Listing Agency: Washington Street Partners j***@washingtonstpartners.com

Listed By: James J. Carroll Jr. Show Phone

Source: Exprealty

Added: Jul 15, 2024 Changed: Sep 8 Last Checked: Sep 8 at 7:55AM

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Investment Insights

Based on property information with market context.

The property features a 4,000 sq. ft. metal building that has been used as an auto parts retail location. It is suited for a similar business or redevelopment. The property can be purchased with the adjacent property at 7545 Kirkville Rd. for an additional $190,000, creating a corner location suitable for retail redevelopment.

Key Highlights

• 4,000 sq. ft. metal building suitable for retail or redevelopment.
• Great location for business.
• Opportunity for retail re‑development.

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

$17,961

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

6.53%

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%

$359,220 $359.2K

Cap Rate 7%

$256,586 $256.6K

Cap Rate 9%

$199,567 $199.6K

Market Conditions

NOI Build-Up for 4,000 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

$27.6K $6.89/SF

− Vacancy

−$1.9K −$0.48/SF

EGI

$25.7K $6.41/SF

− OpEx

−$7.7K −$1.92/SF

NOI

$18.0K $4.49/SF

Area

Onondaga County, NY

Vacancy

6.90%

Lease Rate

$6.89 /SF/Yr

Expense Ratio

30.00%

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%

$359,220

Cap Rate 7%

$256,586

Cap Rate 9%

$199,567

Alternative Uses

Best Use

Retail

$689.8K

$603.5K – $804.7K (±1% cap)

NOI $48,283 @ 7.0% cap · market cap 17.56%

Second Best

Industrial

$256.6K

$224.5K – $299.4K (±1% cap)

NOI $17,961 @ 7.0% cap · market cap 6.53%

Theoretical Best

Office A

$695.1K

$608.3K – $811.0K (±1% cap)

NOI $48,660 @ 7.0% cap · market cap 17.69%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Auto shops

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Hair Salon Electrical Service Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

32

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 13082, NY

4,539

Population

1,808

Households

2.5

Avg Household Size

48

Median Age

28%

College-Educated

96%

High-School Grad

24.3 sq mi

ZIP Area

187

Density / Sq Mi

$89,485

Median Household Income

$46,792

Median Earnings

$646

Median Rent

$178,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this auto shops located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Auto shop - 4,000 SF metal building suitable for redevelopment or auto retail.

Where is this auto shop located?

The property is located at 7555 Kirkville Rd Kirkville, NY.

What is the asking price?

The asking price for this property is $275,000.

What are key features of this property?

This property features: 4,000 sq. ft. metal building suitable for retail or redevelopment.; Great location for business.; Opportunity for retail re‑development.