Former Medical Office
For Sale
Contact for pricing
5879 Snyder Drive, Lockport, NY 14094
Former medical office with 15 exam rooms, multiple workstations, and patient lobby, plus private rear access and basement storage.
Property Size6,008 SF
Price / SF$116.34
Days on Market113
Property Features for 5879 Snyder Drive
General Information
Standard status
Active
Size
6,008 SF
Property subtype
Retail
Building Details
Year Built
2007
Listing Agency:
Berkshire Hathaway HomeServices
Listed By:
Mark Zambito · License #NY 10301207566
(585) 576-3435
Source:
Crexi
Added: May 15
Changed: Sep 4
Last Checked: Jul 31 at 10:25AM
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 Berkshire Hathaway HomeServices
Investment Insights
Based on property information with market context.
This former medical office building is designed for efficient patient flow and flexible use. The interior currently features 15 exam rooms, one surgical room, five workstations, and four bathrooms. A spacious lobby and waiting area lead to a central reception and administrative area with extensive counter space and room for high-volume operations. The rear portion of the building provides private access through a separate entrance and includes its own office/workspace and dedicated bathroom.
The property is positioned in South Lockport and presents a professional exterior with attractive brick styling, manicured landscaping, and ample on-site parking.
In addition to the main level layout, the clean, oversized basement offers practical storage and utility space, along with a kitchen area for staff convenience.
The property is positioned in South Lockport and presents a professional exterior with attractive brick styling, manicured landscaping, and ample on-site parking.
In addition to the main level layout, the clean, oversized basement offers practical storage and utility space, along with a kitchen area for staff convenience.
Key Highlights
- Former medical office built in 2007 with 15 exam rooms, 1 surgical room, and 5 work stations
- Patient‑facing layout includes a spacious lobby and waiting area, plus a central reception and administrative/work space
- 4 bathrooms total, with rear portion featuring its own office/workspace and dedicated bathroom
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
$48,431
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
6.93%
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%
$968,620
$968.6K
Cap Rate 7%
$691,871
$691.9K
Cap Rate 9%
$538,122
$538.1K
Market Conditions
NOI Build-Up for 6,008 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
$86.5K $14.40/SF
− Vacancy
−$5.8K −$0.96/SF
EGI
$80.7K $13.44/SF
− OpEx
−$32.3K −$5.37/SF
NOI
$48.4K $8.06/SF
Area
Niagara County, NY
Vacancy
6.70%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
40.00%
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%
$968,620
Cap Rate 7%
$691,871
Cap Rate 9%
$538,122
Alternative Uses
Best Use
Office B
$1.21M
$1.06M – $1.42M
NOI $84,969 @ 7.0% cap · market cap 12.16%
Second Best
Healthcare Medical
$691.9K
$605.4K – $807.2K
NOI $48,431 @ 7.0% cap · market cap 6.93%
Theoretical Best
Warehouse
$5.10M
$4.47M – $5.96M
NOI $357,348 @ 7.0% cap · market cap 51.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
368
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 14094, NY
50,969
Population
23,283
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
121.7 sq mi
ZIP Area
419
Density / Sq Mi
$73,354
Median Household Income
$45,056
Median Earnings
$869
Median Rent
$186,100
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 - Former medical office with 15 exam rooms, multiple workstations, and patient lobby, plus private rear access and basement storage.
Where is this medical office space located?
The property is located at 5879 Snyder Drive Lockport, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Former medical office built in 2007 with 15 exam rooms, 1 surgical room, and 5 work stations; Patient‑facing layout includes a spacious lobby and waiting area, plus a central reception and administrative/work space; 4 bathrooms total, with rear portion featuring its own office/workspace and dedicated bathroom
