Freestanding Warehouse with Overhead
For Sale
Under Contract
$244,900
28483 County Route 32, Evans Mills, NY 13637
LAND - Evans Mills, NY
Property Size3,800 SF
Lot Size18.81 Acres
Price / SF$64.45
Days on Market927
Property Features for 28483 County Route 32
General Information
Property type
Land
Property subtype
Other
Parking features
Driveway, Garage
Vegetation
Wooded
Interior features
Storage, Bar, Workshop
Exterior features
BlacktopDriveway, PropaneTankOwned
Lot features
Rural Lot, Secluded, Tillable, Wooded, Cleared, Level, Pond On Lot
Elementary school district
Indian River
Middle school district
Indian River
High school district
Indian River
Directions
Coming into evans mills from Us 11 stay left at the fork after gas station. Take your first left onto Gould Corners Rd the property will be about a mile down on your right hand side. Long driveway building sits off road.
Subdivision
Le Ray-224089
Standard status
Active Under Contract
APN
224089-065-005-0001-008-100
Size
3,800 SF
Lot size
18.81 Acres
Utilities
Sewer type
Septic Tank
Heating system
Propane (Heating), Baseboard
Water source
Well
Amenities
shop
workshop
half bath
bar room
covered pad
cold storage
Building Details
Year built
1982
Floors in Building
1
Building materials
AluminumSiding
Roof type
Metal
Additional Structures
Storage, Workshop, Garage(s)
Listing Agency:
TLC Real Estate LLC - Carthage
(315) 493-1111
Listed By:
Trevor Gibbons · License #10401360514
(315) 783-6455
Added: Jan 23, 2024
Changed: Aug 4
Last Checked: Aug 7 at 11:06AM
MLS# S1518047
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.
Freestanding warehouse property built in 1982 featuring a long blacktop driveway leading to a shop with large open bay space. The interior includes a workshop separated from the main floor, a half bath, and a bar room tucked away in the back. Additional exterior cold-storage support includes a covered pad in the rear and a side area with an overhead door. Interior features also include storage.
The property sits on 18.81 acres in the country in Evans Mills, NY (Jefferson County). Improvements include aluminum siding and a metal roof, with baseboard heating and propane (heating). Utilities are provided via a well and a septic tank, and the site includes a propane tank owned. Parking is described as driveway and garage.
With its workshop layout and covered, overhead-door access for cold storage, this property offers a practical mix of main open space plus back-of-house areas under one roof.
The property sits on 18.81 acres in the country in Evans Mills, NY (Jefferson County). Improvements include aluminum siding and a metal roof, with baseboard heating and propane (heating). Utilities are provided via a well and a septic tank, and the site includes a propane tank owned. Parking is described as driveway and garage.
With its workshop layout and covered, overhead-door access for cold storage, this property offers a practical mix of main open space plus back-of-house areas under one roof.
Key Highlights
- 18.81‑acre country property near Evans Mills, NY
- Large open bay warehouse interior plus separated workshop
- Covered rear pad for cold storage and side area with an 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
$21,823
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
8.91%
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%
$436,460
$436.5K
Cap Rate 7%
$311,757
$311.8K
Cap Rate 9%
$242,478
$242.5K
Market Conditions
NOI Build-Up for 3,800 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
$36.0K $9.48/SF
− Vacancy
−$2.4K −$0.64/SF
EGI
$33.6K $8.84/SF
− OpEx
−$11.8K −$3.09/SF
NOI
$21.8K $5.74/SF
Area
Jefferson County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$436,460
Cap Rate 7%
$311,757
Cap Rate 9%
$242,478
Alternative Uses
Best Use
Warehouse
$407.7K
$356.7K – $475.6K
NOI $28,538 @ 7.0% cap · market cap 11.65%
Second Best
Industrial
$335.7K
$293.8K – $391.7K
NOI $23,502 @ 7.0% cap · market cap 9.60%
Theoretical Best
Office A
$1.05M
$916.6K – $1.22M
NOI $73,325 @ 7.0% cap · market cap 29.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13637, NY
4,980
Population
2,491
Households
2
Avg Household Size
27
Median Age
19%
College-Educated
95%
High-School Grad
35.2 sq mi
ZIP Area
141
Density / Sq Mi
$62,786
Median Household Income
$36,867
Median Earnings
$1,318
Median Rent
$189,600
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?
Warehouse - Freestanding warehouse with workshop, half bath, bar room, and a covered rear pad for cold storage.
Where is this warehouse located?
The property is located at 28483 County Route 32 Evans Mills, NY.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: 18.81‑acre country property near Evans Mills, NY; Large open bay warehouse interior plus separated workshop; Covered rear pad for cold storage and side area with an overhead door
