Industrial Flex
For Sale
$2,750,000
149 State Route 28n, North Creek, NY 12853
Flex/industrial building with warehouse, production, office/showroom, loading docks, overhead doors, and ample parking.
Property Size31,250 SF
Lot Size2.60 Acres
Price / SF$88
Days on Market49
Property Features for 149 State Route 28n
General Information
Standard status
Active
Size
31,250 SF
Lot size
2.60 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$15,223
Listing Agency:
KW Platform
Listed By:
Scott P Varley · License #30VA0727304
(518) 281-6808
Source:
Exprealty
Added: Jul 21
Changed: Aug 28
Last Checked: Sep 7 at 12:04PM
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 KW Platform
Investment Insights
Based on property information with market context.
This commercial/industrial property includes approximately 15,600 SF of warehouse space, 4,900 SF of production area, and 3,100 SF of office/showroom space, supported by shipping/receiving and basement/storage areas. The facility is configured with loading docks and overhead doors, with ample parking for employees and visitors.
The property is located in North Creek, NY, with direct access from NY-28N. It is described as being minutes from Gore Mountain and the Ski Bowl redevelopment area.
The building’s combined warehouse, production, and office/showroom layout is well suited to industrial flex uses requiring both functional work areas and customer- or client-facing space.
The property is located in North Creek, NY, with direct access from NY-28N. It is described as being minutes from Gore Mountain and the Ski Bowl redevelopment area.
The building’s combined warehouse, production, and office/showroom layout is well suited to industrial flex uses requiring both functional work areas and customer- or client-facing space.
Key Highlights
- Approx. 31,250 SF flex commercial/industrial building on 2.6 acres in North Creek, NY
- Includes approx. 15,600 SF warehouse, 4,900 SF production, and 3,100 SF office/showroom space
- Loading docks and overhead doors with shipping/receiving plus basement/storage support areas
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
132
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
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Frequently Asked Questions
What type of property is this?
Flex space - Flex/industrial building with warehouse, production, office/showroom, loading docks, overhead doors, and ample parking.
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: Approx. 31,250 SF flex commercial/industrial building on 2.6 acres in North Creek, NY; Includes approx. 15,600 SF warehouse, 4,900 SF production, and 3,100 SF office/showroom space; Loading docks and overhead doors with shipping/receiving plus basement/storage support areas
