Flex Space with Warehouse
New
For Sale
$450,000
2372 Rt-96, Phelps, NY 14532
CommercialSale, Phelps, NY
Property Size4,062 SF
Lot Size2.50 Acres
Price / SF$110.78
Days on Market2
Property Features for 2372 Rt-96
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
05
Zoning description
Commercial
Parking
30
Parking features
Driveway
Exterior features
PropaneTankLeased
Elementary school district
Phelps-Clifton Springs (Midlakes)
Middle school district
Phelps-Clifton Springs (Midlakes)
High school district
Phelps-Clifton Springs (Midlakes)
Subdivision
Phelps-324089
Standard status
Active
APN
324089-034-000-0003-038-122
Size
4,062 SF
Lot size
2.50 Acres
Taxes and HOA fees
Tax Annual Amount
12569
Utilities
Sewer type
Septic Tank
Heating system
Propane (Heating)
Water source
Well
Building Details
Year built
1986
Floors in Building
1
Flooring type
Concrete
Building materials
MetalSiding, Concrete
Roof type
Metal
Listing Agency:
Keller Williams Realty Gateway
(585) 256-4400
Listed By:
Stephanie Buisch · License #10401301748
(585) 281-4973
Added: Sep 7
Changed: Sep 8
Last Checked: Sep 8 at 7:06PM
MLS# R1712764
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 4,062-square-foot flex property combines finished office and showroom areas with multiple shop and warehouse sections. The building includes concrete floors, substantial overhead lighting, multiple overhead doors, a restroom, and separate utility and work areas. The finished portion has heating and cooling, while the larger work areas provide high ceilings and vehicle, equipment, and delivery access. Metal siding, a concrete structure, and a metal roof date to the 1986 construction.
The property occupies 2.48 acres along Route 96 in Phelps, with a stone driveway and exterior area for parking, maneuvering, and outdoor storage. Building utilities include propane heat, a private well, and septic service. The layout supports a range of operational configurations within one commercial facility, including office, showroom, workshop, service, production, and warehouse functions.
The property occupies 2.48 acres along Route 96 in Phelps, with a stone driveway and exterior area for parking, maneuvering, and outdoor storage. Building utilities include propane heat, a private well, and septic service. The layout supports a range of operational configurations within one commercial facility, including office, showroom, workshop, service, production, and warehouse functions.
Key Highlights
- 4,062‑square‑foot flex building on 2.48 acres
- Finished office and showroom areas with heating and cooling
- Multiple shop and warehouse sections with high ceilings
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
$30,309
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
6.74%
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%
$606,180
$606.2K
Cap Rate 7%
$432,986
$433.0K
Cap Rate 9%
$336,767
$336.8K
Market Conditions
NOI Build-Up for 4,062 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
$38.5K $9.48/SF
− Vacancy
−$2.8K −$0.70/SF
EGI
$35.7K $8.78/SF
− OpEx
−$5.3K −$1.32/SF
NOI
$30.3K $7.46/SF
Area
Ontario County, NY
Vacancy
7.40%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$606,180
Cap Rate 7%
$432,986
Cap Rate 9%
$336,767
Alternative Uses
Best Use
Warehouse
$433.0K
$378.9K – $505.2K
NOI $30,309 @ 7.0% cap · market cap 6.74%
Second Best
Industrial
$356.6K
$312.0K – $416.0K
NOI $24,961 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,107 @ 7.0% cap · market cap 18.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 14532, NY
4,174
Population
1,873
Households
2.2
Avg Household Size
44
Median Age
23%
College-Educated
91%
High-School Grad
41.2 sq mi
ZIP Area
101
Density / Sq Mi
$71,667
Median Household Income
$41,620
Median Earnings
$1,139
Median Rent
$159,700
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 - Flexible commercial building combining finished office and showroom areas with heated, cooled shop and storage space.
Where is this flex space located?
The property is located at 2372 Rt-96 Phelps, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 4,062‑square‑foot flex building on 2.48 acres; Finished office and showroom areas with heating and cooling; Multiple shop and warehouse sections with high ceilings
