tenants seeking a small footprint office environment, including satellite office operations and attorney office requirements. It also aligns with small retail uses where a turnkey, renovated structure and accessible public parking can support everyday customer or client access.

Key Highlights

• Year built 1950 village building that has been completely renovated
• Currently used as a counseling center; previously a liquor store
• Previously served as the original fire station of Hannibal

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$5,065

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

8.05%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$101,300 $101.3K

Cap Rate 7%

$72,357 $72.4K

Cap Rate 9%

$56,278 $56.3K

Market Conditions

NOI Build-Up for 481 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$8.7K $18.00/SF

− Vacancy

−$1.9K −$3.96/SF

EGI

$6.8K $14.04/SF

− OpEx

−$1.7K −$3.51/SF

NOI

$5.1K $10.53/SF

Area

Oswego County, NY

Vacancy

22.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$101,300

Cap Rate 7%

$72,357

Cap Rate 9%

$56,278

Alternative Uses

Best Use

Healthcare Medical

$93.0K

$81.4K – $108.5K (±1% cap)

NOI $6,509 @ 7.0% cap · market cap 10.35%

Second Best

Office B

$72.4K

$63.3K – $84.4K (±1% cap)

NOI $5,065 @ 7.0% cap · market cap 8.05%

Theoretical Best

Office A

$95.9K

$84.0K – $111.9K (±1% cap)

NOI $6,716 @ 7.0% cap · market cap 10.68%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flash Point Christian ... Family Counselor

Suggested Use

Top Pick Building Supply Real Estate Agency Plumbing Service Garden Center Hair Salon (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

92

Businesses Nearby

Explore this area Business Placement

Demographics for 13074, NY

4,206

Population

1,930

Households

2.2

Avg Household Size

41

Median Age

11%

College-Educated

88%

High-School Grad

42.3 sq mi

ZIP Area

99

Density / Sq Mi

$73,681

Median Household Income

$42,019

Median Earnings

$1,105

Median Rent

$137,300

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this office units located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office units - Turnkey, renovated village building suited for small retail, office, or counseling use with nearby public parking.

Where is this office units located?

The property is located at 1088 Auburn St Hannibal, NY.

What is the asking price?

The asking price for this property is $62,900.

What are key features of this property?

This property features: Year built 1950 village building that has been completely renovated; Currently used as a counseling center; previously a liquor store; Previously served as the original fire station of Hannibal