Office Building with Open
For Sale
$999,999
226 Colonial Drive, Horseheads, NY 14845
CommercialSale, Horseheads, NY
Property Size5,076 SF
Lot Size2.00 Acres
Price / SF$197.01
Days on Market342
Property Features for 226 Colonial Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Com 1
Zoning description
Commercial
Parking
29
Lot features
Irregular Lot
Elementary school district
Horseheads
Middle school district
Horseheads
High school district
Horseheads
Directions
Horseheads: I-86 to Exit 50. Left onto Colonial Drive. Property is next to Simmons Rockwell Nissan.
Subdivision
Big Flats-072400
Standard status
Active
APN
072400-058-001-0002-035-012-0000
Size
5,076 SF
Lot size
2.00 Acres
Taxes and HOA fees
Tax Annual Amount
30304
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
lobby/reception area
conference room
kitchenette
Building Details
Year built
1994
Floors in Building
1
Flooring type
Carpet
Roof type
Shingle, Asphalt
Listing Agency:
Signature Properties
(607) 796-9817
Listed By:
Lauren Groth · License #10301222236
(607) 483-8219
Added: Oct 14, 2025
Changed: Sep 16
Last Checked: Sep 20 at 7:06PM
MLS# R1644660
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 5,076-square-foot office building, constructed in 1994, combines a welcoming reception area with a conference room, open workspace configured with 8 cubicles, storage, and a separate private storefront-style office area. Three additional private offices, a kitchenette, and two restrooms with multiple stalls support a range of professional configurations. Carpet flooring, forced-air natural gas heat, central air conditioning, and regularly serviced major systems are in place.
The property occupies 2 acres in Horseheads, New York, with on-site parking and room on the site for future expansion. Com 1 zoning, septic service, and an asphalt shingle roof are also included among the property’s existing features.
The property occupies 2 acres in Horseheads, New York, with on-site parking and room on the site for future expansion. Com 1 zoning, septic service, and an asphalt shingle roof are also included among the property’s existing features.
Key Highlights
- 5,076‑square‑foot office building constructed in 1994
- 2‑acre site with on‑site parking and room for future expansion
- Open office area currently configured with 8 cubicles
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
$48,242
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
4.82%
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%
$964,840
$964.8K
Cap Rate 7%
$689,171
$689.2K
Cap Rate 9%
$536,022
$536.0K
Market Conditions
NOI Build-Up for 5,076 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
$73.1K $14.40/SF
− Vacancy
−$8.8K −$1.73/SF
EGI
$64.3K $12.67/SF
− OpEx
−$16.1K −$3.17/SF
NOI
$48.2K $9.50/SF
Area
Chemung County, NY
Vacancy
12.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$964,840
Cap Rate 7%
$689,171
Cap Rate 9%
$536,022
Alternative Uses
Best Use
Office B
$689.2K
$603.0K – $804.0K
NOI $48,242 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$46.21M
$40.43M – $53.91M
NOI $3,234,493 @ 7.0% cap · market cap 323.45%
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
503
Businesses Nearby
Explore this area
Business Placement
Demographics for 14845, NY
20,628
Population
9,370
Households
2.2
Avg Household Size
46
Median Age
35%
College-Educated
96%
High-School Grad
78.2 sq mi
ZIP Area
264
Density / Sq Mi
$76,617
Median Household Income
$45,909
Median Earnings
$1,175
Median Rent
$183,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible layout includes reception, conference, private offices, and an open work area.
Where is this office building located?
The property is located at 226 Colonial Drive Horseheads, NY.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: 5,076‑square‑foot office building constructed in 1994; 2‑acre site with on‑site parking and room for future expansion; Open office area currently configured with 8 cubicles
