Flex Space with Overhead
For Sale
$499,000
218 S Caroline Street, Herkimer, NY 13350
COMMERCIAL - Herkimer, NY
Property Size6,696 SF
Lot Size0.30 Acres
Price / SF$74.52
Days on Market92
Property Features for 218 S Caroline Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Exterior features
BlacktopDriveway
Lot features
Rectangular, Rectangular Lot, Level
Elementary school district
Herkimer
Middle school district
Herkimer
High school district
Herkimer
Directions
State Route 5 to Caroline St.
Subdivision
Herkimer-Village-213001
Standard status
Active
APN
213001-120-032-0001-056-000-0000
Size
6,696 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Annual Amount
16739
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1983
Floors in Building
1
Roof type
Membrane, Rubber
Listing Agency:
Accent Brokerage, Inc.
(315) 219-5990
Listed By:
Rebecca Smith · License #10311200694
(315) 868-3098
Added: May 27
Changed: Aug 4
Last Checked: Aug 26 at 2:06PM
MLS# S1684999
Copyright © 2026 New York State Alliance of MLSs, LLC. 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.
This flex space is set up for multiple uses with a flexible floor plan that can be split into two retail areas. The retail space totals over 5,000 SF and is designed for separation, with a smaller side of approximately 1,064 SF that has heat, lights, and water separately metered, along with a half bath area. The main retail space includes two half baths, an office and conference room, and central air.
Out back, there is approximately 1,665 SF of warehouse space served by an 11x11 overhead door. The building has a 200 Amp, 3 phase electrical service with sub feeds, natural gas forced air heat, central air cooling, and a membrane/rubber roof. Blacktop driveway exterior improvements are included.
The property was built in 1983 and is centrally located to the NYS Thruway, State Route 5, and State Route 5S.
Out back, there is approximately 1,665 SF of warehouse space served by an 11x11 overhead door. The building has a 200 Amp, 3 phase electrical service with sub feeds, natural gas forced air heat, central air cooling, and a membrane/rubber roof. Blacktop driveway exterior improvements are included.
The property was built in 1983 and is centrally located to the NYS Thruway, State Route 5, and State Route 5S.
Key Highlights
- Over 5,000 SF retail space with flexible floor plan that can be split into two areas
- Smaller retail side approx. 1,064 SF with separate heat, lights, and water and half bath area
- Main retail area with two half baths plus office and conference room and central air
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
$41,413
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
8.30%
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%
$828,260
$828.3K
Cap Rate 7%
$591,614
$591.6K
Cap Rate 9%
$460,144
$460.1K
Market Conditions
NOI Build-Up for 6,696 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
$63.5K $9.48/SF
− Vacancy
−$4.3K −$0.64/SF
EGI
$59.2K $8.84/SF
− OpEx
−$17.7K −$2.65/SF
NOI
$41.4K $6.18/SF
Area
Herkimer County, NY
Vacancy
6.80%
Lease Rate
$9.48 /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%
$828,260
Cap Rate 7%
$591,614
Cap Rate 9%
$460,144
Alternative Uses
Best Use
Retail
$1.57M
$1.37M – $1.83M
NOI $109,568 @ 7.0% cap · market cap 21.96%
Second Best
Flex RnD
$1.24M
$1.08M – $1.44M
NOI $86,491 @ 7.0% cap · market cap 17.33%
Theoretical Best
Office A
$1.99M
$1.74M – $2.33M
NOI $139,514 @ 7.0% cap · market cap 27.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
751
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13350, NY
9,513
Population
4,709
Households
2
Avg Household Size
41
Median Age
20%
College-Educated
92%
High-School Grad
31.6 sq mi
ZIP Area
301
Density / Sq Mi
$62,548
Median Household Income
$37,975
Median Earnings
$821
Median Rent
$136,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space offering a main retail area, smaller split-ready space, and a warehouse with central air and natural gas heat.
Where is this flex space located?
The property is located at 218 S Caroline Street Herkimer, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Over 5,000 SF retail space with flexible floor plan that can be split into two areas; Smaller retail side approx. 1,064 SF with separate heat, lights, and water and half bath area; Main retail area with two half baths plus office and conference room and central air
