Flex Space with High
For Sale
$950,000
1698 State Route 7, Cobleskill, NY 12043
Steel construction, upgraded mechanical systems, multiple power services, and adaptable areas support industrial, warehouse, retail, or office occupancy.
Property Size8,000 SF
Lot Size26.30 Acres
Price / SF$118.75
Days on Market153
Property Features for 1698 State Route 7
General Information
Standard status
Active
Size
8,000 SF
Lot size
26.30 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Three-Phase Power
Yes
Taxes and HOA fees
Annual Taxes
$12,940
Building Details
Construction
steel
Tenancy
Multi
Listing Agency:
Real Estate Associates
(518) 231-2999
Listed By:
David A Jones · License #37JO0978336
(518) 231-2999
Source:
Exprealty
Added: Apr 1
Changed: Aug 31
Last Checked: Aug 30 at 8:45PM
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 Real Estate Associates
Investment Insights
Based on property information with market context.
This 8,000+ square foot steel building is positioned on 26.30 acres across four parcels and accommodates industrial, warehouse, retail, and office functions. The interior includes ceilings exceeding 20 feet, a second-floor office mezzanine, additional storage areas, and radiant floor heating supplied by oversized boilers. Mechanical systems were upgraded during a prior renovation. Richmondville Power provides three-phase service through four separate electrical services. Three tenants currently occupy retail, warehouse, and office areas, while the building can be converted toward an all-industrial configuration.
The property has frontage on State Route 7 and Mineral Springs Road, with public utilities available. It abuts SUNY Cobleskill College and is within 1/2 mile of the Interstate 88 interchange. Traffic volume is reported at over 7k vehicles per day. A portion of the lower lot is located in the Flood Zone.
The property has frontage on State Route 7 and Mineral Springs Road, with public utilities available. It abuts SUNY Cobleskill College and is within 1/2 mile of the Interstate 88 interchange. Traffic volume is reported at over 7k vehicles per day. A portion of the lower lot is located in the Flood Zone.
Key Highlights
- 8, 000+ sq. ft. steel building on 26.30+-acres across 4 parcels
- 20'+ ceilings with second‑floor office mezzanine and additional storage areas
- Upgraded mechanical systems, oversized boilers, and radiant floor heating throughout
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
$84,551
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
8.90%
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%
$1,691,020
$1.7M
Cap Rate 7%
$1,207,871
$1.2M
Cap Rate 9%
$939,456
$939.5K
Market Conditions
NOI Build-Up for 8,000 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
$129.6K $16.20/SF
− Vacancy
−$8.8K −$1.10/SF
EGI
$120.8K $15.10/SF
− OpEx
−$36.2K −$4.53/SF
NOI
$84.6K $10.57/SF
Area
Schoharie County, NY
Vacancy
6.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,691,020
Cap Rate 7%
$1,207,871
Cap Rate 9%
$939,456
Alternative Uses
Best Use
Office B
$1.56M
$1.37M – $1.82M
NOI $109,490 @ 7.0% cap · market cap 11.53%
Second Best
Retail
$1.38M
$1.21M – $1.61M
NOI $96,660 @ 7.0% cap · market cap 10.17%
Theoretical Best
Office A
$2.11M
$1.85M – $2.46M
NOI $147,744 @ 7.0% cap · market cap 15.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12043, NY
7,883
Population
3,292
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
94%
High-School Grad
63.6 sq mi
ZIP Area
124
Density / Sq Mi
$73,006
Median Household Income
$33,227
Median Earnings
$853
Median Rent
$171,900
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?
Flex space - Steel construction, upgraded mechanical systems, multiple power services, and adaptable areas support industrial, warehouse, retail, or office occupancy.
Where is this flex space located?
The property is located at 1698 State Route 7 Cobleskill, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 8, 000+ sq. ft. steel building on 26.30+-acres across 4 parcels; 20'+ ceilings with second‑floor office mezzanine and additional storage areas; Upgraded mechanical systems, oversized boilers, and radiant floor heating throughout
