Riverfront Industrial Flex
For Sale
$1,750,000
68-66 Ward St, Montgomery, NY 12549
Two-building industrial/flex site with multiple bays, including 14' and 12' loading doors and rear parking.
Property Size6,510 SF
Price / SF$268.82
Days on Market544
Property Features for 68-66 Ward St
General Information
Standard status
Active
Size
6,510 SF
Zoning
I2
Additional Details
Drive-In Doors
7
Taxes and HOA fees
Annual Taxes
$10,427
Listing Agency:
Cronin & Company Real Estate
Listed By:
Frank Muccari
(845) 744-6275
Source:
Exprealty
Added: Mar 12, 2025
Changed: Aug 26
Last Checked: Sep 5 at 10:28AM
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 Cronin & Company Real Estate
Investment Insights
Based on property information with market context.
This riverfront industrial flex property includes two buildings with a total of three shop spaces and nine total bays of shop area. The main shop spans approximately 3,000 square feet and features three 14' doors, an office (16' x 16'), a bathroom, and second-level storage. A second shop area offers approximately 2,160 square feet with two 14' doors and two 12' doors. An upper street-level shop provides approximately 1,350 square feet with two 12' doors and an office.
The site is set on just under three quarters of an acre and includes a large rear parking area suitable for staff and equipment. The property is described as being at the entrance to the Village of Montgomery on Route 17K, next to Wards Bridge, supporting convenient access and high visibility.
The property is described as having recent upgrades and being well-maintained and renovated. It is identified as adaptable for multiple commercial uses and is listed with I2 zoning in the marketing remarks.
The site is set on just under three quarters of an acre and includes a large rear parking area suitable for staff and equipment. The property is described as being at the entrance to the Village of Montgomery on Route 17K, next to Wards Bridge, supporting convenient access and high visibility.
The property is described as having recent upgrades and being well-maintained and renovated. It is identified as adaptable for multiple commercial uses and is listed with I2 zoning in the marketing remarks.
Key Highlights
- Two‑building industrial/flex site with 6,500+ total SF and 9 total bays of shop space
- Main shop: 3,000 SF with three 14' doors, 16' x 16' office, bathroom, and second‑level storage
- Second shop area: 2,160 SF with two 14' doors and two 12' doors
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
$75,895
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
4.34%
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%
$1,517,900
$1.5M
Cap Rate 7%
$1,084,214
$1.1M
Cap Rate 9%
$843,278
$843.3K
Market Conditions
NOI Build-Up for 6,510 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
$122.6K $18.84/SF
− Vacancy
−$5.9K −$0.90/SF
EGI
$116.8K $17.94/SF
− OpEx
−$40.9K −$6.28/SF
NOI
$75.9K $11.66/SF
Area
Orange County, NY
Vacancy
4.80%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
35.00%
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%
$1,517,900
Cap Rate 7%
$1,084,214
Cap Rate 9%
$843,278
Alternative Uses
Best Use
Flex RnD
$1.08M
$948.7K – $1.26M
NOI $75,895 @ 7.0% cap · market cap 4.34%
Second Best
Warehouse
$921.2K
$806.0K – $1.07M
NOI $64,483 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,340 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Drive-in doors
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12549, NY
10,349
Population
3,918
Households
2.6
Avg Household Size
42
Median Age
35%
College-Educated
93%
High-School Grad
38.7 sq mi
ZIP Area
267
Density / Sq Mi
$125,000
Median Household Income
$66,250
Median Earnings
$1,606
Median Rent
$377,300
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
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Frequently Asked Questions
What type of property is this?
Flex space - Two-building industrial/flex site with multiple bays, including 14' and 12' loading doors and rear parking.
Where is this flex space located?
The property is located at 68-66 Ward St Montgomery, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Two‑building industrial/flex site with 6,500+ total SF and 9 total bays of shop space; Main shop: 3,000 SF with three 14' doors, 16' x 16' office, bathroom, and second‑level storage; Second shop area: 2,160 SF with two 14' doors and two 12' doors
