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    Plattsburgh Corner Investment Property Title is generated by Realmo AI

    327 Cornelia St, Plattsburgh, NY 12901

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

    Type:Retail
    Property size:
    20,270 SF
    Price / SF:
    $76/SF
    Added:
    Feb 17, 2023
    Days on Market:
    1204
    Last Refresh:
    May 19 at 10:29 pm

    Property Features for 327 Cornelia St

    General Information

    Standard status
    Active
    Size
    20,270 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1985

    We can help!

    Listing Contact
    Adam Field
    Adam Field

    Listing agent Adam Field License #NY 10401332278

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

    Listing date Feb 17, 2023

    Source Crexi

    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

    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
    • 4,700± SF industrial space with two dock doors and 1,300± SF retail space
    • Three new modern office spaces added in 2014
    • Directly off I‑87 (Adirondack Northway) Exit 37, close to SUNY Plattsburgh, Clinton Community College, Plattsburgh International Airport and Air Force base

    Overview

    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.
    Property Profile Location Intelligence

    Current Use by Public Records

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

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Plattsburgh
    County
    Clinton
    State
    New York
    Longitude
    -73.4795918
    Latitude
    44.6970359

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    FAQs

    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
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Adam Field
    Adam Field
    Real Estate License ID: NY 10401332278
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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