Griffiss Park Industrial Investment
248 Otis Street Rome, NY
248 Otis Street, Rome, NY, 00000
$12,000,000
For Sale
$12,000,000
77,785 SF industrial property in Griffiss Business and Technology Park.
Property Size77,785 SF
Price / SF$154.27
Days on Market301
Property Features for 248 Otis Street
General Information
- Standard status
- Active
- Size
- 77,785 SF
- Property subtype
- Industrial
Listing agency
Albany Office
(518) 954-9160
Listed by
Jeffrey D'Amore, SIOR
(518) 954-9160
Source
Pyramidbrokerage
Added: Sep 25, 2025 Updated: Jul 6 at 8:24AM Checked: Jul 22 at 2:13AM
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.
Local Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $737.4k | $9.48 |
| − Vacancy | −$50.1k | −$0.64 |
| EGI | $687.3k | $8.84 |
| − OpEx | −$103.1k | −$1.33 |
| NOI | $584.2k | $7.51 |
77,785 SF · lease $9.48/SF/yr · vacancy 6.80% · expense 15.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Distribution properties
Similar For Sale Nearby
FAQs
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**.
