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    500 5Th Ave Owego, NY 13827

    Sponsored
    For Sale
    $925,000

    High-yield investment, 10.59% cap rate.

    Property size:
    7,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 7,000 square foot single-tenant medical office building presents a compelling investment opportunity in Owego, New York. Located at 500 5th Ave, this property sits on a sizable 3.6-acre lot (comprised of two parcels) and boasts a 100% occupancy rate with a current net lease in place. The Lourdes Walk-in Clinic occupies the entire building under a NN+ lease with 1.5 years remaining, offering a strong, stable income stream. The asking price is $925,000, translating to a compelling $132.14 per square foot and a 10.59% capitalization rate, based on a current Net Operating Income (NOI) of $97,950. The building is a single-story structure, ideal for its current use and offering potential for future adaptability. Lease options include a one-year renewal, providing flexibility for the future owner. Conveniently located with easy access to I-86, this property is well-positioned for continued success. This is a rare opportunity to acquire a high-performing medical office building with significant upside potential, either as a passive income investment or for future owner-occupancy after the current lease expires. The property is classified as both Creative Office and Medical Office space.

    Property Features for 500 5Th Ave

    General Information

    Property type
    Medical offices
    Square Feet
    7,000 SF
    Lot Size
    156,816 SF

    Building Details

    Stories
    1
    Units
    1

    HighLights

    • 7,000 SF single‑tenant medical office building in Owego, NY.
    • Located on a 3.6‑acre lot at 500 5th Ave.
    • 100% occupancy with a NN+ lease; Lourdes Walk‑in Clinic tenant.
    • $925,000 asking price; $132.14/SF; 10.59% cap rate based on $97,950 NOI.
    • Single‑story building with I‑86 access; 1.5 years remaining on lease with a one‑year renewal option.
    Property Profile Location Intelligence

    Current Use by Public Records

    Guthrie Owego Fifth ... Medical Clinic Guthrie Owego Fifth ... Medical Clinic Nasir Abdul-Wadud Physician Assistant Patricia D. Pavlick, ... Nurse Practitioner Elisabeth Corbett, PA Family Practice Physician

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Owego
    County
    Tioga
    State
    New York
    Longitude
    -76.2495551
    Latitude
    42.1058965

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    FAQs

    What type of property is this?
    Medical office - High-yield investment, 10.59% cap rate.
    Where is this medical office located?
    The property is located at 500 5Th Ave Owego, NY.
    What is the asking price?
    The asking price for this property is $925,000.
    What are key features of this property?
    This property features: 7,000 SF single-tenant medical office building in Owego, NY.; Located on a 3.6-acre lot at 500 5th Ave.; 100% occupancy with a NN+ lease; Lourdes Walk-in Clinic tenant.
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    Realmo Value Estimation

    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.

    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.

    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
    500 5Th Ave Owego, NY 13827
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