Building Details

Year Built 1985

Year Renovated 2014

Stories 1

Tenancy Multi

Listing Agency: Cushman & Wakefield Pyramid Brokerage Company, Inc - Latham, New York

Listed By: Adam Field · License #NY 10401332278

Source: Crexi

Added: Feb 17, 2023 Changed: Oct 7 Last Checked: Oct 19 at 6:54AM

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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 Cushman & Wakefield Pyramid Brokerage Company, Inc - Latham, New York

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Investment Insights

Based on property information with market context.

Located on a busy corner with a traffic light in the Plattsburgh business district, this mixed-use property features a long-term lease with Aaron's. The property includes two dock doors providing access to approximately 4,700 square feet of industrial space, complemented by an attached retail area of approximately 1,300 square feet. In 2014, three new modern office spaces were added. Approximately 6,000 square feet of retail and warehouse space is available for lease. This investment property is located on the main retail corridor in Plattsburgh, close to SUNY Plattsburgh, Clinton Community College, Plattsburgh International Airport, and the Air Force base. It is directly off of I-87 (Adirondack Northway) Exit 37. The property size is 20,270 square feet.

Key Highlights

• Pro Forma 8% cap rate investment property
• Located on the main retail corridor in Plattsburgh with high visibility
• Long‑term lease in place with Aaron's

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$125,096

Cap Rate

8.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,501,920 $2.5M

Cap Rate 7%

$1,787,086 $1.8M

Cap Rate 9%

$1,389,956 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 20,270 SF

Gross rent

$192.2K $9.48/SF

− Vacancy

−$13.5K −$0.66/SF

EGI

$178.7K $8.82/SF

− OpEx

−$53.6K −$2.64/SF

NOI

$125.1K $6.17/SF

Area

Clinton County, NY

Vacancy

7.00%

Lease Rate

$9.48 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,501,920

Cap Rate 7%

$1,787,086

Cap Rate 9%

$1,389,956

Alternative Uses

Best Use

Office B

$4.07M

$3.56M – $4.74M (±1% cap)

NOI $284,591 @ 7.0% cap · market cap 18.36%

Second Best

Retail

$3.55M

$3.11M – $4.15M (±1% cap)

NOI $248,762 @ 7.0% cap · market cap 16.05%

Theoretical Best

Office A

$5.59M

$4.89M – $6.52M (±1% cap)

NOI $391,130 @ 7.0% cap · market cap 25.23%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

North Star Industries Physician Aaron's Rent To Own Furniture & Home Goods Stored Technology IT ... Tech Support Center

Suggested Use

Top Pick Law Firm Kitchen & Bath Showroom HVAC Service Barber Shop Plumbing Service Real Estate Agency

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

1,046

Businesses Nearby

Explore this area Business Placement

Demographics for 12901, NY

32,147

Population

15,426

Households

2.1

Avg Household Size

38

Median Age

33%

College-Educated

89%

High-School Grad

70.6 sq mi

ZIP Area

455

Density / Sq Mi

$59,413

Median Household Income

$35,385

Median Earnings

$957

Median Rent

$182,100

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Mixed-use property with retail, warehouse, and office spaces.

Where is this mixed-use property located?

The property is located at 327 Cornelia St Plattsburgh, NY.

What is the asking price?

The asking price for this property is $1,550,000.

What are key features of this property?

This property features: Pro Forma 8% cap rate investment property; Located on the main retail corridor in Plattsburgh with high visibility; Long‑term lease in place with Aaron's