Mixed-Use Building with Two
For Sale
Under Contract
$775,000
217-221 Milton Avenue, Ballston Spa, NY 12020
Commercial Sale, Ballston Spa, NY
Property Size4,562 SF
Lot Size0.18 Acres
Price / SF$169.88
Days on Market87
Property Features for 217-221 Milton Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
6
Parking features
Off Street
Patio and Porch features
Porch
Basement
Full
Lot features
Level, Corner Lot
High school
Ballston Spa
Elementary school district
Ballston Spa
Middle school district
Ballston Spa
High school district
Ballston Spa
Directions
Milton Avenue and Ford Street (corner lot).
Standard status
Active Under Contract
APN
414201 216.24-2-3
Size
4,562 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
9677
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas, Baseboard
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1840
Building materials
Brick, Wood Siding
Architectural style
Other
Listing Agency:
Coldwell Banker Prime Properties · Coldwell Banker Real Estate
(518) 439-9600
Listed By:
Faith M Fierro · License #40FI0492598
(518) 210-5703
Added: Jun 24
Changed: Sep 14
Last Checked: Sep 18 at 2:06PM
MLS# 202620297
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Set in Ballston Spa, this 4,562-square-foot mixed-use property combines commercial and residential components within a building constructed in 1840. The layout includes two storefronts, additional retail space on the second floor, and a two-bedroom apartment on the third floor that is currently owner occupied. A two-story barn, porch, and off-street parking are also part of the property.
The 0.18-acre site is zoned Commercial and served by public water and public sewer. Construction includes brick and wood siding, while heating is provided by baseboard and forced-air systems using natural gas. Cooling includes window units and central air. The existing arrangement accommodates retail activity alongside residential occupancy.
The 0.18-acre site is zoned Commercial and served by public water and public sewer. Construction includes brick and wood siding, while heating is provided by baseboard and forced-air systems using natural gas. Cooling includes window units and central air. The existing arrangement accommodates retail activity alongside residential occupancy.
Key Highlights
- 4,562‑square‑foot mixed‑use building on a 0.18‑acre site
- Two storefronts plus retail space on the second floor
- Third‑floor two‑bedroom apartment is currently owner occupied
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
$55,428
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
7.15%
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%
$1,108,560
$1.1M
Cap Rate 7%
$791,829
$791.8K
Cap Rate 9%
$615,867
$615.9K
Market Conditions
NOI Build-Up for 4,562 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
$98.5K $21.60/SF
− Vacancy
−$9.9K −$2.16/SF
EGI
$88.7K $19.44/SF
− OpEx
−$33.3K −$7.29/SF
NOI
$55.4K $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%
$1,108,560
Cap Rate 7%
$791,829
Cap Rate 9%
$615,867
Alternative Uses
Best Use
Mixed Use
$791.8K
$692.9K – $923.8K
NOI $55,428 @ 7.0% cap · market cap 7.15%
Second Best
Retail
$786.7K
$688.3K – $917.8K
NOI $55,067 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$1.37M
$1.19M – $1.59M
NOI $95,583 @ 7.0% cap · market cap 12.33%
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
660
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial building with retail areas, a two-bedroom apartment, off-street parking, and a two-story barn.
Where is this mixed-use property located?
The property is located at 217-221 Milton Avenue Ballston Spa, NY.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 4,562‑square‑foot mixed‑use building on a 0.18‑acre site; Two storefronts plus retail space on the second floor; Third‑floor two‑bedroom apartment is currently owner occupied
