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    Four Storage Facilities Portfolio Sale Title is generated by Realmo AI

    2066 State Hwy 12, Norwich, NY 13830

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    For Sale
    $2,800,000

    Four storage facilities with 289 units and expansion potential.

    Type:Commercial/Industrial
    Property size:
    35,990 SF
    Lot size:
    6.50 Acres
    Price / SF:
    $77/SF
    Added:
    Apr 2, 2025
    Days on Market:
    424
    Last Refresh:
    May 28 at 7:35 am

    Property Features for 2066 State Hwy 12

    General Information

    Standard status
    Active
    Size
    35,990 SF
    Lot size
    6.50 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1993

    We can help!

    Listing Contact
    Allison A Drihmi

    Listing agent Allison A Drihmi License #10491208658

    Listing office KELLER WILLIAMS REALTY GREATER BINGHAMTON

    Listing date Apr 2, 2025

    Source Exitrealty

    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 KELLER WILLIAMS REALTY GREATER BINGHAMTON

    HighLights

    • High Occupancy Rate: 98% occupancy indicates strong demand.
    • Multiple Storage Facilities: Four facilities across five properties for diversified market reach.
    • Significant Storage Space: 35,999 square feet with 289 units for substantial revenue.
    • Expansion Potential: Over 6.5 acres of land allows for future growth.
    • Security Features: Electric and camera surveillance at all sites enhance security.
    • Well‑Maintained Units: Clean and maintained units contribute to tenant satisfaction.

    Overview

    This portfolio includes four storage facilities situated across four sites, totaling 35,999 square feet of storage space. The facilities comprise 289 units and maintain a 98% occupancy rate. The properties are located on over 6.5 acres of land, offering room for additional storage buildings. Site 1, located at 7009 St Hwy 12, N Norwich, features 76 units and is equipped with electricity and camera surveillance, encompassing 9,210 square feet. Site 2, at 7066 St Hwy 12, N Norwich, includes 122 units with electricity and camera surveillance, totaling 15,780 square feet. Site 3, situated at 52 Smith Dr, Sherburne, contains 43 units with electricity and camera surveillance, covering 6,000 square feet, and includes an additional 1.7 acres of vacant land. Site 4, at 2740 St Hwy 12, Brisben, consists of 48 units with electricity and camera surveillance being installed, amounting to 5,000 square feet. All units are clean, well-maintained, and monitored.
    Location Intelligence

    Current Use by Public Records

    Self storage facilities

    Suggested Use

    Nail Salon Auto Repair Shop Building Supply Big Box & Wholesale Store Department Store Auto Parts Store Barber Shop Car Rental Facility (Bike/Boat/Book/etc) Store Pet Grooming Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Norwich
    County
    Chenango
    State
    New York
    Longitude
    -75.5449883
    Latitude
    42.4740361

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    FAQs

    What type of property is this?
    Self storage facility - Four storage facilities with 289 units and expansion potential.
    Where is this self storage facility located?
    The property is located at 2066 State Hwy 12 Norwich, NY.
    What is the asking price?
    The asking price for this property is $2,800,000.
    What are key features of this property?
    This property features: High Occupancy Rate: 98% occupancy indicates strong demand.; Multiple Storage Facilities: Four facilities across five properties for diversified market reach.; Significant Storage Space: **35,999 square feet with 289 units for substantial revenue.**
    (570) 470-9761
    We can help!
    Listing Contact
    Allison A Drihmi
    Real Estate License ID: 10491208658
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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