Renovated Auto Shop with Two
For Sale
$220,000
2164 Broad St, Utica, NY 13501
Renovated commercial shop includes office, bathroom, equipment, and vehicle-accessible garage doors.
Property Size1,120 SF
Price / SF$196.43
Days on Market35
Property Features for 2164 Broad St
General Information
Standard status
Active
Size
1,120 SF
Site & Location
Outdoor Storage
Yes
Utilities to Site
Yes
Additional Details
Service Bays
2
Amenities
car lifts
spot heaters
compressor
washer and dryer
oil-change canister
shelves
storage cabinet
bathroom
office space
TV
table
chair
public water and sewer
CB electric boxes
RBM roof
water heater
furnace
oversized driveway
Building Details
Year Built
1955
Buildings
1
Listing Agency:
Coldwell Banker Faith Properties
(315) 272-9525
Listed By:
Elzbieta Pawlowski · License #10401302245
Source:
Skinnercnyrealty
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 28 at 1:05PM
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 Coldwell Banker Faith Properties
Investment Insights
Based on property information with market context.
Located at 2164 Broad Street in Utica, this 1,120-square-foot auto shop was built in 1955 and has undergone extensive renovation. Improvements include stucco siding, windows, lighting, an entry door, interior paint, and a solid concrete floor. The five-room layout incorporates office space, a bathroom, storage, and work areas. Existing equipment includes two car lifts, two spot heaters, a compressor, washer and dryer, an oil-change canister, shelving, and a storage cabinet.
Two 12×10 garage doors accommodate vehicle access, with a separate side entrance. The property is served by public water and sewer and includes two CB electric boxes, a water heater, and a furnace. The RBM roof is 8 years old. Outside, a recently resurfaced oversized driveway provides space for parking, vehicle storage, and shop circulation. An additional 0.12-acre commercial lot next door is included.
Two 12×10 garage doors accommodate vehicle access, with a separate side entrance. The property is served by public water and sewer and includes two CB electric boxes, a water heater, and a furnace. The RBM roof is 8 years old. Outside, a recently resurfaced oversized driveway provides space for parking, vehicle storage, and shop circulation. An additional 0.12-acre commercial lot next door is included.
Key Highlights
- 1,120 SF auto shop on a 0.12‑acre commercial lot
- Five‑room layout with office space, bathroom, storage, and work areas
- Two car lifts, two spot heaters, compressor, washer and dryer, and oil‑change canister
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
$11,266
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
5.12%
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%
$225,320
$225.3K
Cap Rate 7%
$160,943
$160.9K
Cap Rate 9%
$125,178
$125.2K
Market Conditions
NOI Build-Up for 1,120 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
$16.8K $15.00/SF
− Vacancy
−$706 −$0.63/SF
EGI
$16.1K $14.37/SF
− OpEx
−$4.8K −$4.31/SF
NOI
$11.3K $10.06/SF
Area
Oneida County, NY
Vacancy
4.20%
Lease Rate
$15.00 /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%
$225,320
Cap Rate 7%
$160,943
Cap Rate 9%
$125,178
Alternative Uses
Best Use
Retail
$160.9K
$140.8K – $187.8K
NOI $11,266 @ 7.0% cap · market cap 5.12%
Second Best
Industrial
$99.0K
$86.6K – $115.5K
NOI $6,927 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$295.1K
$258.3K – $344.3K
NOI $20,660 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
146
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13501, NY
40,885
Population
17,071
Households
2.4
Avg Household Size
35
Median Age
22%
College-Educated
78%
High-School Grad
8.8 sq mi
ZIP Area
4,646
Density / Sq Mi
$49,771
Median Household Income
$33,632
Median Earnings
$865
Median Rent
$136,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- WORLDWIDE AUTO & PARTS — 2323 Bleecker St, Utica, NY 13501
- Rob's Auto Repair — 2269 Bleecker St, Utica, NY 13501
- Utica Towing NY — 2404 Broad St, Frankfort, NY 13340
- Syracuse Radiator Repair Co — 167 Taft Ave, Frankfort, NY 13340
- Ram Collision Inc — 104 Zoar Ave, Frankfort, NY 13340
Frequently Asked Questions
What type of property is this?
Auto shop - Renovated commercial shop includes office, bathroom, equipment, and vehicle-accessible garage doors.
Where is this auto shop located?
The property is located at 2164 Broad St Utica, NY.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 1,120 SF auto shop on a 0.12‑acre commercial lot; Five‑room layout with office space, bathroom, storage, and work areas; Two car lifts, two spot heaters, compressor, washer and dryer, and oil‑change canister
