504 Central Ave
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504 Central Ave
8,440 SF 100% Leased Office Building Dunkirk, NY 14048 $1,400,000 ($166/SF) 10.78% Cap Rate
Investment Highlights
- Fully occupied medical building
- Western New York Urology, Chautauqua Medical Services (GLPP) Great Lakes Physician Practice
- Corner lot location
Executive Summary
A fully occupied Medical Office Building. Purchased in 2010 and renovated to accommodate medical offices including an elevator in 2015. Renovations cost $1,075,000. The building is frame and masonry construction approximately 8440 sq ft on a lot 155 x 199 approximately 71% of an acre. A corner lot having curb cuts on both Central and 5th Street with parking for 31 cars at a signaled intersection. This Medical Office Building is located across the street from Brooks Memorial Hospital and is in a vibrant Residential Area and Business District.
The building backs up to the Dunkirk Historical Society, Washington Park recreational area), The Dunkirk Library, across the street and behind Brooks Memorial Hospital is the Dunkirk Middle School.
This building may be purchased with 37 West Main Street in Fredonia for an additional $715,000, a mixed use Medical and Retail Building by the same owner.
The building backs up to the Dunkirk Historical Society, Washington Park recreational area), The Dunkirk Library, across the street and behind Brooks Memorial Hospital is the Dunkirk Middle School.
This building may be purchased with 37 West Main Street in Fredonia for an additional $715,000, a mixed use Medical and Retail Building by the same owner.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$181,744
|
$21.53
|
| Other Income |
$8,294
|
$0.98
|
| Vacancy Loss |
$9,110
|
$1.08
|
| Effective Gross Income |
$180,928
|
$21.44
|
| Taxes |
$12,740
|
$1.51
|
| Operating Expenses |
$24,884
|
$2.95
|
| Total Expenses |
$37,624
|
$4.46
|
| Net Operating Income |
$143,304
|
$16.98
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $181,744 |
| Annual Per SF | $21.53 |
| Other Income | |
|---|---|
| Annual | $8,294 |
| Annual Per SF | $0.98 |
| Vacancy Loss | |
|---|---|
| Annual | $9,110 |
| Annual Per SF | $1.08 |
| Effective Gross Income | |
|---|---|
| Annual | $180,928 |
| Annual Per SF | $21.44 |
| Taxes | |
|---|---|
| Annual | $12,740 |
| Annual Per SF | $1.51 |
| Operating Expenses | |
|---|---|
| Annual | $24,884 |
| Annual Per SF | $2.95 |
| Total Expenses | |
|---|---|
| Annual | $37,624 |
| Annual Per SF | $4.46 |
| Net Operating Income | |
|---|---|
| Annual | $143,304 |
| Annual Per SF | $16.98 |
Property Facts
Sale Type
Investment
Sale Condition
Sale Leaseback
Property Type
Office
Property Subtype
Medical
Building Size
8,440 SF
Building Class
B
Year Built/Renovated
1910/2010
Price
$1,400,000
Price Per SF
$166
Cap Rate
10.78%
NOI
$150,851
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
4,220 SF
Building FAR
0.27
Lot Size
0.71 AC
Opportunity Zone
Yes
Zoning
CBD
Parking
31 Spaces (3.67 Spaces per 1,000 SF Leased)
Amenities
- Metro/Subway
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- Medicor Association-Chautauqua
- Health Care and Social Assistance
- -
- -
- -
- -
- Western New York Urology Associates
- Health Care and Social Assistance
- -
- -
- Modified Gross
- -
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| Medicor Association-Chautauqua | Health Care and Social Assistance | - | - | - | - | |
| Western New York Urology Associates | Health Care and Social Assistance | - | - | Modified Gross | - |
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Walk Score®
Very Walkable (73)
PROPERTY TAXES
| Parcel Number | 060300-079-018-0004-003-000 | Total Assessment | $225,150 |
| Land Assessment | $30,400 | Annual Taxes | $12,740 ($1.51/SF) |
| Improvements Assessment | $194,750 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
060300-079-018-0004-003-000
Land Assessment
$30,400
Improvements Assessment
$194,750
Total Assessment
$225,150
Annual Taxes
$12,740 ($1.51/SF)
Tax Year
2023
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504 Central Ave
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