Listing Agency: Gateway Realty Solutions LLC d***@gatewaysolutionscorp.com Show Phone

Listed By: Colleen M Ioele-DeCristofaro · License #40IO0785776 Show Phone

Source: Exprealty

Added: Jun 29 Changed: Sep 2 Last Checked: Sep 5 at 10:45AM

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Investment Insights

Based on property information with market context.

This versatile flex property includes two updated office suites, each served by separate utilities. Both suites offer central air and private restrooms, supporting owner occupancy, rental income, or operating two separate businesses under one roof.

In addition to the office space, the property features a large barn with approximately 1,800 square feet plus loft storage for inventory, equipment, workshop space, or expansion. The site is located in the Town of Mayfield on busy NYS Highway 30, providing visibility and easy access.

The property sits on 1.2 acres and is positioned to accommodate a range of commercial uses based on the combination of office improvements and additional barn storage/work space.

Key Highlights

• Two updated office suites with separate utilities, central air, and private restrooms
• Office suites designed for owner occupancy, rental income, or operating two separate businesses
• Large barn includes approximately 1,800 SF plus loft storage for inventory, equipment, or workshop use

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

$24,376

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

8.86%

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%

$487,520 $487.5K

Cap Rate 7%

$348,229 $348.2K

Cap Rate 9%

$270,844 $270.8K

Market Conditions

NOI Build-Up for 1,800 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

$44.3K $24.60/SF

− Vacancy

−$11.8K −$6.54/SF

EGI

$32.5K $18.06/SF

− OpEx

−$8.1K −$4.51/SF

NOI

$24.4K $13.54/SF

Area

Fulton County, NY

Vacancy

26.60%

Lease Rate

$24.60 /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%

$487,520

Cap Rate 7%

$348,229

Cap Rate 9%

$270,844

Alternative Uses

Best Use

Office B

$348.2K

$304.7K – $406.3K (±1% cap)

NOI $24,376 @ 7.0% cap · market cap 8.86%

Second Best

Industrial

$159.0K

$139.2K – $185.6K (±1% cap)

NOI $11,133 @ 7.0% cap · market cap 4.05%

Theoretical Best

Multifamily LT 5

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,106 @ 7.0% cap · market cap 31.67%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Building Supply Grocery & Convenience Store (Bike/Boat/Book/etc) Store Butcher Veterinary Clinic Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Office units

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

64

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 12117, NY

2,831

Population

1,767

Households

1.6

Avg Household Size

48

Median Age

17%

College-Educated

87%

High-School Grad

43.9 sq mi

ZIP Area

64

Density / Sq Mi

$66,685

Median Household Income

$47,301

Median Earnings

$843

Median Rent

$195,200

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Two updated office suites with separate utilities and central air plus a large barn on a 1.2-acre site.

Where is this flex space located?

The property is located at 2362 State Highway 30 Mayfield, NY.

What is the asking price?

The asking price for this property is $275,000.

What are key features of this property?

This property features: Two updated office suites with separate utilities, central air, and private restrooms; Office suites designed for owner occupancy, rental income, or operating two separate businesses; Large barn includes approximately 1,800 SF plus loft storage for inventory, equipment, or workshop use