Mixed-Use Income
For Sale
$859,000
119 Church Street, Saratoga Springs, NY 12866
Three-unit mixed-use property with two renovated apartments and a front office/tailor shop plus extensive off-street parking.
Property Size2,842 SF
Price / SF$302.25
Days on Market213
Property Features for 119 Church Street
General Information
Standard status
Active
Size
2,842 SF
Property subtype
Multi-family
Building Details
Year Built
1860
Listing Agency:
High Rock Realty
Listed By:
Daniel Munn
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Feb 1
Changed: Aug 31
Last Checked: Sep 1 at 8:51PM
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 High Rock Realty
Investment Insights
Based on property information with market context.
This three-unit mixed-use building includes two apartments and a front office/tailor shop. The apartments consist of one 2-bedroom unit and one 3-bedroom unit, and the apartments have been recently renovated. The property also features a 700+- office/tailor shop in front.
The building sits on a large 0.16-acre lot with plenty of off-street parking. There are two sheds, a fenced yard, and a garden. The lot extends to the alley at the rear, providing flexible space and access.
Reported income is associated with the 3-bedroom unit. With a variance, the tailor shop can be used as a professional office with a sign and off-street parking.
The building sits on a large 0.16-acre lot with plenty of off-street parking. There are two sheds, a fenced yard, and a garden. The lot extends to the alley at the rear, providing flexible space and access.
Reported income is associated with the 3-bedroom unit. With a variance, the tailor shop can be used as a professional office with a sign and off-street parking.
Key Highlights
- 3‑unit mixed‑use building built in 1860 with two apartments and a front office/tailor shop
- Two renovated apartments: one 2BR and one 3BR; reported income reflects the 3BR unit
- Front 700+- SF office/tailor shop; with a variance, can be used as a professional office with a sign and off‑street parking
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
$42,177
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
4.91%
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%
$843,540
$843.5K
Cap Rate 7%
$602,529
$602.5K
Cap Rate 9%
$468,633
$468.6K
Market Conditions
NOI Build-Up for 2,842 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
$63.1K $22.20/SF
− Vacancy
−$2.8K −$1.00/SF
EGI
$60.3K $21.20/SF
− OpEx
−$18.1K −$6.36/SF
NOI
$42.2K $14.84/SF
Area
Saratoga County, NY
Vacancy
4.50%
Lease Rate
$22.20 /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%
$843,540
Cap Rate 7%
$602,529
Cap Rate 9%
$468,633
Alternative Uses
Best Use
Multifamily LT 5
$602.5K
$527.2K – $703.0K
NOI $42,177 @ 7.0% cap · market cap 4.91%
Second Best
Office B
$549.2K
$480.6K – $640.7K
NOI $38,444 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$850.7K
$744.3K – $992.4K
NOI $59,546 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,661
Businesses Nearby
Explore this area
Business Placement
Demographics for 12866, NY
40,355
Population
20,462
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
628
Density / Sq Mi
$98,374
Median Household Income
$53,265
Median Earnings
$1,460
Median Rent
$419,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit mixed-use property with two renovated apartments and a front office/tailor shop plus extensive off-street parking.
Where is this triplex located?
The property is located at 119 Church Street Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: 3‑unit mixed‑use building built in 1860 with two apartments and a front office/tailor shop; Two renovated apartments: one 2BR and one 3BR; reported income reflects the 3BR unit; Front 700+- SF office/tailor shop; with a variance, can be used as a professional office with a sign and off‑street parking
