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    Retail Flex Building with Warehouse Title is generated by Realmo AI

    218 South Caroline Street, Herkimer, NY 13350

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    Claim this Listing
    For Sale
    $499,000

    Flexible retail layout and rear warehouse use provide options for retail operations and additional income streams.

    Type:Land / Commercial
    Property size:
    6,696 SF
    Price / SF:
    $74/SF
    Added:
    May 22, 2026
    Days on Market:
    17
    Last Refresh:
    Jun 6 at 2:32 am

    Property Features for 218 South Caroline Street

    General Information

    Standard status
    Active
    Size
    6,696 SF
    Property subtype
    Land / Commercial

    Building Details

    Year Built
    1983

    We can help!

    Listing Contact
    Rebecca Smith
    Rebecca Smith

    Listing agent Rebecca Smith License #10311200694

    Listing office Accent Brokerage, Inc.

    Listing date May 22, 2026

    Source Compass

    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 Accent Brokerage, Inc.

    HighLights

    • One‑story commercial building built in 1983 with 6,696 total SF and no basement
    • Over 5,000 SF retail space can be split into two sides for flexible use
    • Smaller retail side approx. 1,064 SF with separate heat, lights, and water plus half bath area
    • Main retail area includes 2 half baths, office, and conference room with central air
    • Rear warehouse space approx. 1,665 SF with an 11x11 overhead door
    • 200 Amp 3‑phase electric with sub feeds; blacktop driveway

    Overview

    This property is a flex-style commercial building combining retail space with warehouse space at the rear. The retail area is described as being over 5,000 square feet and is offered with a flexible floor plan that can be split into two sides. One smaller side is approximately 1,064 square feet and has separate utilities, including heat, lights, and water, plus a half bath area. The larger retail portion includes multiple half baths, an office area, and a conference room, with central air. Out back is an approximately 1,665 square foot warehouse space featuring an 11x11 overhead door. The building also includes a 200 amp, 3-phase electric service with sub feeds.

    The property is positioned in a high-traffic location and is described as centrally located to the NYS Thruway, State Route 5, and 5S, supporting accessibility for customers and deliveries.

    For tenants, buyers, or operators seeking a single building that can support both front-of-house retail and back-of-house storage or fulfillment, this configuration provides direct flexibility. The ability to separate retail into two sides with separate utilities is particularly relevant for businesses that want to control their own space while potentially using the other portion to support additional occupancy or shared expenses.
    Location Intelligence

    Current Use by Public Records

    John's Floorcovering Company, ... Carpet & Flooring Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Herkimer
    County
    Herkimer
    State
    New York
    Longitude
    -74.9926808
    Latitude
    43.0215359

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    FAQs

    What type of property is this?
    Flex space - Flexible retail layout and rear warehouse use provide options for retail operations and additional income streams.
    Where is this flex space located?
    The property is located at 218 South 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: One‑story commercial building built in 1983 with 6,696 total SF and no basement; Over 5,000 SF retail space can be split into two sides for flexible use; Smaller retail side approx. 1,064 SF with separate heat, lights, and water plus half bath area
    (315) 868-3098
    We can help!
    Listing Contact
    Rebecca Smith
    Rebecca Smith
    Real Estate License ID: 10311200694
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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