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    224 Union St Newark, NY 14513

    Sponsored
    For Sale
    $240,000

    Former Pizza Hut, 2846 sq ft, $240,000

    Property size:
    2,846 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This vacant, 2,846 square foot free-standing building, formerly a Pizza Hut, presents a unique retail investment opportunity in Newark, NY. Located on a highly visible section of West Union Street, a busy east-west retail corridor, this property offers excellent visibility and accessibility. The building, constructed in 1986, sits on a 0.335-acre lot and boasts ample parking with approximately 23 spaces. Zoned B-2 General Business, the property is well-suited for a variety of retail and professional office uses. The building's size and configuration provide flexibility for adaptive reuse, catering to diverse business needs. Its location within the Village of Newark, situated conveniently between Rochester and Syracuse, ensures a strong potential customer base. The property's proximity to other businesses enhances its appeal and potential for synergy. An adjacent former convenience store is also available for purchase, presenting an opportunity for property assemblage and expansion. This turnkey property offers immediate occupancy and significant potential for return on investment. The asking price is $240,000, translating to $84.33 per square foot. This represents a compelling opportunity for owner-users seeking a strategic location in a thriving community.

    Property Features for 224 Union St

    General Information

    Property type
    Individual retail properties
    Square Feet
    2,846 SF
    Lot Size
    14,593 SF

    Building Details

    Year Built
    1986

    HighLights

    • 2,846 SF free‑standing building in Newark, NY, on a busy retail corridor.
    • Building is zoned B‑2 General Business, suitable for retail or office use.
    • Adjacent former convenience store also available for purchase, allowing for property assemblage.
    Property Profile Location Intelligence

    Current Use by Public Records

    Love's Furniture & Carpet Home Goods Store

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Wayne
    State
    New York
    Longitude
    -77.098720279321
    Latitude
    43.046433494564

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    FAQs

    What type of property is this?
    Individual retail property - Former Pizza Hut, 2846 sq ft, $240,000
    Where is this individual retail property located?
    The property is located at 224 Union St Newark, NY.
    What is the asking price?
    The asking price for this property is $240,000.
    What are key features of this property?
    This property features: 2,846 SF free-standing building in Newark, NY, on a busy retail corridor.; Building is zoned B-2 General Business, suitable for retail or office use.; Adjacent former convenience store also available for purchase, allowing for property assemblage.
    Request Owner's contact information
    224 Union St Newark, NY 14513
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    Newark, NY 14513
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    224 Union St Newark, NY 14513
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