Office Building with Expansion
For Sale
$395,000
28 MAIN ST, Norfolk, NY 13667
Office building with ample parking, upgraded systems, and 200-amp electrical service, offered for sale or lease.
Property Size1,100 SF
Price / SF$359.09
Days on Market475
Property Features for 28 MAIN ST
General Information
Standard status
Active
Size
1,100 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$3,633
Amenities
Central Air
3
Metal
Commercial
8 Parking Spaces.
270x280
Handicapped Access, Security.
Building Details
Year Built
1971
Stories
1
Listing Agency:
Yelle Realty, LLC
(315) 854-1522
Listed By:
Brittany Bush
(315) 854-1522
Source:
Xome
Added: Apr 24, 2025
Changed: Aug 8
Last Checked: Aug 11 at 4:53AM
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 Yelle Realty, LLC
Investment Insights
Based on property information with market context.
This well-maintained office building is offered for sale or lease and includes a 200-amp electrical entrance. The property has been upgraded with a new roof, windows, insulation, and central air. The business has operated as an office for many years, and the space could also support other ventures.
The building is located on the main highway with ample parking and room to expand. The property is being surveyed, and 1.75 acres will come with the business. A separate parcel behind the building will be kept and will have road access.
Overall, the combination of upgrades, on-site parking, and additional accessible land makes the property a practical fit for operators seeking a ready-to-run facility with room for growth.
The building is located on the main highway with ample parking and room to expand. The property is being surveyed, and 1.75 acres will come with the business. A separate parcel behind the building will be kept and will have road access.
Overall, the combination of upgrades, on-site parking, and additional accessible land makes the property a practical fit for operators seeking a ready-to-run facility with room for growth.
Key Highlights
- Commercial office building for sale or lease with 8 parking spaces
- 200‑amp electrical entrance and central air (cooling) with heating system noted
- Upgrades include new roof, windows, and insulation
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
$14,406
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
3.65%
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%
$288,120
$288.1K
Cap Rate 7%
$205,800
$205.8K
Cap Rate 9%
$160,067
$160.1K
Market Conditions
NOI Build-Up for 1,100 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
$24.8K $22.56/SF
− Vacancy
−$5.6K −$5.10/SF
EGI
$19.2K $17.46/SF
− OpEx
−$4.8K −$4.37/SF
NOI
$14.4K $13.10/SF
Area
St. Lawrence County, NY
Vacancy
22.60%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$288,120
Cap Rate 7%
$205,800
Cap Rate 9%
$160,067
Alternative Uses
Best Use
Office B
$205.8K
$180.1K – $240.1K
NOI $14,406 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$272.9K
$238.8K – $318.4K
NOI $19,103 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
68
Businesses Nearby
Explore this area
Business Placement
Demographics for 13667, NY
3,217
Population
1,597
Households
2
Avg Household Size
44
Median Age
12%
College-Educated
83%
High-School Grad
47.0 sq mi
ZIP Area
68
Density / Sq Mi
$57,114
Median Household Income
$41,341
Median Earnings
$790
Median Rent
$111,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building with ample parking, upgraded systems, and 200-amp electrical service, offered for sale or lease.
Where is this office building located?
The property is located at 28 MAIN ST Norfolk, NY.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Commercial office building for sale or lease with 8 parking spaces; 200‑amp electrical entrance and central air (cooling) with heating system noted; Upgrades include new roof, windows, and insulation
