Flex Space With
For Sale
$499,000
218 S Caroline Street, Herkimer, NY 13350
Land, Herkimer, NY
Property Size6,696 SF
Lot Size0.30 Acres
Price / SF$74.52
Days on Market104
Property Features for 218 S Caroline Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Exterior features
BlacktopDriveway
Lot features
Rectangular, Rectangular Lot, Level
Elementary school district
Herkimer
Middle school district
Herkimer
High school district
Herkimer
Directions
State Route 5 to Caroline St.
Subdivision
Herkimer-Village-213001
Standard status
Active
APN
213001-120-032-0001-056-000-0000
Size
6,696 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Annual Amount
16739
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1983
Floors in Building
1
Roof type
Rubber, Membrane
Listing Agency:
Accent Brokerage, Inc.
(315) 219-5990
Listed By:
Rebecca Smith · License #10311200694
(315) 868-3098
Added: May 27
Changed: Sep 7
Last Checked: Sep 7 at 12:06PM
MLS# S1684999
Copyright © 2026 New York State Alliance of MLSs, LLC. 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 6,696-square-foot flex property combines retail, office, and warehouse components in a single building constructed in 1983. The retail area exceeds 5,000 square feet and includes two half baths, an office, a conference room, and central air. A separate retail section of approximately 1,064 square feet includes its own half bath area and separate heat, lighting, and water. The rear warehouse measures approximately 1,665 square feet and is served by an 11x11 overhead door.
The property occupies 0.303 acres at 218 S Caroline Street in Herkimer, NY. Electrical service includes 200 Amp three-phase power with sub feeds. Natural gas forced-air heat, a membrane and rubber roof, and a blacktop driveway are also in place. The site provides access to the NYS Thruway, State Route 5, and State Route 5S.
The property occupies 0.303 acres at 218 S Caroline Street in Herkimer, NY. Electrical service includes 200 Amp three-phase power with sub feeds. Natural gas forced-air heat, a membrane and rubber roof, and a blacktop driveway are also in place. The site provides access to the NYS Thruway, State Route 5, and State Route 5S.
Key Highlights
- 6,696 square feet on 0.303 acres
- Retail area exceeds 5,000 square feet and can be divided into two sections
- Approximately 1,665‑square‑foot warehouse with an 11x11 overhead door
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
$41,413
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
8.30%
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%
$828,260
$828.3K
Cap Rate 7%
$591,614
$591.6K
Cap Rate 9%
$460,144
$460.1K
Market Conditions
NOI Build-Up for 6,696 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
$63.5K $9.48/SF
− Vacancy
−$4.3K −$0.64/SF
EGI
$59.2K $8.84/SF
− OpEx
−$17.7K −$2.65/SF
NOI
$41.4K $6.18/SF
Area
Herkimer 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%
$828,260
Cap Rate 7%
$591,614
Cap Rate 9%
$460,144
Alternative Uses
Best Use
Retail
$1.57M
$1.37M – $1.83M
NOI $109,568 @ 7.0% cap · market cap 21.96%
Second Best
Flex RnD
$1.24M
$1.08M – $1.44M
NOI $86,491 @ 7.0% cap · market cap 17.33%
Theoretical Best
Office A
$1.99M
$1.74M – $2.33M
NOI $139,514 @ 7.0% cap · market cap 27.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
751
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13350, NY
9,513
Population
4,709
Households
2
Avg Household Size
41
Median Age
20%
College-Educated
92%
High-School Grad
31.6 sq mi
ZIP Area
301
Density / Sq Mi
$62,548
Median Household Income
$37,975
Median Earnings
$821
Median Rent
$136,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible retail and warehouse property with divisible space, office amenities, central air, and three-phase electrical service.
Where is this flex space located?
The property is located at 218 S Caroline Street Herkimer, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 6,696 square feet on 0.303 acres; Retail area exceeds 5,000 square feet and can be divided into two sections; Approximately 1,665‑square‑foot warehouse with an 11x11 overhead door
