Leased Industrial Investment
For Sale
Contact for pricing
2338 Broad St, Frankfort, NY 13340
Fully leased industrial property in Frankfort, NY with highway access.
Property Size8,760 SF
Lot Size0.60 Acres
Price / SF$125.57
Days on Market177
Property Features for 2338 Broad St
General Information
Standard status
Active
Size
8,760 SF
Lot size
0.60 Acres
Property subtype
Industrial
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1940
Year Renovated
2012
Listing Agency:
IronHorn Enterprises
Listed By:
Ryan Jenkins · License #0225268974
Source:
Crexi
Added: Feb 24
Changed: Aug 14
Last Checked: Aug 19 at 12:21AM
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 IronHorn Enterprises
Investment Insights
Based on property information with market context.
Located in the Village of Frankfort, 2338 Broad Street is a fully leased industrial property offering an investment opportunity. The building provides 8,760 square feet of space on a 0.60-acre lot. Constructed in 1940 and expanded in 2012, the property combines durable construction with functional upgrades. It features clear heights of 14 to 16 feet and includes six drive-in doors. Approximately 15% of the building is dedicated to office space. The layout is suitable for light manufacturing, contractor services, or other service-oriented uses. The property is positioned just off NYS Route 5S and is minutes from I-90 (NYS Thruway), providing east-west connectivity across Central New York. It also allows quick access to Utica, Syracuse, and the broader Mohawk Valley logistics corridor.
Key Highlights
- Fully leased industrial investment opportunity.
- Strategic location near NYS Route 5S and I‑90 (NYS Thruway) for regional accessibility.
- 8,760 square feet of space on 0.60 acres.
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
$66,142
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
6.01%
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%
$1,322,840
$1.3M
Cap Rate 7%
$944,886
$944.9K
Cap Rate 9%
$734,911
$734.9K
Market Conditions
NOI Build-Up for 8,760 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
$115.6K $13.20/SF
− Vacancy
−$13.9K −$1.58/SF
EGI
$101.8K $11.62/SF
− OpEx
−$35.6K −$4.07/SF
NOI
$66.1K $7.55/SF
Area
Oneida County, NY
Vacancy
12.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$1,322,840
Cap Rate 7%
$944,886
Cap Rate 9%
$734,911
Alternative Uses
Best Use
Flex RnD
$944.9K
$826.8K – $1.10M
NOI $66,142 @ 7.0% cap · market cap 6.01%
Second Best
Industrial
$774.0K
$677.2K – $903.0K
NOI $54,178 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$2.31M
$2.02M – $2.69M
NOI $161,590 @ 7.0% cap · market cap 14.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13340, NY
7,652
Population
3,427
Households
2.2
Avg Household Size
45
Median Age
22%
College-Educated
94%
High-School Grad
60.3 sq mi
ZIP Area
127
Density / Sq Mi
$69,928
Median Household Income
$44,464
Median Earnings
$872
Median Rent
$143,900
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 - Fully leased industrial property in Frankfort, NY with highway access.
Where is this flex space located?
The property is located at 2338 Broad St Frankfort, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Fully leased industrial investment opportunity.; Strategic location near NYS Route 5S and I‑90 (NYS Thruway) for regional accessibility.; 8,760 square feet of space on 0.60 acres.
