Two-Unit Flex
For Sale
$1,600,000
120 Wood Road, Kingston, NY 12401
Recently renovated building offers two units suitable for office and warehouse use.
Property Size15,300 SF
Price / SF$109.24
Days on Market213
Property Features for 120 Wood Road
General Information
Standard status
Active
Size
15,300 SF
Property subtype
Mixed Use
Zoning
OM
Additional Details
Business Included
No
Taxes and HOA fees
Annual Taxes
$52,036
Building Details
Building Size
15,300 SF
Year Built
1970
Year Renovated
2025
Listing Agency:
SVN Deegan-Collins Commercial
(845) 339-9100
Listed By:
Thomas Collins · License ##10491205234
Source:
Gristmillrealestate
Added: Jan 22
Changed: Aug 23
Last Checked: Aug 22 at 2:13PM
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 SVN Deegan-Collins Commercial
Investment Insights
Based on property information with market context.
120 Wood Road in Kingston, New York is a 14,646-square-foot flex-style building constructed in 1970 and recently renovated in 2025. The property is configured as two spacious units, designed for combined office and warehouse use.
The building is zoned OM and located in the Ulster area. It presents a straightforward option for tenants or buyers seeking a multi-unit setup that can support both professional office space and warehouse operations.
The recent renovation and two-unit layout provide a functional configuration for flexible occupancy within the same building.
The building is zoned OM and located in the Ulster area. It presents a straightforward option for tenants or buyers seeking a multi-unit setup that can support both professional office space and warehouse operations.
The recent renovation and two-unit layout provide a functional configuration for flexible occupancy within the same building.
Key Highlights
- 14,646 SF building constructed in 1970, recently renovated in 2025
- Two spacious units suitable for office and warehouse use
- Zoned OM and located in the Ulster area
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
$118,413
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
7.40%
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%
$2,368,260
$2.4M
Cap Rate 7%
$1,691,614
$1.7M
Cap Rate 9%
$1,315,700
$1.3M
Market Conditions
NOI Build-Up for 14,646 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
$145.9K $9.96/SF
− Vacancy
−$6.6K −$0.45/SF
EGI
$139.3K $9.51/SF
− OpEx
−$20.9K −$1.43/SF
NOI
$118.4K $8.09/SF
Area
Ulster County, NY
Vacancy
4.50%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$2,368,260
Cap Rate 7%
$1,691,614
Cap Rate 9%
$1,315,700
Alternative Uses
Best Use
Flex RnD
$3.28M
$2.87M – $3.83M
NOI $229,620 @ 7.0% cap · market cap 14.35%
Second Best
Warehouse
$1.69M
$1.48M – $1.97M
NOI $118,413 @ 7.0% cap · market cap 7.40%
Theoretical Best
Multifamily LT 5
$136.97M
$119.85M – $159.79M
NOI $9,587,615 @ 7.0% cap · market cap 599.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12401, NY
35,493
Population
16,914
Households
2.1
Avg Household Size
42
Median Age
32%
College-Educated
89%
High-School Grad
58.9 sq mi
ZIP Area
603
Density / Sq Mi
$67,426
Median Household Income
$42,503
Median Earnings
$1,300
Median Rent
$285,700
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Recently renovated building offers two units suitable for office and warehouse use.
Where is this flex space located?
The property is located at 120 Wood Road Kingston, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 14,646 SF building constructed in 1970, recently renovated in 2025; Two spacious units suitable for office and warehouse use; Zoned OM and located in the Ulster area
