921 S State St

Owner-User + Income-Producing Office Suite Opportunity in Downtown Lockport

921 S State Street is a 6,264 SF historic mixed-use property offering a straightforward path to stabilized rental income without a major structural renovation. The proposed suite plan largely follows the building’s existing walls and doors, allowing a buyer to create a combination of retail, professional office and small-suite income with relatively modest capital investment.

The projected stabilized configuration includes eight rentable spaces ranging from 112 SF to 1,235 SF, plus shared conference room, kitchen, restrooms, elevator and private rear parking. Based on market-supported rents and projected operating expenses, the pro forma indicates approximately $136,200 in annual scheduled rent, $63,590 projected NOI and a 7.5% stabilized cap rate at the current asking price.

The property is equally well suited to an owner-user strategy. A buyer could occupy the 1,235 SF street-level retail/office suite for strong State Street visibility while leasing the balance of the building to offset ownership costs. Alternatively, the entire main level could accommodate a larger user, while the second floor operates as professional suites.

Originally constructed in 1936 as the Lockport Fire Department and later used as City Hall, the building has been modernized with updated electrical, HVAC, fire protection and passenger elevator. Additional features include a wet sprinkler system, private parking for up to approximately 10 vehicles, shared amenities and a prominent downtown location within Lockport’s Historic District and Municipal Core.

Offering Memorandum and projected stabilized rent schedule available upon request.