Versatile Saratoga Springs Commercial
For Sale
$399,000
Pending
216 West Avenue, Saratoga Springs, NY 12866
One-level building in high-profile location with endless opportunities.
Property Size1,184 SF
Lot Size0.38 Acres
Days on Market364
Property Features for 216 West Avenue
General Information
Standard status
Pending
Size
1,184 SF
Lot size
0.38 Acres
Property subtype
Commercial
Building Details
Year Built
1966
Listing Agency:
KW PLATFORM
(518) 724-5800
Listed By:
ELIZABETH PAGE · License #10401333541
(518) 573-1112
Source:
Corcoran
Added: Sep 11, 2025
Changed: Jul 10
Last Checked: Jul 23 at 8:48AM
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.
Located on the West Avenue corridor in Saratoga Springs, this one-level building offers various opportunities. The property is situated in a high-traffic area near Saratoga High School and Pitney Meadows Community Farm, with proximity to the YMCA and downtown. The building, with a size of 1184 square feet, is currently used as a photography studio. It is suitable for a business, professional office (with a variance), or a single-level residence. Potential business uses include an office, professional services, arts studio, fitness studio, art gallery, specialty food establishment, home-based business, or a photography studio. The property is zoned UR-2.
Key Highlights
- Prime, high‑profile location on the West Ave corridor in Saratoga Springs' rapidly growing West Side.
- Versatile one‑level building suitable for business, professional office, or single‑level residence.
- Zoned UR‑2, allowing for a wide range of business possibilities.
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
$16,016
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
4.01%
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%
$320,320
$320.3K
Cap Rate 7%
$228,800
$228.8K
Cap Rate 9%
$177,956
$178.0K
Market Conditions
NOI Build-Up for 1,184 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
$25.6K $21.60/SF
− Vacancy
−$4.2K −$3.56/SF
EGI
$21.4K $18.04/SF
− OpEx
−$5.3K −$4.51/SF
NOI
$16.0K $13.53/SF
Area
Saratoga County, NY
Vacancy
16.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$320,320
Cap Rate 7%
$228,800
Cap Rate 9%
$177,956
Alternative Uses
Best Use
Office B
$228.8K
$200.2K – $266.9K
NOI $16,016 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$354.4K
$310.1K – $413.5K
NOI $24,807 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
Explore this area
Business Placement
Demographics for 12866, NY
40,355
Population
20,462
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
628
Density / Sq Mi
$98,374
Median Household Income
$53,265
Median Earnings
$1,460
Median Rent
$419,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - One-level building in high-profile location with endless opportunities.
Where is this office units located?
The property is located at 216 West Avenue Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Prime, high‑profile location on the West Ave corridor in Saratoga Springs' rapidly growing West Side.; Versatile one‑level building suitable for business, professional office, or single‑level residence.; Zoned UR‑2, allowing for a wide range of business possibilities.
