Medical Office
For Sale
$1,000,000
921 Wayne Street, Olean, NY 14760
Five-building healthcare property configured for medical office use.
Property Size2,153 SF
Price / SF$464.47
Days on Market50
Property Features for 921 Wayne Street
General Information
Standard status
Active
Size
2,153 SF
Property subtype
CommercialLease
Building Details
Buildings
5
Listing Agency:
Donovan Real Estate Services
(716) 998-2943
Listed By:
Brian P Donovan · License #10491202934
(716) 998-2943
Source:
Nicholcityrealty
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 28 at 1:02PM
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 Donovan Real Estate Services
Investment Insights
Based on property information with market context.
This medical office complex comprises five separate buildings and is identified as a healthcare property suitable for medical office use. The combined property size is 2,153 square feet.
The property is located at 921 Wayne Street in Olean, New York, within ZIP code 14760.
The property is located at 921 Wayne Street in Olean, New York, within ZIP code 14760.
Key Highlights
- Five‑building medical office complex
- 2,153‑square‑foot property
- Medical office use
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
$29,786
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
2.98%
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%
$595,720
$595.7K
Cap Rate 7%
$425,514
$425.5K
Cap Rate 9%
$330,956
$331.0K
Market Conditions
NOI Build-Up for 2,153 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
$54.3K $25.20/SF
− Vacancy
−$4.6K −$2.14/SF
EGI
$49.6K $23.06/SF
− OpEx
−$19.9K −$9.22/SF
NOI
$29.8K $13.83/SF
Area
Cattaraugus County, NY
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$595,720
Cap Rate 7%
$425,514
Cap Rate 9%
$330,956
Alternative Uses
Best Use
Healthcare Medical
$425.5K
$372.3K – $496.4K
NOI $29,786 @ 7.0% cap · market cap 2.98%
Second Best
Office B
$323.9K
$283.4K – $377.9K
NOI $22,671 @ 7.0% cap · market cap 2.27%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14760, NY
18,031
Population
8,917
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
91%
High-School Grad
65.1 sq mi
ZIP Area
277
Density / Sq Mi
$52,569
Median Household Income
$35,754
Median Earnings
$777
Median Rent
$99,400
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?
Medical Office Space - Five-building healthcare property configured for medical office use.
Where is this medical office space located?
The property is located at 921 Wayne Street Olean, NY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Five‑building medical office complex; 2,153‑square‑foot property; Medical office use
