Two-Suite Medical Office
For Sale
$599,000
721 Union Rd, West Seneca, NY 14224
Upper- and lower-level suites support immediate occupancy for office or medical users.
Property Size4,400 SF
Days on Market9
Property Features for 721 Union Rd
General Information
Standard status
Active
Size
4,400 SF
Class
C
Property subtype
Office
Building Details
Building Size
4,400 SF
Year Built
1972
Listing Agency:
HUNT Commercial
(716) 319-7833
Listed By:
Kaitlin Lafferty · License #10301212311
(716) 319-7833
Source:
Huntcommercial
Added: Aug 23
Changed: Aug 30
Last Checked: Aug 30 at 2:51PM
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
Investment Insights
Based on property information with market context.
This medical office property includes two distinct suites arranged across the upper and lower levels. The upper floor contains a former 2,200-square-foot dental office, while the lower level offers a 1,600-square-foot office or medical suite. Both spaces are available for immediate occupancy.
Built in 1972, the property occupies the corner of Union Road and East & West Road in West Seneca. Route 400 is only minutes away, providing regional roadway access for office and healthcare operations.
Built in 1972, the property occupies the corner of Union Road and East & West Road in West Seneca. Route 400 is only minutes away, providing regional roadway access for office and healthcare operations.
Key Highlights
- Two separate office and medical suites available for immediate occupancy
- Former 2,200‑square‑foot dental office on the upper floor
- 1,600‑square‑foot office or medical suite on the lower floor
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
$54,866
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
9.16%
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%
$1,097,320
$1.1M
Cap Rate 7%
$783,800
$783.8K
Cap Rate 9%
$609,622
$609.6K
Market Conditions
NOI Build-Up for 4,400 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
$89.8K $20.40/SF
− Vacancy
−$16.6K −$3.77/SF
EGI
$73.2K $16.63/SF
− OpEx
−$18.3K −$4.16/SF
NOI
$54.9K $12.47/SF
Area
Buffalo, NY
Vacancy
18.50%
Lease Rate
$20.40 /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%
$1,097,320
Cap Rate 7%
$783,800
Cap Rate 9%
$609,622
Alternative Uses
Best Use
Office B
$783.8K
$685.8K – $914.4K
NOI $54,866 @ 7.0% cap · market cap 9.16%
Second Best
Healthcare Medical
$749.5K
$655.8K – $874.4K
NOI $52,462 @ 7.0% cap · market cap 8.76%
Theoretical Best
Office A
$1.06M
$925.9K – $1.23M
NOI $74,068 @ 7.0% cap · market cap 12.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14224, NY
40,736
Population
19,286
Households
2.1
Avg Household Size
46
Median Age
33%
College-Educated
95%
High-School Grad
20.2 sq mi
ZIP Area
2,017
Density / Sq Mi
$76,250
Median Household Income
$49,824
Median Earnings
$1,077
Median Rent
$219,800
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 - Upper- and lower-level suites support immediate occupancy for office or medical users.
Where is this medical office space located?
The property is located at 721 Union Rd West Seneca, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two separate office and medical suites available for immediate occupancy; Former 2,200‑square‑foot dental office on the upper floor; 1,600‑square‑foot office or medical suite on the lower floor
