Two-Bay Auto Shop with
For Sale
$325,000
388 W 1st Street, Oswego, NY 13126
Standalone commercial building includes a finished office, full bath, storage room, and fully paved parking area.
Property Size1,642 SF
Price / SF$197.93
Days on Market39
Property Features for 388 W 1st Street
General Information
Standard status
Active
Size
1,642 SF
Property subtype
CommercialLease
Listing Agency:
Century 21 Galloway Realty
(315) 342-2111
Listed By:
William R Galloway · License #31GA0866669
(315) 342-2111
Source:
Nicholcityrealty
Added: Jul 22
Changed: Aug 29
Last Checked: Aug 29 at 7:29PM
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 Century 21 Galloway Realty
Investment Insights
Based on property information with market context.
This standalone auto shop includes two garage bays, a finished office, and a full bath. An additional enclosed room behind the garage provides storage, while the building’s layout supports automotive service or related commercial use.
The property occupies a corner lot at 388 W 1st Street in Oswego, New York. The entire lot is paved, providing on-site parking around the building. Its independent structure and combination of work, office, restroom, and storage areas create a practical footprint for an owner-user or operator seeking an automotive-oriented facility.
The property occupies a corner lot at 388 W 1st Street in Oswego, New York. The entire lot is paved, providing on-site parking around the building. Its independent structure and combination of work, office, restroom, and storage areas create a practical footprint for an owner-user or operator seeking an automotive-oriented facility.
Key Highlights
- Two‑bay former garage configuration
- Finished office with full bath
- Additional storage room behind the garage
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
$15,856
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
4.88%
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%
$317,120
$317.1K
Cap Rate 7%
$226,514
$226.5K
Cap Rate 9%
$176,178
$176.2K
Market Conditions
NOI Build-Up for 1,642 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
$23.6K $14.40/SF
− Vacancy
−$993 −$0.60/SF
EGI
$22.7K $13.80/SF
− OpEx
−$6.8K −$4.14/SF
NOI
$15.9K $9.66/SF
Area
Oswego County, NY
Vacancy
4.20%
Lease Rate
$14.40 /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%
$317,120
Cap Rate 7%
$226,514
Cap Rate 9%
$176,178
Alternative Uses
Best Use
Retail
$226.5K
$198.2K – $264.3K
NOI $15,856 @ 7.0% cap · market cap 4.88%
Second Best
Industrial
$145.1K
$126.9K – $169.3K
NOI $10,155 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$327.5K
$286.6K – $382.1K
NOI $22,926 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,140
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13126, NY
35,477
Population
15,668
Households
2.3
Avg Household Size
36
Median Age
29%
College-Educated
92%
High-School Grad
100.7 sq mi
ZIP Area
352
Density / Sq Mi
$63,590
Median Household Income
$30,469
Median Earnings
$992
Median Rent
$134,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Scotty's Towing & Road Service INC — 500 W 1st St, Oswego, NY 13126
- Port City Car Care — 20 Ohio St, Oswego, NY 13126
- Trustworthy Auto Body Shop in Oswego, NY — 428 W 1st St, Oswego, NY 13126
- Port City Collision — 428 W 1st St, Oswego, NY 13126
- Burritt Motors — 410 w 1st st, oswego, ny 13126
Frequently Asked Questions
What type of property is this?
Auto shop - Standalone commercial building includes a finished office, full bath, storage room, and fully paved parking area.
Where is this auto shop located?
The property is located at 388 W 1st Street Oswego, NY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑bay former garage configuration; Finished office with full bath; Additional storage room behind the garage
