4 3Rd StJamestown, NY 14701

Property Details for 4 3Rd St

Year built

1940

Lot size

0.27 AC

Property size (Sq ft)

27,771 SF

Property type

Office buildings

APN

060800 387.40-3-24

APU

6080038740324

Description

This exceptional 37,686 square foot, three-story Class B office building in Jamestown, NY, presents a compelling investment opportunity. Currently 100% occupied by three credit-rated tenants (M&T Bank, Digitell, and Chautauqua Works) under a gross lease structure with a remaining lease term of approximately 1.8 years, the property boasts a strong 9.79% cap rate and a pro-forma cap rate of 10.71%. The building, constructed in 1940 and renovated in 2015, sits on a 0.27-acre lot in a prime location adjacent to restaurants, shopping, and hotels. All three tenants have indicated their intent to sign five-year lease extensions with a 5% annual rent bump, further solidifying the investment's stability. The current Net Operating Income (NOI) is $137,000, projected to increase to $150,000. The asking price is $1,400,000, translating to a price per square foot of $37.15. This stabilized investment offers significant potential for long-term growth and value appreciation, making it an attractive option for both owner-users and investors seeking a strong return on investment in a thriving market. The property is zoned B and features a multi-tenant occupancy structure with leases commencing September 1, 2021, and expiring August 31, 2026.

• CAP approach

  CAP return

  Valuation

  6%

  $5,326,598

  6.5%

  $4,916,859

  7%

  $4,565,655

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,716,876

  Geo Method

  $5,552,534

• Alternative Use

  Use

  Valuation

  Residential

  $6,096,906

  Hospitality

  $5,584,732

  Educational

  $4,646,432

  Medical

  $4,806,230

  Retail

  $7,227,783

Location Insight

City

Jamestown

County

Chautauqua

State

New York

Latitude

42.0962

Longitude

-79.2409

CBSA code

27460

CBSA name

JAMESTOWN-DUNKIRK-FREDONIA, NY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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