2136 George Urban BlvdDepew, NY 14043

Property Details for 2136 George Urban Blvd

Year built

1989

Lot size

1.22 AC

Property size (Sq ft)

6,677 SF

Zone code

05C

Property type

Auto shops

APN

143003 92.18-17-23.122

APU

14300392181723122

Description

This exceptional investment opportunity presents a 6,595 square foot Firestone Complete Auto Care, a single-tenant, net-leased property located at 2136 George Urban Blvd in Depew, New York. The property sits on 1.21 acres and boasts a strong 36+ year operating history with the current franchisee. Built in 1987 and renovated in 2017, including a new roof in 2019 with a 10-year transferable warranty, the building is well-maintained and situated in a high-traffic area with excellent visibility. The lease, a double net lease with minimal landlord responsibilities, has a remaining term of 4.9 years with two 5-year options, each including a 7.8% rent bump. The current asking price is $1,895,842, representing a 6.00% cap rate and a price per square foot of $287.47. The property generates a net operating income (NOI) of $113,750. This prime location is less than 3 miles from Buffalo Niagara International Airport and 2 miles from the Galleria Mall, benefiting from a dense trade area with over 70,375 people within a 3-mile radius and an average household income exceeding $84,722. The property is conveniently located along George Urban Blvd (14,659 vehicles per day) and Dick Rd (27,412 vehicles per day), with close proximity to I-90 and is an outparcel to Urbandale Plaza, a 257,000 square foot retail center anchored by Wegmans. The tenant, a Firestone franchisee, enjoys an "A" S&P credit rating, providing a strong corporate guarantee and demonstrating a long-term commitment to the location, having recently exercised a 5-year option. This is a rare opportunity to acquire a well-established, high-performing asset in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,780,487

  6.5%

  $1,643,526

  7%

  $1,526,132

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,609,743

  Geo Method

  $1,058,526

• Alternative Use

  Use

  Valuation

  Residential

  $1,386,376

  Hospitality

  $1,269,913

  Educational

  $1,056,553

  Medical

  $1,092,889

  Retail

  $1,643,526

Location Insight

City

Depew

County

Erie

State

New York

Latitude

42.9192

Longitude

-78.7333

CBSA code

15380

CBSA name

BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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