Two-Unit Office
For Sale
$674,900
716 Center Street, Lewiston, NY 14092
COMMERCIAL - Lewiston, NY
Property Size3,960 SF
Lot Size0.21 Acres
Price / SF$170.43
Days on Market171
Property Features for 716 Center Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-B-2
Zoning description
Business
Rooms
Basement
Parking features
Paved or Surfaced
Subdivision
Village/Lewiston
Lot features
Rectangular, Rectangular Lot
Elementary school district
Lewiston-Porter
Middle school district
Lewiston-Porter
High school district
Lewiston-Porter
Directions
Niagara Scenic Parkway to 716 Center St
Standard status
Active
APN
292401-101-011-0001-050-000
Size
3,960 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
9273
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Flooring type
Carpet, Varies, Hardwood
Roof type
Asphalt
Listing Agency:
Deal Realty, Inc.
(716) 754-3301
Listed By:
Cheryl Deal · License #10311205717
(716) 940-0548
Added: Feb 23
Changed: Aug 12
Last Checked: Aug 13 at 1:06PM
MLS# B1663081
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully updated two-unit office building offers flexible space with independent access for each tenant. The property is configured as two commercial office units that can also be operated together as one larger suite. Both units feature private entrances and exits, dual front and rear entrances, and interior layouts designed for office and client reception use.
Unit One includes a foyer entry with large windows, a built-in reception desk, wood floors, recessed lighting, crown molding, and extensive custom cabinetry. The unit also has an updated half bath, an additional versatile space that can serve as a kitchenette or expanded workspace, and a rear office with built-in cabinetry and a private door to the back parking lot. Unit Two features large exterior windows overlooking Center Street, built-in cabinetry, recessed lighting, and a mix of private and open office areas, plus an updated half bath and a kitchen with a sink, microwave, refrigerator, and dishwasher.
The partially finished basement is accessible from Unit Two and adds additional office space, a half bath, storage, glass block windows, two furnaces, updated mechanics, and a sump pump. The property totals 3,960 SF, sits on a 0.2121-acre lot, and was built in 1960. Heating is forced air with natural gas, cooling is central air, and utilities include public water and public sewer.
The building includes paved or surfaced parking.
Unit One includes a foyer entry with large windows, a built-in reception desk, wood floors, recessed lighting, crown molding, and extensive custom cabinetry. The unit also has an updated half bath, an additional versatile space that can serve as a kitchenette or expanded workspace, and a rear office with built-in cabinetry and a private door to the back parking lot. Unit Two features large exterior windows overlooking Center Street, built-in cabinetry, recessed lighting, and a mix of private and open office areas, plus an updated half bath and a kitchen with a sink, microwave, refrigerator, and dishwasher.
The partially finished basement is accessible from Unit Two and adds additional office space, a half bath, storage, glass block windows, two furnaces, updated mechanics, and a sump pump. The property totals 3,960 SF, sits on a 0.2121-acre lot, and was built in 1960. Heating is forced air with natural gas, cooling is central air, and utilities include public water and public sewer.
The building includes paved or surfaced parking.
Key Highlights
- 3,960 SF two‑unit office building on 0.2121‑acre lot
- Private entrances and exits for both units, plus dual front and rear entrances
- Unit One: built‑in reception desk, custom cabinetry, wood floors, updated half bath
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
$56,005
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
8.30%
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%
$1,120,100
$1.1M
Cap Rate 7%
$800,071
$800.1K
Cap Rate 9%
$622,278
$622.3K
Market Conditions
NOI Build-Up for 3,960 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
$85.5K $21.60/SF
− Vacancy
−$10.9K −$2.74/SF
EGI
$74.7K $18.86/SF
− OpEx
−$18.7K −$4.71/SF
NOI
$56.0K $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%
$1,120,100
Cap Rate 7%
$800,071
Cap Rate 9%
$622,278
Alternative Uses
Best Use
Office B
$800.1K
$700.1K – $933.4K
NOI $56,005 @ 7.0% cap · market cap 8.30%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.36M
$2.94M – $3.93M
NOI $235,536 @ 7.0% cap · market cap 34.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
585
Businesses Nearby
Explore this area
Business Placement
Demographics for 14092, NY
11,030
Population
5,241
Households
2.1
Avg Household Size
51
Median Age
40%
College-Educated
95%
High-School Grad
21.2 sq mi
ZIP Area
520
Density / Sq Mi
$67,835
Median Household Income
$48,315
Median Earnings
$979
Median Rent
$246,300
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?
Office units - Fully updated two-unit office building with private entrances and central air, zoned R-B-2 in Lewiston.
Where is this office units located?
The property is located at 716 Center Street Lewiston, NY.
What is the asking price?
The asking price for this property is $674,900.
What are key features of this property?
This property features: 3,960 SF two‑unit office building on 0.2121‑acre lot; Private entrances and exits for both units, plus dual front and rear entrances; Unit One: built‑in reception desk, custom cabinetry, wood floors, updated half bath
