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    6 Cambridge Ave Morrisville, NY 13408

    Sponsored
    For Lease
    $10 SF/Yr ($14,583 /Mo)

    Prime Retail/Office Space, Morrisville, NY

    Lot size:
    17,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This 17,500 square foot, single-story building in Morrisville, NY, offers versatile commercial space ideal for a variety of uses. Located on 81,457 square feet of land, the property boasts a prime location near Morrisville State College and the village center, providing high visibility and accessibility. Completely renovated in 2022, the building features 60 parking spaces and all public utilities. Currently, the property includes a NAPA Auto Parts store and Upstate Caring Partners Support Services. Two available spaces total 17,500 square feet, divisible into units as small as 1,800 square feet, with a maximum contiguous space of 4,200 square feet. One space features a drive-thru window, perfect for a grocery store, butcher shop, diner, or coffee shop. Another 5,000 square foot space, fully renovated five years ago, is available August 31, 2024, and is suitable for medical, creative, executive, or traditional office tenants. The property benefits from a new lighted pole sign on US Route 20, ensuring high visibility. The building is zoned commercial and features three-phase power. This is a unique opportunity to establish a business in a thriving community with strong existing tenants and high foot traffic. The property's location and amenities make it an exceptional investment opportunity. Built in 1964, the building's recent renovations provide modern functionality and aesthetics. The property's multiple suite options cater to a wide range of business needs and sizes.

    Property Features for 6 Cambridge Ave

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    17,500 SF
    Total Rate
    14583.33

    Building Details

    Year Built/Renovated
    1964/2022
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Available Space 3
    Size
    2,400 SF
    Rate per SF
    $10
    Space
    Available Space 2
    Size
    1,800 SF
    Rate per SF
    $10
    Space
    Endcap with Drive Thru
    Size
    4,200 SF
    Rate per SF
    $10
    Space
    Available Space 4
    Size
    5,000 SF
    Rate per SF
    $15

    HighLights

    • 17,500 square foot retail, office, and restaurant building with multiple suites available for lease in Morrisville, NY.
    • Two available spaces totaling 4,200 square feet, divisible into 1,800 and 2,400 square foot units.
    • Drive‑thru available for end‑cap space near US Route 20.
    • Building features 60 parking spaces and is located near Morrisville State College.
    • Recently renovated (2022) with new signage and storefronts.
    • Seeking tenants including, but not limited to, grocery stores, butcher shops, diners, and coffee shops.
    Property Profile Location Intelligence

    Current Use by Public Records

    NAPA Auto Parts ... Auto Parts Store

    Suggested Use

    Realty agency Restaurant Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Gym & Fitness Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Morrisville
    County
    Madison
    State
    New York
    Longitude
    -75.651737706818
    Latitude
    42.900238476923

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    FAQs

    What type of property is this?
    Restaurant - Prime Retail/Office Space, Morrisville, NY
    Where is this restaurant located?
    The property is located at 6 Cambridge Ave Morrisville, NY.
    What is the lease rate?
    The lease rate is $10-$15 SF/Yr.
    What are key features of this property?
    This property features: 17,500 square foot retail, office, and restaurant building with multiple suites available for lease in Morrisville, NY.; Two available spaces totaling 4,200 square feet, divisible into 1,800 and 2,400 square foot units.; Drive-thru available for end-cap space near US Route 20.
    Request Owner's contact information
    6 Cambridge Ave Morrisville, NY 13408
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    Morrisville, NY 13408
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    6 Cambridge Ave Morrisville, NY 13408
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