Flex Space with Grade-Level
For Sale
$340,000
122 1st Avenue, Waterford, NY 12188
Commercial Sale, Waterford, NY
Property Size4,287 SF
Lot Size2.06 Acres
Price / SF$79.31
Days on Market177
Property Features for 122 1st Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Single Residence
Parking
20
Directions
Saratoga Ave to Vanderwerken Ave to First Avenue North
Standard status
Active
APN
415489 290.20-2-62
Size
4,287 SF
Lot size
2.06 Acres
Taxes and HOA fees
Tax Annual Amount
8200
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
meeting areas with bar
kitchen
Building Details
Year built
1970
Building materials
Block
Listing Agency:
Berkshire Hathaway Home Services Blake · Berkshire Hathaway HomeServices
(518) 464-0870
Listed By:
Paul R Bowers · License #30BO0810881
(518) 857-0568
Added: Mar 26
Changed: Sep 12
Last Checked: Sep 18 at 10:06AM
MLS# 202614005
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,287-square-foot flex property sits on 2.06 acres and was built in 1970 with block construction. The layout includes a deep garage, shop area, three meeting areas with a bar, two bathrooms including one with a shower, a kitchen, and a small upstairs storage office. The main area is air-conditioned, while two new heaters serve the shop and main area. Interior features include VAT flooring, drop ceilings, recessed lighting, and 14-foot ceilings throughout. The garage section has a steel roof, with a flat roof over the main area.
The paved rear parking lot provides on-site parking. Two 12-foot overhead doors and one 8-foot overhead door offer grade-level access. Public water and public sewer serve the property. It is zoned Single Residence, and the current use is nonconforming and subject to governmental approvals.
The paved rear parking lot provides on-site parking. Two 12-foot overhead doors and one 8-foot overhead door offer grade-level access. Public water and public sewer serve the property. It is zoned Single Residence, and the current use is nonconforming and subject to governmental approvals.
Key Highlights
- 4,287‑square‑foot flex property on 2.06 acres
- Two 12' overhead doors and one 8' overhead door at grade
- 14' ceilings throughout with a deep garage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,514
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$530,280
$530.3K
Cap Rate 7%
$378,771
$378.8K
Cap Rate 9%
$294,600
$294.6K
Market Conditions
NOI Build-Up for 4,287 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$40.6K $9.48/SF
− Vacancy
−$2.8K −$0.64/SF
EGI
$37.9K $8.84/SF
− OpEx
−$11.4K −$2.65/SF
NOI
$26.5K $6.18/SF
Area
Saratoga County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$530,280
Cap Rate 7%
$378,771
Cap Rate 9%
$294,600
Alternative Uses
Best Use
Flex RnD
$888.5K
$777.5K – $1.04M
NOI $62,196 @ 7.0% cap · market cap 18.29%
Second Best
Office B
$828.4K
$724.9K – $966.5K
NOI $57,990 @ 7.0% cap · market cap 17.06%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,821 @ 7.0% cap · market cap 26.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
14 ft
Clear height
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12188, NY
11,035
Population
5,197
Households
2.1
Avg Household Size
43
Median Age
32%
College-Educated
94%
High-School Grad
13.0 sq mi
ZIP Area
849
Density / Sq Mi
$87,212
Median Household Income
$46,738
Median Earnings
$1,097
Median Rent
$278,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Block construction with shop space, meeting areas, office storage, and public water and sewer service.
Where is this flex space located?
The property is located at 122 1st Avenue Waterford, NY.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 4,287‑square‑foot flex property on 2.06 acres; Two 12' overhead doors and one 8' overhead door at grade; 14' ceilings throughout with a deep garage
