Free-Standing Office/Industrial
For Sale
$5,200,000
29 Industrial Park Drive, Binghamton, NY 13904
Renovated 2024 facility with two dock doors, one drive-in door, 18'-6" clear height, and ample parking.
Property Size74,186 SF
Lot Size9.60 Acres
Price / SF$70.09
Days on Market28
Property Features for 29 Industrial Park Drive
General Information
Standard status
Active
Size
74,186 SF
Total Parking Spaces
277
Lot size
9.60 Acres
Property subtype
Industrial
Warehouse & Industrial
Clear Height
18.5 ft
Dock-High Doors
2
Drive-In Doors
1
Heavy Power
Yes
Building Details
Year Renovated
2024
Listing Agency:
CBRE - Syracuse
(607) 221-5302
Listed By:
Rick Searles · License #40SE1174420
(607) 221-5302
Source:
Cbre
Added: Jul 25
Changed: Aug 20
Last Checked: Aug 20 at 11:19AM
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 CBRE - Syracuse
Investment Insights
Based on property information with market context.
This free-standing office/industrial facility offers a combined office and high-bay warehouse configuration, with approximately 51,686± SF of office space (about 70%) and approximately 22,400± SF of high-bay office/warehouse. Improvements include two dock doors and one drive-in door, with warehouse clear height ranging up to 18'-6". The property was renovated in 2024 and includes column spacing of approximately 50' x 50'.
The site is offered on 9.6± acres and provides power service noted as 400-amp/4,000-amp with 277/480 three-phase, four-wire AC. Parking is described as ample, with 277 spaces, noted as resurfaced in 2020 and stated as expandable.
The site is offered on 9.6± acres and provides power service noted as 400-amp/4,000-amp with 277/480 three-phase, four-wire AC. Parking is described as ample, with 277 spaces, noted as resurfaced in 2020 and stated as expandable.
Key Highlights
- Approximately 75,000 SF free‑standing office/industrial facility in Kirkwood Industrial Park (Binghamton, NY)
- Renovated in 2024 with office/warehouse split: 51,686± SF office (70%) and 22,400± SF high bay office/warehouse
- 18'-6" clear height (warehouse 20') with 50' x 50' column spacing
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
$458,822
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
8.82%
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%
$9,176,440
$9.2M
Cap Rate 7%
$6,554,600
$6.6M
Cap Rate 9%
$5,098,022
$5.1M
Market Conditions
NOI Build-Up for 74,186 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
$703.3K $9.48/SF
− Vacancy
−$47.8K −$0.64/SF
EGI
$655.5K $8.84/SF
− OpEx
−$196.6K −$2.65/SF
NOI
$458.8K $6.18/SF
Area
Broome 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%
$9,176,440
Cap Rate 7%
$6,554,600
Cap Rate 9%
$5,098,022
Alternative Uses
Best Use
Warehouse
$7.96M
$6.96M – $9.29M
NOI $557,141 @ 7.0% cap · market cap 10.71%
Second Best
Industrial
$6.55M
$5.74M – $7.65M
NOI $458,822 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$18.40M
$16.10M – $21.47M
NOI $1,288,344 @ 7.0% cap · market cap 24.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
2
Dock-high doors
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
134
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13904, NY
9,236
Population
3,962
Households
2.3
Avg Household Size
46
Median Age
19%
College-Educated
81%
High-School Grad
23.7 sq mi
ZIP Area
390
Density / Sq Mi
$56,794
Median Household Income
$36,038
Median Earnings
$884
Median Rent
$111,200
Median Home Value
Market
Vacancy Rate% for Industrial in Binghamton, NY
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 - Renovated 2024 facility with two dock doors, one drive-in door, 18'-6" clear height, and ample parking.
Where is this flex space located?
The property is located at 29 Industrial Park Drive Binghamton, NY.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: Approximately 75,000 SF free‑standing office/industrial facility in Kirkwood Industrial Park (Binghamton, NY); Renovated in 2024 with office/warehouse split: 51,686± SF office (70%) and 22,400± SF high bay office/warehouse; 18'-6" clear height (warehouse 20') with 50' x 50' column spacing
