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    FOR SALE
    Office buildings

    1040 Vestal Pkwy East, Vestal, NY 13850

    10,880 SF 0.46 ac lot Built 1965
    Individually Owned 20-yr Hold ~ Est. High Equity
    Property ID
    US63-1351319
    Property summary
    AI-generated overview

    This exceptional commercial property, located at 1040 Vestal Parkway East in Vestal, NY, presents a unique investment opportunity. Priced at $1,099,000, this office building boasts unparalleled visibility and accessibility, situated less than a mile from the NY State Route 26 and I-86 interchange, providing easy access to I-86, I-81, and I-88. The property benefits from daily traffic counts exceeding 26,000 vehicles, ensuring maximum exposure for any business. The building features high-end modern finishes throughout, including a sophisticated heating and air conditioning system (four units), three-phase electric service (four meters), and six restrooms. Ample parking is available, with over 40 spaces spread across two properties, including a lot across the street at 109 Brady Avenue, which is included in the sale. The first floor offers floor-to-ceiling windows, ideal for retail space, maximizing street-level visibility. The second floor, constructed with reinforced steel and concrete, is capable of supporting heavy equipment, making it suitable for various uses, such as a full-size gym. A convenient elevated loading dock at the rear of the building caters to box trucks. The property's proximity to Binghamton University (eight minutes away) and the Binghamton MSA (fifteen-minute drive) further enhances its appeal. To sweeten the deal, the current owner is offering a leaseback option for the second floor at $12 per square foot, generating an annual income exceeding $65,000. This presents a compelling opportunity for both immediate income and long-term growth potential.

    Property profile
    Verified
    Property type Office buildings
    Use group OFFICE BUILDING
    Year built 1965
    Total area 10,880 SF
    Lot 0.46 ac (20,038 SF)
    Zoning code C-1
    APN 034800 157.16-1-4
    UPID US63-1351319
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Current use
    Occupant on record · Public records
    • eni (Employee Network Inc.) Insurance Agency
    • Kim Hannah Family Counselor
    • Vestal Counseling Solutions: Fasset Sasha Foster Care Service Social Service Agency
    • Vestal Counseling Solutions: Talcot Karen Foster Care Service Social Service Agency
    • Vestal Counseling Solutions: Komatinsky Paul Family Counselor
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    $335k
    CAP Approach CAP
    by Request
    Comparable Approach Comparable
    $420k
    Blend (final) Blend
    $530k
    Owner & transaction history
    Gene Raymondi · 20 yrs held
    Gene Raymondi
    since 2006
    1 recorded transaction
    2006
    $351,250
    Zoning & alternative use
    C-1 · Vestal, NY
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
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    “Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
    More about this property
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