Building Details

Building Size 3,178 SF

Year Built 1940

Stories 1

Listing Agency: NextHome CNY Realty

Listed By: David Dutton · License #10401354233 Show Phone

Source: Elliman

Added: Sep 30 Last Checked: Oct 1 at 10:58AM

Report an Issue

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 NextHome CNY Realty

Investment Insights

Based on property information with market context.

Built in 1940, this flex property combines approximately 3,178 SF of office and service space with approximately 1,280 SF of basement area. The layout includes three private offices, a reception and lobby area, a break room, and four service bays. The property occupies approximately 0.67 acres and has commercial zoning.

On-site parking, a corner position, and municipal water and sewer are among the property's other features. Permitted uses are subject to zoning requirements and municipal approvals.

Key Highlights

• Approximately 3,178 SF of office and service space
• Approximately 1,280 SF of basement space
• Four service bays, three private offices, reception area, and break room

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

$19,655

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

5.17%

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%

$393,100 $393.1K

Cap Rate 7%

$280,786 $280.8K

Cap Rate 9%

$218,389 $218.4K

Market Conditions

NOI Build-Up for 3,178 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

$30.1K $9.48/SF

− Vacancy

−$2.0K −$0.64/SF

EGI

$28.1K $8.84/SF

− OpEx

−$8.4K −$2.65/SF

NOI

$19.7K $6.18/SF

Area

Cayuga County, NY

Vacancy

6.80%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

30.00%

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%

$393,100

Cap Rate 7%

$280,786

Cap Rate 9%

$218,389

Alternative Uses

Best Use

Flex RnD

$570.1K

$498.9K – $665.2K (±1% cap)

NOI $39,909 @ 7.0% cap · market cap 10.50%

Second Best

Industrial

$280.8K

$245.7K – $327.6K (±1% cap)

NOI $19,655 @ 7.0% cap · market cap 5.17%

Theoretical Best

Office A

$704.3K

$616.3K – $821.7K (±1% cap)

NOI $49,302 @ 7.0% cap · market cap 12.97%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Airkrete General Contractor

Suggested Use

Top Pick Real Estate Agency Law Firm Auto Parts Store Plumbing Service Building Supply Bakery

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

214

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 13166, NY

5,398

Population

2,629

Households

2.1

Avg Household Size

46

Median Age

24%

College-Educated

93%

High-School Grad

40.9 sq mi

ZIP Area

132

Density / Sq Mi

$76,484

Median Household Income

$48,711

Median Earnings

$1,117

Median Rent

$150,800

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Mixed-Use Property with Service Bays

2710 East Brutus Street, Brutus, NY 13166

$380,000

View details

Updated Duplex with Private Decks

2765 E Brutus Street, Brutus, NY 13166

$232,000

View details

Frequently Asked Questions

What type of property is this?

Flex space - Private offices, a reception area, and service bays bring office and work space together in one commercial property.

Where is this flex space located?

The property is located at 2710 E Brutus St Brutus, NY.

What is the asking price?

The asking price for this property is $380,000.

What are key features of this property?

This property features: Approximately 3,178 SF of office and service space; Approximately 1,280 SF of basement space; Four service bays, three private offices, reception area, and break room