Building Details

Building Size 7,224 SF

Year Built 1987

Stories 1

Listing Agency: Keller Williams Realty Syracuse

Listed By: Gervera Team · License #10301208465 Show Phone

Source: Elliman

Added: Mar 10 Changed: Sep 8 Last Checked: Aug 31 at 5:31PM

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Investment Insights

Based on property information with market context.

This expansive commercial building, with over 7,000 square feet of space, is located minutes from Sackets Harbor. Currently used as an indoor sports center, the property is suitable for event space, retail, warehouse, fitness, manufacturing, professional services, or offices. The property includes a spacious lot with over 80 parking spaces, providing accessibility and visibility. Public water and natural gas are available. This location offers space and flexibility for expanding a business, starting a new venture, or investing in a commercial property.

Key Highlights

• Versatile 7,000+ Sq Ft Commercial Building
• Ample parking with 80+ Parking Spaces
• Minutes Outside Historic Sackets Harbor

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

$43,293

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

7.23%

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%

$865,860 $865.9K

Cap Rate 7%

$618,471 $618.5K

Cap Rate 9%

$481,033 $481.0K

Market Conditions

NOI Build-Up for 7,000 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

$66.4K $9.48/SF

− Vacancy

−$4.5K −$0.64/SF

EGI

$61.8K $8.84/SF

− OpEx

−$18.6K −$2.65/SF

NOI

$43.3K $6.18/SF

Area

Jefferson County, NY

Vacancy

6.80%

Lease Rate

$9.48 /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%

$865,860

Cap Rate 7%

$618,471

Cap Rate 9%

$481,033

Alternative Uses

Best Use

Industrial

$618.5K

$541.2K – $721.6K (±1% cap)

NOI $43,293 @ 7.0% cap · market cap 7.23%

Second Best

Flex RnD

$574.3K

$502.5K – $670.0K (±1% cap)

NOI $40,201 @ 7.0% cap · market cap 6.71%

Theoretical Best

Office A

$1.93M

$1.69M – $2.25M (±1% cap)

NOI $135,072 @ 7.0% cap · market cap 22.55%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Food Market Law Firm Real Estate Agency Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 13601, NY

37,287

Population

18,653

Households

2

Avg Household Size

37

Median Age

25%

College-Educated

90%

High-School Grad

140.8 sq mi

ZIP Area

265

Density / Sq Mi

$57,503

Median Household Income

$37,061

Median Earnings

$974

Median Rent

$170,100

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Versatile commercial building suitable for various business ventures.

Where is this flex space located?

The property is located at 17612 State Route 3 Hounsfield, NY.

What is the asking price?

The asking price for this property is $599,000.

What are key features of this property?

This property features: Versatile 7,000+ Sq Ft Commercial Building; Ample parking with 80+ Parking Spaces; Minutes Outside Historic Sackets Harbor