Building Details

Units 1

Listing Agency: Rooftop Realty Group, LLC M***@MarkCardone.com Show Phone

Listed By: Mark Cardone · License #NY 10991228663

Source: Crexi

Added: Apr 12, 2024 Changed: Aug 25 Last Checked: Sep 1 at 7:48AM

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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 Rooftop Realty Group, LLC

Investment Insights

Based on property information with market context.

The property features a 2,275 square foot retail building situated on 1.69 acres in Phoenix. The site offers potential for redevelopment and is suitable for various business uses. It benefits from convenient highway access and substantial road frontage.

Key Highlights

• 2,275 square foot retail building
• Large 1.69 acre lot
• Located right off Highway 481

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

$21,969

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

7.35%

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%

$439,380 $439.4K

Cap Rate 7%

$313,843 $313.8K

Cap Rate 9%

$244,100 $244.1K

Market Conditions

NOI Build-Up for 2,275 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

$32.8K $14.40/SF

− Vacancy

−$1.4K −$0.60/SF

EGI

$31.4K $13.80/SF

− OpEx

−$9.4K −$4.14/SF

NOI

$22.0K $9.66/SF

Area

Oswego County, NY

Vacancy

4.20%

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%

$439,380

Cap Rate 7%

$313,843

Cap Rate 9%

$244,100

Alternative Uses

Best Use

Retail

$313.8K

$274.6K – $366.2K (±1% cap)

NOI $21,969 @ 7.0% cap · market cap 7.35%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$453.8K

$397.1K – $529.4K (±1% cap)

NOI $31,764 @ 7.0% cap · market cap 10.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Retail space

Location Intelligence

Trade Area within ½ mile

3

Businesses Nearby

Explore this area Business Placement

Demographics for 13135, NY

6,303

Population

2,592

Households

2.4

Avg Household Size

42

Median Age

29%

College-Educated

93%

High-School Grad

32.0 sq mi

ZIP Area

197

Density / Sq Mi

$82,977

Median Household Income

$40,953

Median Earnings

$965

Median Rent

$166,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Retail space - 2,275 SF retail building with redevelopment potential.

Where is this retail space located?

The property is located at 394 NY-264 Schroeppel, NY.

What is the asking price?

The asking price for this property is $299,000.

What are key features of this property?

This property features: 2,275 square foot retail building; Large 1.69 acre lot; Located right off Highway 481