Industrial Flex
New
For Sale
$2,750,000
149 State Route 28N, North Creek, NY 12853
Commercial Sale, North Creek, NY
Property Size31,250 SF
Lot Size2.60 Acres
Price / SF$88
Days on Market2
Property Features for 149 State Route 28N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Industrial
Parking
40
Basement
Finished
Lot features
Road Frontage, Level
Elementary school
Johnsburg Central
High school
Johnsburg Central
Elementary school district
Johnsburg
Middle school district
Johnsburg
High school district
Johnsburg
Directions
From the center of North Creek (Main Street/Ski Bowl Road intersection), head north on Route 28N. Property is a short distance on the right -- look for #149.
Standard status
Active
APN
522400 66.6-1-10
Size
31,250 SF
Lot size
2.60 Acres
Taxes and HOA fees
Tax Annual Amount
15223
Utilities
Sewer type
Septic Tank
Heating system
Propane (Heating), Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
1994
Floors in Building
1
Building materials
Wood Siding
Roof type
Asphalt, Shingle
Listing Agency:
KW Platform · Keller Williams Realty
(518) 281-6808
Listed By:
Scott P Varley · License #30VA0727304
(518) 281-6808
Added: Aug 25
Last Checked: Aug 26 at 11:06AM
MLS# 202624711
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 31,250-square-foot industrial building occupies 2.6 acres and combines multiple operational areas within a single facility. Approximately 15,600 square feet is configured for warehouse use, while about 4,900 square feet supports production and 3,100 square feet provides office and showroom space. Shipping and receiving areas, basement storage, loading docks, overhead doors, and ample parking are also included. The building was constructed in 1994 and has wood siding, an asphalt shingle roof, forced-air propane heat, and central air conditioning.
The property has direct access from NY-28N in North Creek and is located minutes from Gore Mountain and the Ski Bowl redevelopment area. Industrial zoning, a private well, and septic service support the existing commercial configuration.
The property has direct access from NY-28N in North Creek and is located minutes from Gore Mountain and the Ski Bowl redevelopment area. Industrial zoning, a private well, and septic service support the existing commercial configuration.
Key Highlights
- 31,250 SF industrial building on 2.6 acres
- Approx. 15,600 SF of warehouse space and 4,900 SF of production area
- About 3,100 SF of office/showroom space
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
$234,689
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
8.53%
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%
$4,693,780
$4.7M
Cap Rate 7%
$3,352,700
$3.4M
Cap Rate 9%
$2,607,656
$2.6M
Market Conditions
NOI Build-Up for 31,250 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
$296.3K $9.48/SF
− Vacancy
−$20.1K −$0.64/SF
EGI
$276.1K $8.84/SF
− OpEx
−$41.4K −$1.33/SF
NOI
$234.7K $7.51/SF
Area
Warren County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$4,693,780
Cap Rate 7%
$3,352,700
Cap Rate 9%
$2,607,656
Alternative Uses
Best Use
Flex RnD
$5.80M
$5.07M – $6.76M
NOI $405,844 @ 7.0% cap · market cap 14.76%
Second Best
Warehouse
$3.35M
$2.93M – $3.91M
NOI $234,689 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$9.35M
$8.18M – $10.91M
NOI $654,750 @ 7.0% cap · market cap 23.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12853, NY
1,489
Population
1,070
Households
1.4
Avg Household Size
54
Median Age
22%
College-Educated
88%
High-School Grad
79.9 sq mi
ZIP Area
19
Density / Sq Mi
$58,850
Median Household Income
$32,264
Median Earnings
$938
Median Rent
$199,000
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
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 - Versatile commercial facility with warehouse, production, office, and shipping functions in one property.
Where is this flex space located?
The property is located at 149 State Route 28N North Creek, NY.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 31,250 SF industrial building on 2.6 acres; Approx. 15,600 SF of warehouse space and 4,900 SF of production area; About 3,100 SF of office/showroom space
