Lancaster Office or Retail
5294 Broadway, Lancaster, NY 14086
1,600+/- sq ft building suitable for office or retail.
Type:Office
Property size:
1,600 SFPrice / SF:
$193/SF- Added:
- Apr 19, 2023
- Days on Market:
- 1130
- Last Refresh:
- Mar 17 at 1:24 pm
Property Features for 5294 Broadway
General Information
- Standard status
- Active
- Size
- 1,600 SF
- Property subtype
- Office
Building Details
- Year Built
- 1985
Listing agent Rick Recckio License #NY 31RE0821429
Listing office Recckio Real Estate and Development Williamsville
Listing date Apr 19, 2023
Source Crexi
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 Recckio Real Estate and Development Williamsville
HighLights
- High‑visibility location on Broadway, centrally located between Transit Road and Downtown Lancaster, offering ample drive‑by exposure.
- Flexible interior layout with non‑load bearing walls, allowing for easy reconfiguration.
- Environmental Phase 1 and 2 reports completed, confirming the site is clean.
- Ample parking available in front, on the side, and on the street (Kurtz Ave).
- Functional office space setup with four private offices/treatment rooms, waiting area, reception, storage, and a private office with a full bathroom.
- Convenient access to Transit Road, Buffalo Niagara International Airport, and the New York State Thruway I‑90.
Overview
This property offers approximately 1,600 square feet of space suitable for office or retail use. Situated between Transit Road and Downtown Lancaster, the building benefits from significant drive-by exposure and visibility on Broadway. Parking is available both in front of the building and on the side, as well as on-street parking on Kurtz Avenue. Currently configured as office space, the layout includes four private offices or treatment rooms, a waiting area with a half bath, a reception area, storage space, and one private office with a full bathroom and rear door access. Constructed on a slab foundation, the interior walls are non-load bearing, allowing for flexible reconfiguration of the space. A phase 1 and phase 2 environmental assessment has been completed, confirming the site is clean. The roof was replaced in 2003, and interior remodeling was completed in 2015. Mechanical systems have been serviced annually. The property is located minutes from restaurants, shops, and other businesses in the Depew/Lancaster area, with close proximity to Transit Road, the Buffalo Niagara International Airport, and the New York State Thruway I-90. The property is centrally located between downtown Lancaster and Transit Road.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$222.8K
NOI $20,049 @ 9.00% cap · cautious / downside scenario
Moderate
$286.4K
NOI $20,049 @ 7.00% cap · market / base-case scenario
Aggressive
$401.0K
NOI $20,049 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.6k | $20.40 |
| − Vacancy | −$5.9k | −$3.69 |
| EGI | $26.7k | $16.71 |
| − OpEx | −$6.7k | −$4.18 |
| NOI | $20.0k | $12.53 |
1,600 SF · lease $20.40/SF/yr · vacancy 18.10% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$286.4K
$250.6K – $334.2K
NOI $20,049 @ 7.0% cap · market cap 6.47%
Second Best
Retail
$205.5K
$179.8K – $239.8K
NOI $14,386 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$349.8K
$306.1K – $408.1K
NOI $24,484 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Office Units
Location Insight
- Map
- Local Demand
- City
- Lancaster
- County
- Erie
- State
- New York
- Longitude
- -78.685124
- Latitude
- 42.901501
Nearby Similar for Sale
FAQs
What type of property is this?
Office units - 1,600+/- sq ft building suitable for office or retail.
Where is this office units located?
The property is located at 5294 Broadway Lancaster, NY.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: High‑visibility location on Broadway, centrally located between Transit Road and Downtown Lancaster, offering ample drive‑by exposure.; Flexible interior layout with non‑load bearing walls, allowing for easy reconfiguration.; Environmental Phase 1 and 2 reports completed, confirming the site is clean.
