Office Building with
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2388 Rte 9, Mechanicville, NY 12118
Centrally located medical and professional office building with full ADA accessibility, elevator service, and plenty of parking.
Property Size28,036 SF
Price / SF$210.44
Days on Market829
Property Features for 2388 Rte 9
General Information
Standard status
Active
Size
28,036 SF
Elevators
Yes
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Amenities
parklike setting
ADA accessible
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Roohan Realty
(518) 587-4500
Listed By:
Cynthia Hollowood · License #10401335536
(518) 207-7682
Source:
Moodyscre
Added: Jun 10, 2024
Changed: Sep 8
Last Checked: Sep 15 at 11:21AM
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 Roohan Realty
Investment Insights
Based on property information with market context.
Centrally located medical and professional office building totaling 28,036 SF in a parklike setting. The building includes full ADA accessibility and elevator service, along with a full basement that could be adapted for additional rental space or used for record storage.
The property is situated about 1 mile from Exit 12 of I-87 Adirondack Northway, supporting convenient access for patients, clients, and staff. Plenty of parking is available on site.
Tenants pay CAM charges, helping keep operating cost responsibility with occupants. The location is identified as being in the Malta area.
The property is situated about 1 mile from Exit 12 of I-87 Adirondack Northway, supporting convenient access for patients, clients, and staff. Plenty of parking is available on site.
Tenants pay CAM charges, helping keep operating cost responsibility with occupants. The location is identified as being in the Malta area.
Key Highlights
- 28,036 SF medical/professional office building in a parklike setting
- Full ADA accessibility and elevator service
- Full basement that could be adapted for additional rental space or record storage
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
$387,872
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
6.57%
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%
$7,757,440
$7.8M
Cap Rate 7%
$5,541,029
$5.5M
Cap Rate 9%
$4,309,689
$4.3M
Market Conditions
NOI Build-Up for 28,036 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
$706.5K $25.20/SF
− Vacancy
−$60.1K −$2.14/SF
EGI
$646.5K $23.06/SF
− OpEx
−$258.6K −$9.22/SF
NOI
$387.9K $13.83/SF
Area
Saratoga County, NY
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$7,757,440
Cap Rate 7%
$5,541,029
Cap Rate 9%
$4,309,689
Alternative Uses
Best Use
Healthcare Medical
$5.54M
$4.85M – $6.46M
NOI $387,872 @ 7.0% cap · market cap 6.57%
Second Best
Office B
$5.42M
$4.74M – $6.32M
NOI $379,243 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$8.39M
$7.34M – $9.79M
NOI $587,410 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 12118, NY
16,618
Population
8,079
Households
2.1
Avg Household Size
42
Median Age
33%
College-Educated
93%
High-School Grad
35.3 sq mi
ZIP Area
471
Density / Sq Mi
$91,182
Median Household Income
$54,079
Median Earnings
$1,105
Median Rent
$315,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Centrally located medical and professional office building with full ADA accessibility, elevator service, and plenty of parking.
Where is this office building located?
The property is located at 2388 Rte 9 Mechanicville, NY.
What is the asking price?
The asking price for this property is $5,900,000.
What are key features of this property?
This property features: 28,036 SF medical/professional office building in a parklike setting; Full ADA accessibility and elevator service; Full basement that could be adapted for additional rental space or record storage
