Flex Space with Overhead
New
For Sale
$675,000
111 Nott Terrace, Schenectady, NY 12308
Office areas, showroom space and a finished upper level support a varied commercial layout.
Property Size5,587 SF
Price / SF$120.82
Days on Market2
Property Features for 111 Nott Terrace
General Information
Standard status
Active
Size
5,587 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Clear Height
15 ft
Amenities
overhead doors
office areas
showroom
finished second level
15' ceilings
new insulation
fresh exterior paint
Building Details
Year Built
1947
Stories
2
Construction
brick, block and steel
Listing Agency:
Venture Fox Realty Group LLC
Listed By:
Rachel Teidman · License #33751
(518) 833-6636
Source:
Heerrealty
Added: Oct 4
Last Checked: Oct 4 at 7:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Venture Fox Realty Group LLC
Investment Insights
Based on property information with market context.
This 5,587-square-foot flex property has brick, block and steel construction, 15-foot ceilings, and three overhead doors. Interior features include multiple office areas, showroom space and a finished second level. Recent work includes new insulation and exterior paint. The property also has current NYS Dealer Repair Shop licenses.
The site is at 111 Nott Terrace in downtown Schenectady, near Union College, Proctors, Rivers Casino, downtown businesses, restaurants and major highways.
The site is at 111 Nott Terrace in downtown Schenectady, near Union College, Proctors, Rivers Casino, downtown businesses, restaurants and major highways.
Key Highlights
- 5,587 SF of commercial flex space
- 15‑foot ceilings and three overhead doors
- Brick, block and steel construction
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
$34,554
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
5.12%
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%
$691,080
$691.1K
Cap Rate 7%
$493,629
$493.6K
Cap Rate 9%
$383,933
$383.9K
Market Conditions
NOI Build-Up for 5,587 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
$53.0K $9.48/SF
− Vacancy
−$3.6K −$0.64/SF
EGI
$49.4K $8.84/SF
− OpEx
−$14.8K −$2.65/SF
NOI
$34.6K $6.18/SF
Area
Schenectady 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%
$691,080
Cap Rate 7%
$493,629
Cap Rate 9%
$383,933
Alternative Uses
Best Use
Retail
$963.4K
$843.0K – $1.12M
NOI $67,440 @ 7.0% cap · market cap 9.99%
Second Best
Industrial
$493.6K
$431.9K – $575.9K
NOI $34,554 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,059 @ 7.0% cap · market cap 17.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
15 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,029
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12308, NY
15,285
Population
6,442
Households
2.4
Avg Household Size
31
Median Age
29%
College-Educated
89%
High-School Grad
2.3 sq mi
ZIP Area
6,646
Density / Sq Mi
$59,789
Median Household Income
$35,966
Median Earnings
$1,159
Median Rent
$180,100
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 - Office areas, showroom space and a finished upper level support a varied commercial layout.
Where is this flex space located?
The property is located at 111 Nott Terrace Schenectady, NY.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 5,587 SF of commercial flex space; 15‑foot ceilings and three overhead doors; Brick, block and steel construction
