224 Union StNewark, NY 14513

Property Details for 224 Union St

Year built

1913

Lot size

0.71 AC

Property size (Sq ft)

21,674 SF

Zone code

B2

Property type

Retail space

APN

542001 68111-18-472065

APU

5420016811118472065

Description

This vacant, 2,846 square foot free-standing building, formerly a Pizza Hut, presents a unique retail investment opportunity in Newark, NY. Located on a highly visible section of West Union Street, a busy east-west retail corridor, this property offers excellent visibility and accessibility. The building, constructed in 1986, sits on a 0.335-acre lot and boasts ample parking with approximately 23 spaces. Zoned B-2 General Business, the property is well-suited for a variety of retail and professional office uses. The building's size and configuration provide flexibility for adaptive reuse, catering to diverse business needs. Its location within the Village of Newark, situated conveniently between Rochester and Syracuse, ensures a strong potential customer base. The property's proximity to other businesses enhances its appeal and potential for synergy. An adjacent former convenience store is also available for purchase, presenting an opportunity for property assemblage and expansion. This turnkey property offers immediate occupancy and significant potential for return on investment. The asking price is $240,000, translating to $84.33 per square foot. This represents a compelling opportunity for owner-users seeking a strategic location in a thriving community.

• CAP approach

  CAP return

  Valuation

  6%

  $5,144,982

  6.5%

  $4,749,214

  7%

  $4,409,985

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,989,845

  Geo Method

  $7,136,450

• Alternative Use

  Use

  Valuation

  Residential

  $4,006,140

  Hospitality

  $3,669,603

  Educational

  $3,053,066

  Medical

  $3,158,066

  Retail

  $4,749,214

Location Insight

City

Newark

County

Wayne

State

New York

Latitude

43.0471

Longitude

-77.0905

CBSA code

40380

CBSA name

ROCHESTER, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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