Lancaster Office or Retail
For Sale
Contact for pricing
5294 Broadway, Lancaster, NY 14086
1,600+/- sq ft building suitable for office or retail.
Property Size1,600 SF
Price / SF$193.69
Days on Market1220
Property Features for 5294 Broadway
General Information
Standard status
Active
Size
1,600 SF
Class
C
Total Parking Spaces
15
Property subtype
Office
Zoning
Commercial
Building Details
Year Built
1985
Year Renovated
2020
Buildings
1
Stories
1
Units
1
Listing Agency:
Recckio Real Estate and Development
(716) 834-7777
Listed By:
Rick Recckio · License #31RE0821429
Source:
Crexi
Added: Apr 19, 2023
Changed: Aug 20
Last Checked: Aug 19 at 11:49PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$20,049
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
6.47%
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%
$400,980
$401.0K
Cap Rate 7%
$286,414
$286.4K
Cap Rate 9%
$222,767
$222.8K
Market Conditions
NOI Build-Up for 1,600 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
$32.6K $20.40/SF
− Vacancy
−$5.9K −$3.69/SF
EGI
$26.7K $16.71/SF
− OpEx
−$6.7K −$4.18/SF
NOI
$20.0K $12.53/SF
Area
Erie County, NY
Vacancy
18.10%
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%
$400,980
Cap Rate 7%
$286,414
Cap Rate 9%
$222,767
Alternative Uses
Best Use
Office B
$286.4K
$250.6K – $334.2K
NOI $20,049 @ 7.0% cap · market cap 6.47%
Second Best
—
—
no second resolved use
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Explore this area
Business Placement
Demographics for 14086, NY
35,010
Population
15,486
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
95%
High-School Grad
33.3 sq mi
ZIP Area
1,051
Density / Sq Mi
$95,949
Median Household Income
$53,164
Median Earnings
$983
Median Rent
$263,600
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 - 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.
