Building Details

Buildings 1

Tenancy Single

Owner Occupied Yes

Listing Agency: Keller Williams Realty Lancaster t***@gmail.com Show Phone

Listed By: Tina J Dillon · License #40DI0668381 Show Phone

Source: Nicholcityrealty

Added: Jul 25 Changed: Aug 28 Last Checked: Aug 29 at 9:24AM

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Investment Insights

Based on property information with market context.

This 1,500-square-foot office building is currently occupied by a property management operation and includes several enclosed offices arranged around a reception area. The configuration can accommodate front-desk functions, client meetings, and separate work areas. Forced-air gas heat and central air conditioning serve the interior, while municipal water and sewer provide utility service.

The property is located at 8975 Boston State Road in Boston, NY, just off Route 219. Paved parking is available on site for visitors, employees, and service providers. The building’s existing office layout and reception component provide a defined commercial setting for a range of professional operations.

Key Highlights

• 1,500‑square‑foot office building at 8975 Boston State Road
• Multiple private offices with an entry reception area
• Currently occupied by a property management operation

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

$18,796

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

7.52%

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%

$375,920 $375.9K

Cap Rate 7%

$268,514 $268.5K

Cap Rate 9%

$208,844 $208.8K

Market Conditions

NOI Build-Up for 1,500 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

$30.6K $20.40/SF

− Vacancy

−$5.5K −$3.69/SF

EGI

$25.1K $16.71/SF

− OpEx

−$6.3K −$4.18/SF

NOI

$18.8K $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%

$375,920

Cap Rate 7%

$268,514

Cap Rate 9%

$208,844

Alternative Uses

Best Use

Office B

$268.5K

$235.0K – $313.3K (±1% cap)

NOI $18,796 @ 7.0% cap · market cap 7.52%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$327.9K

$286.9K – $382.6K (±1% cap)

NOI $22,954 @ 7.0% cap · market cap 9.19%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Building Supply Electrical Service Dental Office Computer & Electronic Repair Home Appliance Store

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

Lease Details

Single-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

28

Businesses Nearby

Explore this area Business Placement

Demographics for 14033, NY

2,173

Population

727

Households

3

Avg Household Size

52

Median Age

42%

College-Educated

98%

High-School Grad

17.4 sq mi

ZIP Area

125

Density / Sq Mi

$84,167

Median Household Income

$45,852

Median Earnings

$1,077

Median Rent

$293,400

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Owner-occupied office property with reception space, multiple private rooms, paved parking, and municipal utilities.

Where is this office building located?

The property is located at 8975 Boston State Road Boston, NY.

What is the asking price?

The asking price for this property is $249,900.

What are key features of this property?

This property features: 1,500‑square‑foot office building at 8975 Boston State Road; Multiple private offices with an entry reception area; Currently occupied by a property management operation