Listing Agency: Howard Hanna m***@howardhanna.com Show Phone

Listed By: Mary Jo Warner Show Phone

Source: Exprealty

Added: May 20 Changed: Aug 14 Last Checked: Aug 19 at 12:19PM

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Investment Insights

Based on property information with market context.

12 Park Place is a mixed-use property combining a ground-floor commercial space with residential living above. The upper level includes two finished apartments and a third unfinished unit that’s ready for a buyer’s finish-out decisions. Recent exterior and systems updates include a new roof installed in 2024, freshly painted exterior work in 2024, updated heating systems, and modern appliances, supporting a turnkey approach for either tenants or an owner-operator.

The building is positioned near restaurants, shops, and a waterfront area, with the commercial floor suited to retail, office, or creative uses as described in the property remarks. This blend of uses supports flexible occupancy planning while keeping the street-level presence oriented to business activity.

For tenants or buyers, the layout can accommodate an owner-occupied concept where the ground floor serves a business while residential income offsets expenses. For investors, the combination of multiple housing units and a dedicated commercial space creates a straightforward way to diversify income within one structure. Additional possibilities for expansion, renovations, or mixed-use development are mentioned in the remarks, offering buyers a path to adapt the property over time.

Key Highlights

• Downtown mixed‑use building at 12 Park Place with ground‑floor commercial space plus two finished apartments and a third unfinished unit
• First floor suited for retail, office, or creative use
• Upper floors include two finished apartments and a third unfinished unit ready for your vision

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

$62,457

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

8.06%

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%

$1,249,140 $1.2M

Cap Rate 7%

$892,243 $892.2K

Cap Rate 9%

$693,967 $694.0K

Market Conditions

NOI Build-Up for 5,934 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

$99.7K $16.80/SF

− Vacancy

−$10.5K −$1.76/SF

EGI

$89.2K $15.04/SF

− OpEx

−$26.8K −$4.51/SF

NOI

$62.5K $10.53/SF

Area

Columbia County, NY

Vacancy

10.50%

Lease Rate

$16.80 /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%

$1,249,140

Cap Rate 7%

$892,243

Cap Rate 9%

$693,967

Alternative Uses

Best Use

Office B

$1.07M

$937.3K – $1.25M (±1% cap)

NOI $74,982 @ 7.0% cap · market cap 9.68%

Second Best

Retail

$892.2K

$780.7K – $1.04M (±1% cap)

NOI $62,457 @ 7.0% cap · market cap 8.06%

Theoretical Best

Office A

$1.47M

$1.28M – $1.71M (±1% cap)

NOI $102,767 @ 7.0% cap · market cap 13.26%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Creative space

Suggested Use

Top Pick Auto Repair Shop Electrical Service Furniture & Home Goods Grocery & Convenience Store Bakery Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

59

Businesses Nearby

Explore this area Business Placement

Demographics for 12513, NY

621

Population

196

Households

3.2

Avg Household Size

55

Median Age

55%

College-Educated

100%

High-School Grad

2.9 sq mi

ZIP Area

214

Density / Sq Mi

$59,167

Median Household Income

$405,800

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Downtown mixed-use building with ground-floor commercial space and two finished apartments plus an unfinished third.

Where is this mixed-use property located?

The property is located at 12 Park Place St Claverack, NY.

What is the asking price?

The asking price for this property is $775,000.

What are key features of this property?

This property features: Downtown mixed‑use building at 12 Park Place with ground‑floor commercial space plus two finished apartments and a third unfinished unit; First floor suited for retail, office, or creative use; Upper floors include two finished apartments and a third unfinished unit ready for your vision