Medical Office Building with
New
For Sale
$375,000
63 West 2nd Street, Oswego, NY 13126
Established professional office layout with private rooms, accessible entry, and dedicated parking.
Property Size2,044 SF
Price / SF$183.46
Days on Market6
Property Features for 63 West 2nd Street
General Information
Standard status
Active
Size
2,044 SF
Total Parking Spaces
6
Property subtype
COMMERCIAL
Taxes and HOA fees
Annual Taxes
$6,301
Amenities
handicap-accessible ramp entrance
partially finished basement
Building Details
Building Size
2,044 SF
Year Built
1974
Buildings
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Hunt Real Estate ERA
(315) 263-9111
Listed By:
Karen A Hammond · License #40HA1110676
(315) 263-9111
Source:
Highfallssir
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 28 at 9:55AM
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 Hunt Real Estate ERA
Investment Insights
Based on property information with market context.
This 2,044-square-foot medical office building is configured for professional practice use, with 6 private exam rooms, a check-in area, lobby, receptionist workspace, dedicated storage and supply room, and 2 half bathrooms. A partially finished basement adds usable supporting space, while the handicap-accessible ramp provides an accessible entrance. The building was constructed in 1974 and has a newer roof.
The property includes 6 private deeded parking spaces and is currently leased, with the tenant paying utilities. Approximately 4 years remain on the lease, which includes a renewal option. Under the current arrangement, the owner is responsible for property taxes, building insurance, and repairs; the tenant handles lawn care and snow removal.
The property includes 6 private deeded parking spaces and is currently leased, with the tenant paying utilities. Approximately 4 years remain on the lease, which includes a renewal option. Under the current arrangement, the owner is responsible for property taxes, building insurance, and repairs; the tenant handles lawn care and snow removal.
Key Highlights
- 2,044‑square‑foot medical office building
- 6 private exam rooms with check‑in area, lobby, and receptionist workspace
- Partially finished basement, storage and supply room, and 2 half bathrooms
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
$27,660
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
7.38%
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%
$553,200
$553.2K
Cap Rate 7%
$395,143
$395.1K
Cap Rate 9%
$307,333
$307.3K
Market Conditions
NOI Build-Up for 2,044 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
$51.5K $25.20/SF
− Vacancy
−$5.4K −$2.65/SF
EGI
$46.1K $22.55/SF
− OpEx
−$18.4K −$9.02/SF
NOI
$27.7K $13.53/SF
Area
Oswego County, NY
Vacancy
10.50%
Lease Rate
$25.20 /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%
$553,200
Cap Rate 7%
$395,143
Cap Rate 9%
$307,333
Alternative Uses
Best Use
Healthcare Medical
$395.1K
$345.8K – $461.0K
NOI $27,660 @ 7.0% cap · market cap 7.38%
Second Best
Office B
$307.5K
$269.0K – $358.7K
NOI $21,523 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$407.7K
$356.7K – $475.7K
NOI $28,539 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,239
Businesses Nearby
Under-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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Established professional office layout with private rooms, accessible entry, and dedicated parking.
Where is this medical office space located?
The property is located at 63 West 2nd Street Oswego, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,044‑square‑foot medical office building; 6 private exam rooms with check‑in area, lobby, and receptionist workspace; Partially finished basement, storage and supply room, and 2 half bathrooms
