Two-Story Mixed-Use
For Sale
$2,500,000
227 Washington Street, Saratoga Springs, NY 12866
Commercial Sale, Saratoga Springs, NY
Property Size7,700 SF
Lot Size0.22 Acres
Price / SF$324.68
Days on Market51
Property Features for 227 Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
17
Parking features
Off Street, Carport
Lot features
Corner Lot
High school
Saratoga Springs
Elementary school district
Saratoga Springs
Middle school district
Saratoga Springs
High school district
Saratoga Springs
Directions
From Broadway, turn onto Washington Street (Starbucks is on the corner. Drive west for approximately six blocks and the building on the right-cross street is Benshonhurst.
Standard status
Active
APN
411501 165.65-2-48 and 411589 165.65-1-17
Size
7,700 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
17145
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
2015
Floors in Building
2
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Roohan Realty
(518) 587-4500
Listed By:
Amy L Sutton · License #30SU0496141
(518) 527-3564
Added: Jul 27
Changed: Sep 12
Last Checked: Sep 15 at 6:06AM
MLS# 202622948
Copyright © 2026 Global MLS, Inc. 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.
Built in 2015, this 7,700-square-foot, two-story mixed-use property combines two commercial tenant spaces with three residential apartments. The building includes enhanced accessibility features, 200-amp electric service, central air, natural gas forced-air heat, and an asphalt roof. Public water and sewer serve the property, which is zoned Commercial.
A lighted private parking lot provides 17 spaces along with a carport. The property consists of two parcels and is located minutes from downtown Broadway in Saratoga Springs. Off-street parking, contemporary infrastructure, and a blend of commercial and residential occupancy define the asset’s current configuration.
A lighted private parking lot provides 17 spaces along with a carport. The property consists of two parcels and is located minutes from downtown Broadway in Saratoga Springs. Off-street parking, contemporary infrastructure, and a blend of commercial and residential occupancy define the asset’s current configuration.
Key Highlights
- 7,700‑square‑foot mixed‑use property built in 2015
- Two commercial tenants and three residential apartments
- 17‑space lighted private parking lot plus carport
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
$102,240
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
4.09%
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%
$2,044,800
$2.0M
Cap Rate 7%
$1,460,571
$1.5M
Cap Rate 9%
$1,136,000
$1.1M
Market Conditions
NOI Build-Up for 7,700 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
$194.0K $25.20/SF
− Vacancy
−$8.1K −$1.06/SF
EGI
$185.9K $24.14/SF
− OpEx
−$83.7K −$10.86/SF
NOI
$102.2K $13.28/SF
Area
Saratoga County, NY
Vacancy
4.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,044,800
Cap Rate 7%
$1,460,571
Cap Rate 9%
$1,136,000
Alternative Uses
Best Use
Apartment 5plus
$1.46M
$1.28M – $1.70M
NOI $102,240 @ 7.0% cap · market cap 4.09%
Second Best
Mixed Use
$1.34M
$1.17M – $1.56M
NOI $93,555 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$2.30M
$2.02M – $2.69M
NOI $161,330 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,843
Businesses Nearby
Explore this area
Business Placement
Demographics for 12866, NY
40,355
Population
20,462
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
628
Density / Sq Mi
$98,374
Median Household Income
$53,265
Median Earnings
$1,460
Median Rent
$419,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial and residential configuration with private parking, modern building systems, and enhanced accessibility features.
Where is this mixed-use property located?
The property is located at 227 Washington Street Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 7,700‑square‑foot mixed‑use property built in 2015; Two commercial tenants and three residential apartments; 17‑space lighted private parking lot plus carport
