Well-Kept Office Building Near
For Sale
$450,000
7 Murray Street, Glens Falls, NY 12801
2,448 sq. ft. office building with flexible layout.
Property Size2,448 SF
Price / SF$183.82
Days on Market487
Property Features for 7 Murray Street
General Information
Standard status
Active
Size
2,448 SF
Taxes and HOA fees
Annual Taxes
$5,409
Building Details
Year Built
1970
Listing Agency:
LEVACK REAL ESTATE INC
Listed By:
R. MARK LEVACK · License #31LE0744941
(518) 793-7600
Source:
Corcoran
Added: May 17, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 LEVACK REAL ESTATE INC
Investment Insights
Based on property information with market context.
This well-kept brick office building offers 2,448 sq. ft. of space. The single-story property is located minutes from Glens Falls Hospital. Its duel metered layout is easily divisible into two separate office spaces, suitable for professionals seeking flexibility or additional rent revenue. The property includes a 20-car private parking lot. Two furnaces serve left side right side zones. A full basement provides extra storage or possible expansion opportunities.
Key Highlights
- Prime location minutes from Glens Falls Hospital.
- Spacious 2,448 sq. ft. single‑story brick office building.
- Easily divisible layout ideal for two separate office spaces and rental income.
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
$37,895
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
8.42%
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%
$757,900
$757.9K
Cap Rate 7%
$541,357
$541.4K
Cap Rate 9%
$421,056
$421.1K
Market Conditions
NOI Build-Up for 2,448 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
$58.8K $24.00/SF
− Vacancy
−$8.2K −$3.36/SF
EGI
$50.5K $20.64/SF
− OpEx
−$12.6K −$5.16/SF
NOI
$37.9K $15.48/SF
Area
Warren County, NY
Vacancy
14.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$757,900
Cap Rate 7%
$541,357
Cap Rate 9%
$421,056
Alternative Uses
Best Use
Office B
$541.4K
$473.7K – $631.6K
NOI $37,895 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$732.7K
$641.1K – $854.8K
NOI $51,290 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,835
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12801, NY
14,850
Population
7,287
Households
2
Avg Household Size
40
Median Age
33%
College-Educated
90%
High-School Grad
3.8 sq mi
ZIP Area
3,908
Density / Sq Mi
$70,019
Median Household Income
$46,700
Median Earnings
$1,050
Median Rent
$196,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office space - 2,448 sq. ft. office building with flexible layout.
Where is this office space located?
The property is located at 7 Murray Street Glens Falls, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Prime location minutes from Glens Falls Hospital.; Spacious 2,448 sq. ft. single‑story brick office building.; Easily divisible layout ideal for two separate office spaces and rental income.
