Northtown Medical Building | 350 Alberta Dr
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Northtown Medical Building 350 Alberta Dr
22,584 SF 100% Leased Office Building Amherst, NY 14226 $2,500,000 ($111/SF) 3.46% Cap Rate
Investment Highlights
- 18 suite medical office building with 165 parking spaces
- Substantial upside filling vacant space and raising lease rates to market
- Site is suitable for redevelopment to retail or residential use
- 68% occupancy
- Adjacent to Sheridan Drive retail corridor
- Amherst is home to many medical office users
Executive Summary
Two-story medical office building on Alberta Drive in the town of Amherst. There are 18 office suites that open off a large interior atrium, a parking lot surrounds the building with 165 parking spaces. The rear building entrance has a ramp, and an interior handicap elevator serves both floors. The leases average $15 per sq. ft. gross; the utilities are included in the rent and there are no common area charges or tenant reimbursements for building taxes and insurance. This is below market, the building is 32% vacant, and there is considerable upside in filling the vacant space and raising the lease rates. The property is owner managed and rented.
The location, over two acres, just one block north of Sheridan Drive in Amherst is suitable for conversion to other office uses or multifamily or retail use.
The location, over two acres, just one block north of Sheridan Drive in Amherst is suitable for conversion to other office uses or multifamily or retail use.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$276,765
|
$12.25
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$88,965
|
$3.94
|
| Effective Gross Income |
$187,800
|
$8.32
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$101,320
|
$4.49
|
| Net Operating Income |
$86,480
|
$3.83
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $276,765 |
| Annual Per SF | $12.25 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $88,965 |
| Annual Per SF | $3.94 |
| Effective Gross Income | |
|---|---|
| Annual | $187,800 |
| Annual Per SF | $8.32 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $101,320 |
| Annual Per SF | $4.49 |
| Net Operating Income | |
|---|---|
| Annual | $86,480 |
| Annual Per SF | $3.83 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Medical
Building Size
22,584 SF
Building Class
B
Year Built
1966
Price
$2,500,000
Price Per SF
$111
Cap Rate
3.46%
NOI
$86,480
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
11,292 SF
Building FAR
0.24
Lot Size
2.20 AC
Opportunity Zone
Yes
Parking
165 Spaces (7.31 Spaces per 1,000 SF Leased)
Amenities
- Atrium
- Bus Line
- Controlled Access
- Courtyard
- Signage
- Reception
- Partitioned Offices
- Wi-Fi
- Air Conditioning
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Walk Score ®
Very Walkable (76)
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Presented by
Brian Heine - Licensed Real Estate Broker
Northtown Medical Building | 350 Alberta Dr
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