Flex Space with
For Sale
$450,000
2372 State Route 96, Phelps, NY 14532
Versatile commercial building combines finished customer-facing space with shop, warehouse, storage, and outdoor work areas.
Property Size4,062 SF
Price / SF$110.78
Days on Market14
Property Features for 2372 State Route 96
General Information
Standard status
Active
Size
4,062 SF
Taxes and HOA fees
Annual Taxes
$12,569
Listing Agency:
Keller Williams Realty Gateway
(585) 256-4400
Listed By:
Stephanie Buisch · License #10401301748
(585) 281-4973
Source:
Exprealty
Added: Sep 7
Changed: Sep 19
Last Checked: Sep 19 at 2:49PM
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 Keller Williams Realty Gateway
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.
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 = 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
Retail
$750.1K
$656.4K – $875.2K
NOI $52,509 @ 7.0% cap · market cap 11.67%
Second Best
Warehouse
$433.0K
$378.9K – $505.2K
NOI $30,309 @ 7.0% cap · market cap 6.74%
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
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 - 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
