Listing Agency: Cowanesque Lake Realty LLC Show Phone

Listed By: Sara Saxbury · License #RS363155 Show Phone

Added: Jun 15 Changed: Jun 25 Last Checked: Sep 5 at 2:06PM

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MLS# 31727593

Copyright © 2026 Northern Mountains of Pennsylvania MLS. 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 property consists of a well-built, heated and fully insulated garage on 1.79 acres. The structure includes 11' ceilings and a 12' x 10' garage door, with electricity available on site. Interior accommodations feature two office spaces, supporting a combination of workspace and storage. The surrounding land provides room for parking and outdoor storage, and it can support future expansion plans.

The site is located on Packard Rd in Covington, Pennsylvania, in Tioga County. The setting is described as private, with ample room to operate from the property without relying on shared space.

The layout is well-suited for owner-operators and tenants needing both shop or storage space and dedicated office areas. With a large garage door and insulated interior, the building supports day-to-day work as well as storing equipment or materials outdoors when needed. The property is also presented with a passing perc test on file, which may be relevant for future site planning.

Key Highlights

• 1,600 sq.ft. heated, fully insulated garage on 1.79 acres
• 11' ceilings with a 12' x 10' garage door
• Electricity available for workshop or storage use

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

$11,192

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

7.37%

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%

$223,840 $223.8K

Cap Rate 7%

$159,886 $159.9K

Cap Rate 9%

$124,356 $124.4K

Market Conditions

NOI Build-Up for 1,600 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

$18.2K $11.40/SF

− Vacancy

−$1.0K −$0.64/SF

EGI

$17.2K $10.76/SF

− OpEx

−$6.0K −$3.77/SF

NOI

$11.2K $7.00/SF

Area

Tioga County, PA

Vacancy

5.60%

Lease Rate

$11.40 /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%

$223,840

Cap Rate 7%

$159,886

Cap Rate 9%

$124,356

Alternative Uses

Best Use

Flex RnD

$159.9K

$139.9K – $186.5K (±1% cap)

NOI $11,192 @ 7.0% cap · market cap 7.37%

Second Best

Industrial

$133.4K

$116.7K – $155.6K (±1% cap)

NOI $9,336 @ 7.0% cap · market cap 6.15%

Theoretical Best

Healthcare Medical

$272.6K

$238.5K – $318.0K (±1% cap)

NOI $19,079 @ 7.0% cap · market cap 12.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Lease Details

11 ft

Clear height

1

Drive-in doors

2

Office units

Yes

Heavy power

Location Intelligence

Trade Area within ½ mile

1

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 16917, PA

1,464

Population

707

Households

2.1

Avg Household Size

44

Median Age

21%

College-Educated

92%

High-School Grad

52.0 sq mi

ZIP Area

28

Density / Sq Mi

$68,750

Median Household Income

$34,906

Median Earnings

$930

Median Rent

$161,000

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - A heated, fully insulated garage with office space and power on nearly two acres for flexible work or storage uses.

Where is this flex space located?

The property is located at Packard Rd Covington, PA.

What is the asking price?

The asking price for this property is $151,900.

What are key features of this property?

This property features: 1,600 sq.ft. heated, fully insulated garage on 1.79 acres; 11' ceilings with a 12' x 10' garage door; Electricity available for workshop or storage use