Office Buildings at Lighted
For Sale
$410,000
351 Bay Road, Queensbury, NY 12804
Two office buildings with excellent road exposure and ample parking.
Property Size1,751 SF
Lot Size0.45 Acres
Price / SF$234.15
Days on Market529
Property Features for 351 Bay Road
General Information
Standard status
Active
Size
1,751 SF
Lot size
0.45 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,425
Amenities
Central air
Central Air Cooling
Hot Water Heating
Natural Gas Heating
Paved
Private
Listing Agency:
BERKSHIRE HATHAWAY HOME SERVICES BLAKE
(518) 793-6628
Listed By:
ROBERT L SEARS · License #30SE0274629
(518) 793-7940
Source:
Corcoran
Added: Mar 26, 2025
Changed: Sep 4
Last Checked: Sep 4 at 6:04AM
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 BERKSHIRE HATHAWAY HOME SERVICES BLAKE
Investment Insights
Based on property information with market context.
The offering includes two buildings. The first, located at 351 Bay Rd, is a 1.5-story office building with 1751 square feet and a full basement. It features gas hot water heat, central air conditioning, and is handicapped accessible. The second building, located at 97 Glenwood Ave, is a 1646 square foot single-story structure with a small loft area for storage. The combined lot size is 0.45 acres and provides ample parking. The property has 102 feet of frontage on Bay Rd and 192 feet of frontage on Glenwood Ave. The zoning is Commercial Intensive. The property benefits from excellent road exposure at a busy four-way lighted intersection.
Key Highlights
- Excellent road exposure at a busy 4‑way lighted intersection.
- Commercial Intensive zoning.
- Two buildings included: a 1751SF 1.5 story office building and a 1646 SF single story building.
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
$27,105
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
6.61%
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%
$542,100
$542.1K
Cap Rate 7%
$387,214
$387.2K
Cap Rate 9%
$301,167
$301.2K
Market Conditions
NOI Build-Up for 1,751 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
$42.0K $24.00/SF
− Vacancy
−$5.9K −$3.36/SF
EGI
$36.1K $20.64/SF
− OpEx
−$9.0K −$5.16/SF
NOI
$27.1K $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%
$542,100
Cap Rate 7%
$387,214
Cap Rate 9%
$301,167
Alternative Uses
Best Use
Office B
$387.2K
$338.8K – $451.8K
NOI $27,105 @ 7.0% cap · market cap 6.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$524.1K
$458.6K – $611.5K
NOI $36,687 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
455
Businesses Nearby
Explore this area
Business Placement
Demographics for 12804, NY
27,790
Population
13,287
Households
2.1
Avg Household Size
47
Median Age
39%
College-Educated
94%
High-School Grad
54.7 sq mi
ZIP Area
508
Density / Sq Mi
$90,074
Median Household Income
$50,368
Median Earnings
$1,209
Median Rent
$284,400
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?
Office building - Two office buildings with excellent road exposure and ample parking.
Where is this office building located?
The property is located at 351 Bay Road Queensbury, NY.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Excellent road exposure at a busy 4‑way lighted intersection.; Commercial Intensive zoning.; Two buildings included: a 1751SF 1.5 story office building and a 1646 SF single story building.
