Six-Unit Mixed-Use
For Sale
$889,000
154 Milton Ave, Ballston Spa, NY 12020
Street-level commercial space is fully leased, with four apartments above and on-site laundry.
Property Size6,378 SF
Price / SF$139.39
Days on Market46
Property Features for 154 Milton Ave
General Information
Standard status
Active
Size
6,378 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR, 2 x 2BR
Multifamily Units
4
Amenities
coin-op laundry
off-street parking
private rear entrance
garage
Building Details
Year Built
1955
Buildings
1
Tenancy
Multi
Listing Agency:
Realty One Group Key
(518) 861-7016
Listed By:
Clancy Real Estate, Inc · License #31472
(518) 861-7016
Source:
Clancyrealestate
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 28 at 10:15AM
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 Realty One Group Key
Investment Insights
Based on property information with market context.
This 6,378-square-foot mixed-use building, constructed in 1955, combines commercial and residential occupancy in a downtown setting. Four apartments are located above the street-facing commercial units, including two 3-bedroom residences and two 2-bedroom residences. The second-floor 3-bedroom apartment has been recently renovated and is available for showings, offering flexibility for an owner-occupant.
The commercial spaces are fully rented and each has separate heating and cooling with tenant-controlled responsibility. Residential apartments are served by a central boiler with individual thermostats, while each unit has its own electric meter. The property also includes coin-operated laundry, off-street parking, a private rear entrance, and a garage that is currently vacant.
The commercial spaces are fully rented and each has separate heating and cooling with tenant-controlled responsibility. Residential apartments are served by a central boiler with individual thermostats, while each unit has its own electric meter. The property also includes coin-operated laundry, off-street parking, a private rear entrance, and a garage that is currently vacant.
Key Highlights
- 6,378 SF mixed‑use building constructed in 1955
- Six total units with street‑level commercial space and four apartments above
- Residential mix includes two 3‑bedroom and two 2‑bedroom units
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
$77,493
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
8.72%
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%
$1,549,860
$1.5M
Cap Rate 7%
$1,107,043
$1.1M
Cap Rate 9%
$861,033
$861.0K
Market Conditions
NOI Build-Up for 6,378 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
$137.8K $21.60/SF
− Vacancy
−$13.8K −$2.16/SF
EGI
$124.0K $19.44/SF
− OpEx
−$46.5K −$7.29/SF
NOI
$77.5K $12.15/SF
Area
Saratoga County, NY
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,549,860
Cap Rate 7%
$1,107,043
Cap Rate 9%
$861,033
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,686 @ 7.0% cap · market cap 9.53%
Second Best
Mixed Use
$1.11M
$968.7K – $1.29M
NOI $77,493 @ 7.0% cap · market cap 8.72%
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,632 @ 7.0% cap · market cap 15.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Explore this area
Business Placement
Demographics for 12020, NY
34,667
Population
15,787
Households
2.2
Avg Household Size
42
Median Age
43%
College-Educated
94%
High-School Grad
75.6 sq mi
ZIP Area
459
Density / Sq Mi
$101,727
Median Household Income
$59,730
Median Earnings
$1,562
Median Rent
$299,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space is fully leased, with four apartments above and on-site laundry.
Where is this mixed-use property located?
The property is located at 154 Milton Ave Ballston Spa, NY.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: 6,378 SF mixed‑use building constructed in 1955; Six total units with street‑level commercial space and four apartments above; Residential mix includes two 3‑bedroom and two 2‑bedroom units
