Mixed-Use Retail and Apartment
For Sale
$815,000
217-221 Milton Avenue, Ballston Spa, NY 12020
Two storefronts and retail space with a second-floor layout and an owner-occupied two-bedroom apartment above.
Property Size4,562 SF
Price / SF$178.65
Days on Market76
Property Features for 217-221 Milton Avenue
General Information
Standard status
Active
Size
4,562 SF
Property subtype
Commercial
Building Details
Year Built
1840
Listing Agency:
Coldwell Banker Prime Properties
(518) 210-5703
Listed By:
Faith M Fierro · License #40FI0492598
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jun 10
Changed: Aug 24
Last Checked: Aug 18 at 9:03AM
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 Prime Properties
Investment Insights
Based on property information with market context.
This mixed-use commercial building is currently operated as an antique center and includes two storefronts along with retail space on the second floor. The third floor features a two-bedroom apartment that is owner-occupied.
The property offers off-street parking and includes a two-story barn. Located in the Village of Ballston Spa, it is available for sale and is offered by appointment only.
With multiple retail-facing components and an apartment on the upper level, the building supports diversified occupancy while allowing customization for a future owner-occupant or investor.
The property offers off-street parking and includes a two-story barn. Located in the Village of Ballston Spa, it is available for sale and is offered by appointment only.
With multiple retail-facing components and an apartment on the upper level, the building supports diversified occupancy while allowing customization for a future owner-occupant or investor.
Key Highlights
- Mixed‑use commercial building in the Village of Ballston Spa with two storefronts
- Retail space plus additional retail area on the second floor
- Third floor includes an owner‑occupied two‑bedroom apartment
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
6.80%
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 6.80%
Second Best
Retail
$786.7K
$688.3K – $917.8K
NOI $55,067 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$1.37M
$1.19M – $1.59M
NOI $95,583 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two storefronts and retail space with a second-floor layout and an owner-occupied two-bedroom apartment above.
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 $815,000.
What are key features of this property?
This property features: Mixed‑use commercial building in the Village of Ballston Spa with two storefronts; Retail space plus additional retail area on the second floor; Third floor includes an owner‑occupied two‑bedroom apartment
