Griffiss Park Industrial Investment
For Sale
$12,000,000
248 Otis Street, Rome, NY
77,785 SF industrial property in Griffiss Business and Technology Park.
Property Size77,785 SF
Price / SF$154.27
Days on Market331
Property Features for 248 Otis Street
General Information
Standard status
Active
Size
77,785 SF
Property subtype
Industrial
Building Details
Building Size
77,785 SF
Listing Agency:
Albany Office
(518) 954-9160
Listed By:
Jeffrey D'Amore, SIOR
(518) 954-9160
Source:
Pyramidbrokerage
Added: Sep 25, 2025
Changed: Aug 16
Last Checked: Aug 20 at 5:51AM
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 Albany Office
Investment Insights
Based on property information with market context.
Available for sale is a 77,785 square foot industrial property situated across four buildings on 21.84 acres. The property is located within the Griffiss Business and Technology Park in Rome. The site is almost fully leased with long-term tenants. Current tenants include NYS Canal Corporation occupying 48,975 square feet, Leonard Bus Inc occupying 19,250 square feet, Birnie Bus Service occupying 4,600 square feet, and Day & Ross Inc. utilizing 3.55 acres for parking. The property is suitable as an industrial maintenance facility.
Key Highlights
- Almost fully leased property provides immediate income stream.
- Long‑term tenants offer stable investment.
- Significant square footage: 77,785 SF across 4 buildings.
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
$584,170
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
4.87%
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%
$11,683,400
$11.7M
Cap Rate 7%
$8,345,286
$8.3M
Cap Rate 9%
$6,490,778
$6.5M
Market Conditions
NOI Build-Up for 77,785 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
$737.4K $9.48/SF
− Vacancy
−$50.1K −$0.64/SF
EGI
$687.3K $8.84/SF
− OpEx
−$103.1K −$1.33/SF
NOI
$584.2K $7.51/SF
Area
Oneida County, NY
Vacancy
6.80%
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%
$11,683,400
Cap Rate 7%
$8,345,286
Cap Rate 9%
$6,490,778
Alternative Uses
Best Use
Warehouse
$8.35M
$7.30M – $9.74M
NOI $584,170 @ 7.0% cap · market cap 4.87%
Second Best
Industrial
$6.87M
$6.01M – $8.02M
NOI $481,081 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$20.50M
$17.94M – $23.91M
NOI $1,434,853 @ 7.0% cap · market cap 11.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
148
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - 77,785 SF industrial property in Griffiss Business and Technology Park.
Where is this industrial property located?
The property is located at 248 Otis Street Rome, NY.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: Almost fully leased property provides immediate income stream.; Long‑term tenants offer stable investment.; Significant square footage: **77,785 SF across 4 buildings**.
