Mixed-Use Building with
For Sale
$775,000
217-221 Milton Avenue, Ballston Spa, NY 12020
COMMERCIAL - Other - Ballston Spa, NY
Property Size4,562 SF
Lot Size0.18 Acres
Price / SF$169.88
Days on Market50
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
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
Natural Gas, Baseboard, Forced Air
Cooling system
Window Unit(s), Central Air
Water source
Public
Amenities
off-street parking
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: Aug 5
Last Checked: Aug 12 at 7:06AM
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.
Located at 217-221 Milton Avenue in Ballston Spa, this 4,562-square-foot mixed-use property combines commercial and residential space. The building is currently occupied by an antique center and includes two storefronts, retail space on the second floor, and a two-bedroom apartment on the third floor. The apartment is owner occupied.
The 0.18-acre property also includes off-street parking and a two-story barn. Built in 1840, the main structure features brick and wood siding, natural gas heating with baseboard and forced-air systems, and a mix of window-unit and central air conditioning. Public water and public sewer serve the property, which carries Commercial zoning.
The 0.18-acre property also includes off-street parking and a two-story barn. Built in 1840, the main structure features brick and wood siding, natural gas heating with baseboard and forced-air systems, and a mix of window-unit and central air conditioning. Public water and public sewer serve the property, which carries Commercial zoning.
Key Highlights
- 4,562‑square‑foot mixed‑use building on 0.18 acres
- Two storefronts plus second‑floor retail space
- Third‑floor two‑bedroom apartment is 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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Upper levels include additional retail area and a two-bedroom apartment, complemented by 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 0.18 acres; Two storefronts plus second‑floor retail space; Third‑floor two‑bedroom apartment is owner occupied
