Former Convenience Store on Route
For Sale
Contact for pricing
9971 NY-16, Delevan, NY 14042
1,280 sq ft building on 2.02 acres in Lime Lake.
Property Size1,280 SF
Lot Size2.02 Acres
Price / SF$105.47
Days on Market855
Property Features for 9971 NY-16
General Information
Standard status
Active
Size
1,280 SF
Class
B
Lot size
2.02 Acres
Property subtype
Retail
Zoning
Commercial
Investment Type
Value Add
Building Details
Year Built
1970
Year Renovated
2022
Buildings
1
Stories
1
Units
1
Listing Agency:
Hawley Development Corp
Listed By:
John Pastore · License #FLBO/ FSBO
Source:
Crexi
Added: Apr 30, 2024
Changed: Aug 25
Last Checked: Aug 28 at 10:24PM
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 Hawley Development Corp
Investment Insights
Based on property information with market context.
This 1,280 sq. ft. building, formerly a convenience store, is located on Route 16 in Lime Lake. Situated on 2.02 acres, the property is approximately 8 miles north of the village of Franklinville and 4 miles south of the village of Delevan, within the Lime Lake cottage district. Capital improvements were made in 2022, including a new Heil 2 stage forced air furnace, a water filtration system, and exterior facade upgrades. The building includes walk-in coolers, a 3-bay sink, a utility room, a bathroom, and a sales area. The fuel canopy and equipment have been removed from the site. The property also features a 0.66-acre pond. Electric and gas services are available on-site, along with a water well and a public sewer system. The daily traffic count is approximately 5,000 cars.
Key Highlights
- High‑traffic location on Route 16 with approximately 5,000 cars daily.
- Large 2.02‑acre lot featuring a 0.66‑acre pond.
- Recent (2022) capital improvements including a new Heil 2‑stage forced air furnace, water filtration system, and exterior facade upgrades.
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
$11,612
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
8.60%
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%
$232,240
$232.2K
Cap Rate 7%
$165,886
$165.9K
Cap Rate 9%
$129,022
$129.0K
Market Conditions
NOI Build-Up for 1,280 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
$18.4K $14.40/SF
− Vacancy
−$1.8K −$1.44/SF
EGI
$16.6K $12.96/SF
− OpEx
−$5.0K −$3.89/SF
NOI
$11.6K $9.07/SF
Area
Cattaraugus County, NY
Vacancy
10.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$232,240
Cap Rate 7%
$165,886
Cap Rate 9%
$129,022
Alternative Uses
Best Use
Specialty Retail
$236.5K
$206.9K – $275.9K
NOI $16,554 @ 7.0% cap · market cap 12.26%
Second Best
Retail
$165.9K
$145.2K – $193.5K
NOI $11,612 @ 7.0% cap · market cap 8.60%
Theoretical Best
Healthcare Medical
$253.0K
$221.4K – $295.2K
NOI $17,709 @ 7.0% cap · market cap 13.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
10
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14042, NY
3,891
Population
2,052
Households
1.9
Avg Household Size
40
Median Age
17%
College-Educated
86%
High-School Grad
46.7 sq mi
ZIP Area
83
Density / Sq Mi
$50,625
Median Household Income
$32,900
Median Earnings
$865
Median Rent
$105,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - 1,280 sq ft building on 2.02 acres in Lime Lake.
Where is this grocery and convenience store located?
The property is located at 9971 NY-16 Delevan, NY.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: High‑traffic location on Route 16 with approximately 5,000 cars daily.; Large 2.02‑acre lot featuring a 0.66‑acre pond.; Recent (2022) capital improvements including a new Heil 2‑stage forced air furnace, water filtration system, and exterior facade upgrades.
