Building Details

Year Built 1982

Stories 2

Listing Agency: eXp Realty t***@gmail.com Show Phone

Listed By: Timothy Ulinger Show Phone

Source: Elliman

Added: Jun 20 Changed: Jul 10 Last Checked: Aug 6 at 7:34AM

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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 eXp Realty

Investment Insights

Based on property information with market context.

Key Highlights

• 1982‑built live‑work property that includes Ray’s Small Engine Repair business and the real estate
• 40' x 120' retail and service building with 12‑foot ceilings, multiple service bays, and a large second‑level office area
• 40' x 100' barn with recently installed roof, providing substantial storage and operational flexibility

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

$87,120

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

8.76%

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%

$1,742,400 $1.7M

Cap Rate 7%

$1,244,571 $1.2M

Cap Rate 9%

$968,000 $968.0K

Market Conditions

NOI Build-Up for 8,800 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

$158.4K $18.00/SF

− Vacancy

−$19.0K −$2.16/SF

EGI

$139.4K $15.84/SF

− OpEx

−$52.3K −$5.94/SF

NOI

$87.1K $9.90/SF

Area

Cattaraugus County, NY

Vacancy

12.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

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%

$1,742,400

Cap Rate 7%

$1,244,571

Cap Rate 9%

$968,000

Alternative Uses

Best Use

Office B

$1.32M

$1.16M – $1.54M (±1% cap)

NOI $92,664 @ 7.0% cap · market cap 9.31%

Second Best

Mixed Use

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,120 @ 7.0% cap · market cap 8.76%

Theoretical Best

Healthcare Medical

$1.74M

$1.52M – $2.03M (±1% cap)

NOI $121,746 @ 7.0% cap · market cap 12.24%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Ray's Small Engine ... (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Department 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

12 ft

Clear height

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

5

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 14729, NY

763

Population

535

Households

1.4

Avg Household Size

46

Median Age

18%

College-Educated

95%

High-School Grad

29.7 sq mi

ZIP Area

26

Density / Sq Mi

$70,000

Median Household Income

$45,909

Median Earnings

$879

Median Rent

$177,700

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

Questions? Ask Rey

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What type of property is this? Where is this auto shops located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

Where is this auto shop located?

The property is located at 9511 Utley Rd East Otto, NY.

What is the asking price?

The asking price for this property is $995,000.

What are key features of this property?

This property features: 1982‑built live‑work property that includes Ray’s Small Engine Repair business and the real estate; 40' x 120' retail and service building with 12‑foot ceilings, multiple service bays, and a large second‑level office area; 40' x 100' barn with recently installed roof, providing substantial storage and operational flexibility