Flex Space With Overhead
For Sale
$388,000
122 1st Avenue, Waterford, NY 12188
COMMERCIAL - Waterford, NY
Property Size4,287 SF
Lot Size2.06 Acres
Price / SF$90.51
Days on Market144
Property Features for 122 1st Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Single Residence
Parking
20
Directions
Saratoga Ave to Vanderwerken Ave to First Avenue North
Standard status
Active
APN
415489 290.20-2-62
Size
4,287 SF
Lot size
2.06 Acres
Taxes and HOA fees
Tax Annual Amount
8200
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
meeting areas
bar
bathrooms
shower
kitchen
storage office
garage
Building Details
Year built
1970
Building materials
Block
Listing Agency:
Berkshire Hathaway Home Services Blake · Berkshire Hathaway HomeServices
(518) 464-0870
Listed By:
Paul R Bowers · License #30BO0810881
(518) 857-0568
Added: Mar 26
Changed: Aug 4
Last Checked: Aug 16 at 7:06PM
MLS# 202614005
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,287-square-foot flex property was built in 1970 and offers a combination of garage, work, office, and meeting areas. The building includes two 12-foot overhead doors and one 8-foot grade-level door, 14-foot ceilings throughout, a deep garage, two newer heaters, and an air-conditioned main area. Interior features include VAT flooring, drop ceilings, recessed lighting, three meeting areas with a bar, two baths including one with a shower, a kitchen, and a small upstairs storage office. The structure has block construction, a steel roof over the garage section, and a flat roof over the main area.
The 2.06-acre property includes a paved rear parking lot and is served by public water and public sewer. It is zoned Single Residence, and the current use is nonconforming and subject to governmental approvals.
The 2.06-acre property includes a paved rear parking lot and is served by public water and public sewer. It is zoned Single Residence, and the current use is nonconforming and subject to governmental approvals.
Key Highlights
- 4,287‑square‑foot flex property on 2.06 acres
- Two 12' overhead doors and one 8' overhead door at grade
- 14' ceilings throughout with a deep garage
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
$26,514
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
6.83%
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%
$530,280
$530.3K
Cap Rate 7%
$378,771
$378.8K
Cap Rate 9%
$294,600
$294.6K
Market Conditions
NOI Build-Up for 4,287 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
$40.6K $9.48/SF
− Vacancy
−$2.8K −$0.64/SF
EGI
$37.9K $8.84/SF
− OpEx
−$11.4K −$2.65/SF
NOI
$26.5K $6.18/SF
Area
Saratoga County, NY
Vacancy
6.80%
Lease Rate
$9.48 /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%
$530,280
Cap Rate 7%
$378,771
Cap Rate 9%
$294,600
Alternative Uses
Best Use
Flex RnD
$888.5K
$777.5K – $1.04M
NOI $62,196 @ 7.0% cap · market cap 16.03%
Second Best
Office B
$828.4K
$724.9K – $966.5K
NOI $57,990 @ 7.0% cap · market cap 14.95%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,821 @ 7.0% cap · market cap 23.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12188, NY
11,035
Population
5,197
Households
2.1
Avg Household Size
43
Median Age
32%
College-Educated
94%
High-School Grad
13.0 sq mi
ZIP Area
849
Density / Sq Mi
$87,212
Median Household Income
$46,738
Median Earnings
$1,097
Median Rent
$278,100
Median Home Value
Market
Vacancy Rate% for Office 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 - Block-built flex space combines garage capacity with conditioned office and meeting areas.
Where is this flex space located?
The property is located at 122 1st Avenue Waterford, NY.
What is the asking price?
The asking price for this property is $388,000.
What are key features of this property?
This property features: 4,287‑square‑foot flex property on 2.06 acres; Two 12' overhead doors and one 8' overhead door at grade; 14' ceilings throughout with a deep garage
