1040 Vestal PkwyVestal, NY 13850

Property Details for 1040 Vestal Pkwy

Year built

1965

Lot size

0.46 AC

Property size (Sq ft)

10,880 SF

Zone code

C-1

Property type

Office buildings

APN

034800 157.16-1-4

APU

348001571614

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,679,328

  6.5%

  $1,550,149

  7%

  $1,439,424

• Comparable approach

  Method

  Valuation

  Relative Method

  $834,273

  Geo Method

  $1,421,581

• Alternative Use

  Use

  Valuation

  Residential

  $1,922,185

  Hospitality

  $1,760,711

  Educational

  $1,464,891

  Medical

  $1,515,271

  Retail

  $2,278,719

Location Insight

City

Vestal

County

Broome

State

New York

Latitude

42.0907

Longitude

-76.0339

CBSA code

13780

CBSA name

BINGHAMTON, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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