Listing Agency: Sun Harvest Realty Inc. d***@twcny.rr.com Show Phone

Listed By: Dean D. Cummins Show Phone

Source: Exprealty

Added: Apr 7 Changed: Aug 17 Last Checked: Aug 17 at 5:53PM

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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 Sun Harvest Realty Inc.

Investment Insights

Based on property information with market context.

This auto shop property includes a former garage building with an existing lift. The property is identified as B2 zoning and has an on-site septic system. The seller will connect the property to public water.

Located at 201 W Main St in Elbridge, the site occupies the corner of State Rt 5 and State Rt 31B, just east of Byrne Dairy. The town does not allow car sales at this property, supporting consideration of other permitted commercial uses such as office or small-business operations.

Key Highlights

• Former garage building with an existing lift
• B2 zoning designation
• Corner location at State Rt 5 and State Rt 31B

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

$5,213

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

8.70%

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%

$104,260 $104.3K

Cap Rate 7%

$74,471 $74.5K

Cap Rate 9%

$57,922 $57.9K

Market Conditions

NOI Build-Up for 1,161 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

$8.0K $6.89/SF

− Vacancy

−$552 −$0.48/SF

EGI

$7.4K $6.41/SF

− OpEx

−$2.2K −$1.92/SF

NOI

$5.2K $4.49/SF

Area

Onondaga County, NY

Vacancy

6.90%

Lease Rate

$6.89 /SF/Yr

Expense Ratio

30.00%

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%

$104,260

Cap Rate 7%

$74,471

Cap Rate 9%

$57,922

Alternative Uses

Best Use

Retail

$200.2K

$175.2K – $233.6K (±1% cap)

NOI $14,014 @ 7.0% cap · market cap 23.40%

Second Best

Industrial

$74.5K

$65.2K – $86.9K (±1% cap)

NOI $5,213 @ 7.0% cap · market cap 8.70%

Theoretical Best

Office A

$201.8K

$176.6K – $235.4K (±1% cap)

NOI $14,124 @ 7.0% cap · market cap 23.58%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Auto shops

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Auto Parts Store HVAC Service Electrical Service Hair Salon

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

90

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 13060, NY

2,584

Population

1,329

Households

1.9

Avg Household Size

47

Median Age

20%

College-Educated

89%

High-School Grad

16.2 sq mi

ZIP Area

160

Density / Sq Mi

$60,661

Median Household Income

$45,822

Median Earnings

$968

Median Rent

$116,600

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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Similar Off Market Nearby

• Humphreys Garage — 1062 NY-5, Elbridge, NY 13060

Frequently Asked Questions

What type of property is this?

Auto shop - Former garage building with an existing lift at the corner of State Rt 5 and State Rt 31B.

Where is this auto shop located?

The property is located at 201 W Main St Elbridge, NY.

What is the asking price?

The asking price for this property is $59,900.

What are key features of this property?

This property features: Former garage building with an existing lift; B2 zoning designation; Corner location at State Rt 5 and State Rt 31B