Listing Agency: Keller Williams Realty Gateway s***@kw.com Show Phone

Listed By: Stephanie Buisch · License #10401301748 Show Phone

Source: Exprealty

Added: Sep 7 Changed: Nov 1 Last Checked: Nov 4 at 3:33PM

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Investment Insights

Based on property information with market context.

This 4,062-square-foot flex property combines finished office and showroom space with multiple shop and warehouse areas. The finished portion includes concrete floors, extensive lighting, heating and cooling, and a wood-burning stove. Shop areas feature high ceilings, concrete floors, work areas, additional overhead lighting, and multiple overhead doors. A restroom and utility areas support day-to-day operations, while the layout allows different sections of the building to be separated.

The 2.48-acre parcel fronts State Route 96 and includes a large stone parking and drive area. Exterior space accommodates customer and employee parking, trucks, trailers, equipment, and outdoor storage. The property is suited to operations requiring a combination of office, showroom, production, service, workshop, and storage space.

Key Highlights

• 4,062 SF flex building with finished office and showroom space
• Multiple shop and warehouse areas with high ceilings and concrete floors
• Multiple overhead doors support vehicle, equipment, and delivery access

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,309

Cap Rate

6.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$606,180 $606.2K

Cap Rate 7%

$432,986 $433.0K

Cap Rate 9%

$336,767 $336.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,062 SF

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 Rate 5%

$606,180

Cap Rate 7%

$432,986

Cap Rate 9%

$336,767

Alternative Uses

Best Use

Retail

$750.1K

$656.4K – $875.2K (±1% cap)

NOI $52,509 @ 7.0% cap · market cap 11.67%

Second Best

Warehouse

$433.0K

$378.9K – $505.2K (±1% cap)

NOI $30,309 @ 7.0% cap · market cap 6.74%

Theoretical Best

Office A

$1.22M

$1.06M – $1.42M (±1% cap)

NOI $85,107 @ 7.0% cap · market cap 18.91%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Restaurant Storage Facility Auto Repair Shop Home Appliance Store

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

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

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

Similar For Sale Nearby

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Flex Space with Warehouse Areas

2372 Rt-96, Phelps, NY 14532

$450,000

4,062 SF

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Self-Service Car Wash with Equipment

130 Main Street, Phelps, NY 14532

$299,000

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Frequently Asked Questions

What type of property is this?

Flex space - Versatile commercial building combines finished customer-facing space with shop, warehouse, storage, and outdoor work areas.

Where is this flex space located?

The property is located at 2372 State Route 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 SF flex building with finished office and showroom space; Multiple shop and warehouse areas with high ceilings and concrete floors; Multiple overhead doors support vehicle, equipment, and delivery access