Historic Office
For Sale
$859,000
48 Union Avenue #1, Saratoga Springs, NY 12866
Period architectural details, private offices, conference space, storage, and dedicated parking support professional office use.
Property Size2,190 SF
Price / SF$392.24
Days on Market41
Property Features for 48 Union Avenue #1
General Information
Standard status
Active
Size
2,190 SF
Total Parking Spaces
1
Zoning
Multi Residence
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,439
Amenities
front porch
conference room
storage space
Building Details
Year Built
1907
Buildings
1
Listing Agency:
Roohan Realty
Listed By:
Frances J Ryan · License #10401251044
(518) 207-7088
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 30
Last Checked: Sep 1 at 2:53PM
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.
This office condominium occupies a 1907 building and combines period detailing with a practical professional-office layout. The interior includes high ceilings, decorative millwork, wood flooring, leaded-glass windows, built-in shelving, a reception area, a conference room, several private offices, storage, and a half bath. A covered front porch and substantial entry doors add character at the arrival point.
The unit includes one assigned parking space, with additional street parking available. Its Saratoga Springs setting places the property near Downtown, the Racetrack, Fasig Tipton, and the Northway. The condominium format and existing office configuration provide a ready framework for an owner-user or professional practice.
The unit includes one assigned parking space, with additional street parking available. Its Saratoga Springs setting places the property near Downtown, the Racetrack, Fasig Tipton, and the Northway. The condominium format and existing office configuration provide a ready framework for an owner-user or professional practice.
Key Highlights
- Office condominium in a 1907 building
- Reception area, conference room, and multiple private offices
- High ceilings, decorative moldings, wood floors, leaded‑glass windows, and built‑in shelving
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
$29,624
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
3.45%
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%
$592,480
$592.5K
Cap Rate 7%
$423,200
$423.2K
Cap Rate 9%
$329,156
$329.2K
Market Conditions
NOI Build-Up for 2,190 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
$47.3K $21.60/SF
− Vacancy
−$7.8K −$3.56/SF
EGI
$39.5K $18.04/SF
− OpEx
−$9.9K −$4.51/SF
NOI
$29.6K $13.53/SF
Area
Saratoga County, NY
Vacancy
16.50%
Lease Rate
$21.60 /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%
$592,480
Cap Rate 7%
$423,200
Cap Rate 9%
$329,156
Alternative Uses
Best Use
Office B
$423.2K
$370.3K – $493.7K
NOI $29,624 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$655.5K
$573.6K – $764.8K
NOI $45,885 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 12866, NY
40,355
Population
20,462
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
628
Density / Sq Mi
$98,374
Median Household Income
$53,265
Median Earnings
$1,460
Median Rent
$419,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Period architectural details, private offices, conference space, storage, and dedicated parking support professional office use.
Where is this office units located?
The property is located at 48 Union Avenue #1 Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: Office condominium in a 1907 building; Reception area, conference room, and multiple private offices; High ceilings, decorative moldings, wood floors, leaded‑glass windows, and built‑in shelving
