Flexible Office
For Sale
$999,999
226 Colonial Drive, Big Flats, NY 14845
Lobby, conference room, private offices, kitchenette, and two restrooms support varied workplace layouts.
Property Size5,076 SF
Lot Size2.00 Acres
Price / SF$197.01
Days on Market27
Property Features for 226 Colonial Drive
General Information
Standard status
Active
Size
5,076 SF
Lot size
2.00 Acres
Property subtype
CommercialSale
Amenities
lobby/reception area
conference room
kitchenette
Building Details
Buildings
1
Building Size
5,076 SF
Listing Agency:
Signature Properties
(607) 483-8219
Listed By:
Lauren Groth · License #10301222236
(607) 483-8219
Source:
Nicholcityrealty
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 30 at 5:27PM
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 Signature Properties
Investment Insights
Based on property information with market context.
Built in 1994, the 5,076-square-foot office building combines an entry lobby and reception area with a conference room, open workspace configured with 8 cubicles, storage, a private storefront-style office area, and three additional private offices. The property also includes a kitchenette and two restrooms, each with multiple stalls. Major building systems have been regularly serviced.
The 2-acre site provides on-site parking and room identified for future expansion. The property is zoned Com 1, Commercial, and offers access to major routes. Its mix of open and enclosed work areas accommodates multiple office configurations within a single building.
The 2-acre site provides on-site parking and room identified for future expansion. The property is zoned Com 1, Commercial, and offers access to major routes. Its mix of open and enclosed work areas accommodates multiple office configurations within a single building.
Key Highlights
- 5,076 SQFT office building built in 1994
- 2‑acre site with ample parking and room for future expansion
- Open office area currently configured with 8 cubicles and storage
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
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Lobby, conference room, private offices, kitchenette, and two restrooms support varied workplace layouts.
Where is this office building located?
The property is located at 226 Colonial Drive Big Flats, 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 SQFT office building built in 1994; 2‑acre site with ample parking and room for future expansion; Open office area currently configured with 8 cubicles and storage
