Medical Office Building with Backup
For Sale
$1,125,000
6934 Elaine Dr, Niagara Falls, NY 14304
Built in 2007 and currently leased by a women's health practice, with a new 5-year lease at closing.
Property Size5,220 SF
Price / SF$215.52
Days on Market52
Property Features for 6934 Elaine Dr
General Information
Standard status
Active
Size
5,220 SF
Property subtype
Office
Building Details
Year Built
2007
Tenancy
Single
Listing Agency:
Hunt Commercial - Buffalo
(716) 946-5438
Listed By:
Leah Curione · License #10401257858
(716) 946-5438
Source:
Huntcommercial
Added: Jun 17
Changed: Jul 10
Last Checked: Aug 6 at 5:08AM
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 Commercial - Buffalo
Investment Insights
Based on property information with market context.
Built in 2007, this 5,220± SF medical office building is designed for professional healthcare use and is reported as well-maintained. The property is occupied by a women’s health medical practice, and it includes a backup generator. The offering is structured as a sale with an in-place tenant relationship, with lease terms intended to be strengthened through a new 5-year lease to be signed at closing and two additional 2-year renewal options to be negotiated.
Located at 6934 Elaine Dr in Niagara Falls, NY, the building is positioned as a dedicated medical facility within Western New York’s healthcare market. The asset also notes a recent lowered tax assessment.
For buyers seeking an investment-grade medical office asset, the current occupancy, the planned execution of a new 5-year lease at closing, and the availability of two negotiated 2-year renewal options provide a clear leasing framework. The seller also highlights an “over 9%” capitalization rate in the offering materials. With the stated focus on tenant commitment and a maintained facility, this property may fit buyers looking for a single-tenant medical office building backed by a defined lease renewal path and operational continuity support through its backup generator.
Located at 6934 Elaine Dr in Niagara Falls, NY, the building is positioned as a dedicated medical facility within Western New York’s healthcare market. The asset also notes a recent lowered tax assessment.
For buyers seeking an investment-grade medical office asset, the current occupancy, the planned execution of a new 5-year lease at closing, and the availability of two negotiated 2-year renewal options provide a clear leasing framework. The seller also highlights an “over 9%” capitalization rate in the offering materials. With the stated focus on tenant commitment and a maintained facility, this property may fit buyers looking for a single-tenant medical office building backed by a defined lease renewal path and operational continuity support through its backup generator.
Key Highlights
- 5,220± SF medical office building built in 2007
- Currently leased to a women's health medical practice
- New 5‑year lease to be signed at closing, plus two 2‑year renewal options
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
$73,824
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
6.56%
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%
$1,476,480
$1.5M
Cap Rate 7%
$1,054,629
$1.1M
Cap Rate 9%
$820,267
$820.3K
Market Conditions
NOI Build-Up for 5,220 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
$112.8K $21.60/SF
− Vacancy
−$14.3K −$2.74/SF
EGI
$98.4K $18.86/SF
− OpEx
−$24.6K −$4.71/SF
NOI
$73.8K $14.14/SF
Area
Niagara County, NY
Vacancy
12.70%
Lease Rate
$21.60 /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%
$1,476,480
Cap Rate 7%
$1,054,629
Cap Rate 9%
$820,267
Alternative Uses
Best Use
Office B
$1.05M
$922.8K – $1.23M
NOI $73,824 @ 7.0% cap · market cap 6.56%
Second Best
Healthcare Medical
$601.1K
$526.0K – $701.3K
NOI $42,079 @ 7.0% cap · market cap 3.74%
Theoretical Best
Warehouse
$4.44M
$3.88M – $5.17M
NOI $310,479 @ 7.0% cap · market cap 27.60%
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
277
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14304, NY
28,923
Population
13,705
Households
2.1
Avg Household Size
45
Median Age
25%
College-Educated
92%
High-School Grad
21.5 sq mi
ZIP Area
1,345
Density / Sq Mi
$64,756
Median Household Income
$42,613
Median Earnings
$901
Median Rent
$151,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Built in 2007 and currently leased by a women's health practice, with a new 5-year lease at closing.
Where is this medical office space located?
The property is located at 6934 Elaine Dr Niagara Falls, NY.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: 5,220± SF medical office building built in 2007; Currently leased to a women's health medical practice; New 5‑year lease to be signed at closing, plus two 2‑year renewal options
