Commercial Land with Existing
New
For Sale
$599,900
111 S Comrie Ave., Johnstown, NY 12095
Three commercially zoned parcels include an existing building and municipal water and sewer.
Property Size1,925 SF
Days on Market2
Property Features for 111 S Comrie Ave.
General Information
Standard status
Active
Size
1,925 SF
Property subtype
Unassigned
Building Details
Building Size
1,925 SF
Year Built
1983
Stories
1
Listing Agency:
INGLENOOK REALTY INC
(518) 365-5137
Listed By:
Kathleen Gordon · License #31GO1064958
Source:
Commercialcafe
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 8:05AM
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 INGLENOOK REALTY INC
Investment Insights
Based on property information with market context.
The property comprises 4.82± acres across three commercially zoned parcels measuring 4.20, 0.34, and 0.28 acres. An existing 1,925±-square-foot commercial building, constructed in 1983, includes forced-air natural gas heat, central air conditioning, and municipal water and sewer. The building can support retail, office, showroom, medical, or automotive uses, subject to applicable approvals.
The site offers more than 1,100 feet of frontage on South Comrie Avenue and exposure to over 5.4 million vehicles annually. The acreage beyond the existing building can accommodate additional buildings, parking, outdoor display areas, or phased commercial development. The three-parcel configuration also provides flexibility for expansion, resale, or separate development strategies.
The site offers more than 1,100 feet of frontage on South Comrie Avenue and exposure to over 5.4 million vehicles annually. The acreage beyond the existing building can accommodate additional buildings, parking, outdoor display areas, or phased commercial development. The three-parcel configuration also provides flexibility for expansion, resale, or separate development strategies.
Key Highlights
- 4.82± acres across three commercially zoned parcels
- More than 1,100 feet of road frontage on South Comrie Avenue
- Exposure to more than 5.4 million vehicles annually
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
$18,124
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
3.02%
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%
$362,480
$362.5K
Cap Rate 7%
$258,914
$258.9K
Cap Rate 9%
$201,378
$201.4K
Market Conditions
NOI Build-Up for 1,925 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
$27.0K $14.04/SF
− Vacancy
−$1.1K −$0.59/SF
EGI
$25.9K $13.45/SF
− OpEx
−$7.8K −$4.04/SF
NOI
$18.1K $9.42/SF
Area
Fulton County, NY
Vacancy
4.20%
Lease Rate
$14.04 /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%
$362,480
Cap Rate 7%
$258,914
Cap Rate 9%
$201,378
Alternative Uses
Best Use
Retail
$258.9K
$226.6K – $302.1K
NOI $18,124 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.33M
$1.16M – $1.55M
NOI $93,155 @ 7.0% cap · market cap 15.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
255
Businesses Nearby
8k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 100%
Noble Ace Hardware
Home Improvements & Furnishings
8,401 visits/mo
0.2 miles
Demographics for 12095, NY
12,242
Population
5,808
Households
2.1
Avg Household Size
43
Median Age
25%
College-Educated
89%
High-School Grad
65.2 sq mi
ZIP Area
188
Density / Sq Mi
$69,864
Median Household Income
$45,103
Median Earnings
$860
Median Rent
$159,700
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?
Commercial land - Three commercially zoned parcels include an existing building and municipal water and sewer.
Where is this commercial land located?
The property is located at 111 S Comrie Ave. Johnstown, NY.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 4.82± acres across three commercially zoned parcels; More than 1,100 feet of road frontage on South Comrie Avenue; Exposure to more than 5.4 million vehicles annually
