Mixed-Use Property with Retail
For Sale
$1,800,000
110 E State St, Herkimer, NY 13350
CommercialSale, Herkimer, NY
Property Size14,260 SF
Price / SF$126.23
Days on Market18
Property Features for 110 E State St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
c
Zoning description
Commercial
Parking
50
Lot features
Rectangular, Rectangular Lot
Elementary school district
Herkimer
Middle school district
Herkimer
High school district
Herkimer
Subdivision
Herkimer-Village-213001
Standard status
Active
APN
120.25-4-57 & 58
Size
14,260 SF
Taxes and HOA fees
Tax Annual Amount
43359
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Roof type
Membrane, Rubber, Asphalt
Listing Agency:
Keller-Williams Mohawk Valley · Keller Williams Realty
(315) 701-6900
Listed By:
Delbert Ball · License #10401246417
(315) 868-3933
Added: Aug 9
Changed: Aug 19
Last Checked: Aug 26 at 1:06PM
MLS# S1705566
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 mixed-use holding includes two commercial buildings totaling 14,260 square feet across four parcels. One building is occupied by Dollar General under a long-term lease. The second structure combines three-bedroom, three-bathroom living quarters on the second floor with two commercial spaces; the current owner occupies both the residence and business areas. Natural gas forced-air heating, public water, and membrane, rubber, and asphalt roofing are in place. The buildings date to 1960.
Located at 110 E State St in Herkimer, the property receives exposure to more than 20,000 vehicles per day and includes plentiful parking. WellNow Urgent Care, Bassett Health Center, and T-Mobile are nearby, while Hannaford, Walmart, and Herkimer County Community College serve as larger-area commercial and institutional anchors. The property is zoned c.
Located at 110 E State St in Herkimer, the property receives exposure to more than 20,000 vehicles per day and includes plentiful parking. WellNow Urgent Care, Bassett Health Center, and T-Mobile are nearby, while Hannaford, Walmart, and Herkimer County Community College serve as larger-area commercial and institutional anchors. The property is zoned c.
Key Highlights
- 14,260‑square‑foot mixed‑use holding across four parcels
- Two commercial buildings with a long‑term Dollar General lease
- Second building includes 3 bedrooms, 3 bathrooms, and 2 commercial spaces
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
$144,383
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
8.02%
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%
$2,887,660
$2.9M
Cap Rate 7%
$2,062,614
$2.1M
Cap Rate 9%
$1,604,256
$1.6M
Market Conditions
NOI Build-Up for 14,260 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
$256.7K $18.00/SF
− Vacancy
−$25.7K −$1.80/SF
EGI
$231.0K $16.20/SF
− OpEx
−$86.6K −$6.07/SF
NOI
$144.4K $10.13/SF
Area
Herkimer County, NY
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,887,660
Cap Rate 7%
$2,062,614
Cap Rate 9%
$1,604,256
Alternative Uses
Best Use
Retail
$3.33M
$2.92M – $3.89M
NOI $233,339 @ 7.0% cap · market cap 12.96%
Second Best
Mixed Use
$2.06M
$1.80M – $2.41M
NOI $144,383 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$4.24M
$3.71M – $4.95M
NOI $297,112 @ 7.0% cap · market cap 16.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
819
Businesses Nearby
127k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 23%
Groceries 22%
Electronics 7%
Hannaford
Groceries
28,193 visits/mo
0.3 miles
Burger King
Dining
20,387 visits/mo
0.1 miles
Dunkin' Donuts
Dining
18,836 visits/mo
0.4 miles
Arby's
Dining
11,941 visits/mo
0.2 miles
Dollar General
Shops & Services
6,695 visits/mo
0.0 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial buildings combine leased retail space with owner-occupied residential and commercial areas.
Where is this mixed-use property located?
The property is located at 110 E State St Herkimer, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 14,260‑square‑foot mixed‑use holding across four parcels; Two commercial buildings with a long‑term Dollar General lease; Second building includes 3 bedrooms, 3 bathrooms, and 2 commercial spaces
