37 Professional PkwyLockport, NY 14094

Property Details for 37 Professional Pkwy

Year built

1992

Lot size

0.46 AC

Property size (Sq ft)

3,135 SF

Zone code

05 - COMMERCIAL

Property type

Office buildings

APN

290900 123.08-4-21

APU

29090012308421

Description

This single-story, 6,172 sq ft Class B office building, built in 2002, is situated in a 25+ building complex in Lockport, NY. The property, zoned commercial, offers a single tenancy and is ideal for medical or professional use. Individual buildings within the complex range from 848 to 12,300 sq ft and are available for sale or lease separately, each on its own tax parcel. Lots range from 0.35 to 1.19 acres, with ample parking. The complex boasts convenient access to major roadways (Route 78), Lockport Memorial Hospital, and numerous retail amenities including Walmart, Home Depot, and various restaurants and hotels. The location is also strategically positioned near Niagara Falls and Buffalo. Currently, the complex is approximately 50% occupied. Building features include wood frame construction, brick exterior, asphalt shingle roofs, and crawl spaces or full basements. Some entrances are shared. A 3-month free rent incentive is available with a 2-year lease, and seller financing is an option. This presents a unique opportunity to acquire a well-located office building in a thriving commercial area.

• CAP approach

  CAP return

  Valuation

  6%

  $568,682

  6.5%

  $524,937

  7%

  $487,441

• Comparable approach

  Method

  Valuation

  Relative Method

  $299,922

  Geo Method

  $197,223

• Alternative Use

  Use

  Valuation

  Residential

  $650,922

  Hospitality

  $596,241

  Educational

  $496,065

  Medical

  $513,126

  Retail

  $771,657

Location Insight

City

Lockport

County

Niagara

State

New York

Latitude

43.1575

Longitude

-78.6641

CBSA code

15380

CBSA name

BUFFALO-NIAGARA FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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