Medical Facility in New
For Sale
Contact for pricing
Pending
4 Ellinwood Dr, New Hartford, NY 13413
Two-tenant medical facility with long-term leases in New Hartford, NY.
Property Size17,114 SF
Days on Market167
Property Features for 4 Ellinwood Dr
General Information
Standard status
Pending
Size
17,114 SF
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Net Operating Income
$479,674
Building Details
Year Built
2022
Year Renovated
2025
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
ERE Healthcare Real Estate Advisors
Listed By:
Collin Hart · License #CA 02022679
Source:
Crexi
Added: Mar 6
Changed: Aug 13
Last Checked: Aug 19 at 10:12PM
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 ERE Healthcare Real Estate Advisors
Investment Insights
Based on property information with market context.
The Costello Eye New Hartford facility presents an opportunity to acquire a stabilized, two-tenant medical outpatient asset. The property features long-term leases to Costello Eye Physicians & Surgeons, a leading ophthalmology group in the region, and A Health Medicine, a regionally dominant interventional pain management, pulmonology, and sleep medicine practice. This purpose-built medical facility, constructed in 2022, is strategically located in New Hartford, Oneida County, within the Central New York region. The building fronts Commercial Drive and has exposure to Route 840, providing high roadside visibility. It is situated adjacent to New Hartford Consumer Square, a major retail center with over 500,000 square feet of retail space, including a Walmart Supercenter. The facility is anchored by Costello Eye Physicians & Surgeons, serving patients across five New York counties through eight locations. The second tenant, A Health Medicine, offers complementary services. Both tenants have recently executed long-term leases. Costello Eye Physicians & Surgeons occupies the first floor, featuring a state-of-the-art ophthalmology clinic with a procedure room, diagnostic room, 14 exam rooms, and eight offices. The second floor houses a pain center with a full X-Ray suite, three procedure rooms, nine post-op rooms, and 12 exam rooms. The leases feature a weighted average lease term of 10.56 years and fixed rental increases averaging 2.75% annually.
Key Highlights
- Anchored by Costello Eye Physicians & Surgeons, comprising 51% of the building’s NOI.
- Features fresh, long‑term leases with a weighted average lease term of 10.56 years and fixed rental increases averaging 2.75% annually.
- Current Net Operating Income (NOI) of $479,674.
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
$215,636
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
2.92%
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%
$4,312,720
$4.3M
Cap Rate 7%
$3,080,514
$3.1M
Cap Rate 9%
$2,395,956
$2.4M
Market Conditions
NOI Build-Up for 17,114 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
$359.4K $21.00/SF
− Vacancy
−$71.9K −$4.20/SF
EGI
$287.5K $16.80/SF
− OpEx
−$71.9K −$4.20/SF
NOI
$215.6K $12.60/SF
Area
Oneida County, NY
Vacancy
20.00%
Lease Rate
$21.00 /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%
$4,312,720
Cap Rate 7%
$3,080,514
Cap Rate 9%
$2,395,956
Alternative Uses
Best Use
Office B
$3.08M
$2.70M – $3.59M
NOI $215,636 @ 7.0% cap · market cap 2.92%
Second Best
Healthcare Medical
$2.91M
$2.55M – $3.40M
NOI $204,023 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$4.51M
$3.95M – $5.26M
NOI $315,692 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
650
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 13413, NY
15,574
Population
7,537
Households
2.1
Avg Household Size
47
Median Age
49%
College-Educated
95%
High-School Grad
19.3 sq mi
ZIP Area
807
Density / Sq Mi
$91,899
Median Household Income
$57,723
Median Earnings
$1,133
Median Rent
$218,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-tenant medical facility with long-term leases in New Hartford, NY.
Where is this medical office space located?
The property is located at 4 Ellinwood Dr New Hartford, NY.
What is the asking price?
The asking price for this property is $7,380,000.
What are key features of this property?
This property features: Anchored by Costello Eye Physicians & Surgeons, comprising 51% of the building’s NOI.; Features fresh, long‑term leases with a weighted average lease term of 10.56 years and fixed rental increases averaging 2.75% annually.; Current Net Operating Income (NOI) of $479,674.
