Building Details

Building Size 5,868 SF

Year Built 2023

Buildings 1

Stories 1

Tenancy Multi

Listing Agency: Century 21 Galloway Realty w***@c21galloway.com Show Phone

Listed By: William R Galloway · License #31GA0866669 Show Phone

Source: Elliman

Added: Aug 20 Changed: Aug 21 Last Checked: Aug 21 at 3:53AM

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Investment Insights

Based on property information with market context.

This approximately 5,868-square-foot commercial property is configured for two occupants, with Valvoline and an urgent-care provider operating under long-term triple-net leases. The modern facility includes three service bays, a full basement, and commercial-grade construction. Existing leases are part of the offering, with scheduled rent increases of approximately 10% every five years.

The property occupies approximately 1.06 acres and provides roughly 200 feet of road frontage along Downer Street Road, with access near Meigs Road. Its two-tenant layout combines automotive service and healthcare-related occupancy in a single commercial asset. Lease and financial documentation is available to qualified buyers subject to a confidentiality agreement.

Key Highlights

• Approximately 5,868‑square‑foot commercial property on approximately 1.06 acres
• Two‑tenant occupancy includes Valvoline and an urgent‑care provider
• Long‑term triple‑net leases with approximately 10% increases every five years

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

$70,831

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

2.83%

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%

$1,416,620 $1.4M

Cap Rate 7%

$1,011,871 $1.0M

Cap Rate 9%

$787,011 $787.0K

Market Conditions

NOI Build-Up for 5,868 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

$105.6K $18.00/SF

− Vacancy

−$4.4K −$0.76/SF

EGI

$101.2K $17.24/SF

− OpEx

−$30.4K −$5.17/SF

NOI

$70.8K $12.07/SF

Area

Onondaga County, NY

Vacancy

4.20%

Lease Rate

$18.00 /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%

$1,416,620

Cap Rate 7%

$1,011,871

Cap Rate 9%

$787,011

Alternative Uses

Best Use

Retail

$1.01M

$885.4K – $1.18M (±1% cap)

NOI $70,831 @ 7.0% cap · market cap 2.83%

Second Best

Healthcare Medical

$754.4K

$660.1K – $880.2K (±1% cap)

NOI $52,809 @ 7.0% cap · market cap 2.11%

Theoretical Best

Office A

$1.02M

$892.3K – $1.19M (±1% cap)

NOI $71,385 @ 7.0% cap · market cap 2.86%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

1031 exchange properties

Suggested Use

Top Pick Real Estate Agency Auto Repair Shop Building Supply Auto Parts Store Dental Office Big Box & Wholesale 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.

Lease Details

3

Service bays

100%

Occupancy

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

179

Businesses Nearby

128k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 41% Groceries 37% Shops & Services 20% Home Improvements & Furnishings 1%

Tops Friendly Markets Groceries

29,878 visits/mo 0.4 miles

McDonald's Dining

26,191 visits/mo 0.3 miles

Aldi Groceries

17,115 visits/mo 0.2 miles

Taco Bell Dining

13,907 visits/mo 0.4 miles

Dunkin' Donuts Dining

12,781 visits/mo 0.3 miles

Demographics for 13027, NY

34,507

Population

15,276

Households

2.3

Avg Household Size

44

Median Age

45%

College-Educated

96%

High-School Grad

67.0 sq mi

ZIP Area

515

Density / Sq Mi

$91,369

Median Household Income

$55,805

Median Earnings

$1,258

Median Rent

$226,500

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

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Frequently Asked Questions

What type of property is this?

NNN property - Long-term triple-net leases support diversified occupancy across automotive service and urgent-care uses.

Where is this nnn property located?

The property is located at 2290 Downer Street Rd Van Buren, NY.

What is the asking price?

The asking price for this property is $2,500,000.

What are key features of this property?

This property features: Approximately 5,868‑square‑foot commercial property on approximately 1.06 acres; Two‑tenant occupancy includes Valvoline and an urgent‑care provider; Long‑term triple‑net leases with approximately 10% increases every five years