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 Market143
Property Features for 6934 Elaine Dr
General Information
Standard status
Active
Size
5,220 SF
Class
C
Property subtype
Office
Building Details
Building Size
5,220 SF
Year Built
2007
Tenancy
Single
Listing Agency:
HUNT Commercial
Listed By:
Leah Curione · License #10401257858
(716) 946-5438
Source:
Huntcommercial
Added: Jun 17
Changed: Nov 4
Last Checked: Nov 4 at 11:06AM
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
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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 / Yr
$73,824
Cap Rate
6.56%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Under-served
Demand for This Use
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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
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Market
Vacancy Rate% for Office in Northeast region
Similar Off Market Nearby
- Dr. Mike's Furry Friends Small Animal Hospital — 2115 Sawyer Dr, Niagara Falls, NY 14304
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
