2115 Downer Street Road

Description

Exceptional Investment Opportunity – Fully Leased 8,016 SF Investment Property with Long-Term Tenancy. This 8,016 square foot commercial property offers a stable, income-producing investment at a 10.5% cap rate. The building is currently 100% leased to two tenants, providing strong, predictable cash flow. Approximately 7,100 SF is leased to PEACE, Inc., a major regional non-profit serving over 10,000 clients throughout Central New York. PEACE, Inc. recently signed a 10-year lease (started in 2024) with built-in annual rent escalations and two 5-year extension options, allowing for up to 20 years of tenancy with scheduled increases — a highly attractive feature for long-term investors. This facility houses the federally funded Head Start Program that has been around since 1968. The remaining 741 SF is leased to a reliable CPR training tenant who has maintained a long-term presence in the building and is on a month-to-month grossly below market rent. In 2024, the landlord and PEACE, Inc. jointly invested over $300,000 into substantial improvements, including a near full interior remodel of the tenant's space, new roof, a sealed parking area, and all new entryway steps and ramps. Additionally, the tenant utilizes 1,500 SF of unfinished basement space for storage, adding functional value to the asset. The landlord covers property taxes, insurance, landscaping, and snow removal, while tenants are responsible for utilities, trash removal, and basic repairs & maintenance — minimizing landlord obligations. With strong tenancy, recent capital upgrades, and structured lease escalations, this property presents a rare chance to acquire a low-maintenance, high-yield asset backed by an established community organization.