Flex Building With Overhead
New
For Sale
$199,900
378 Mitchell St, Oswego, NY 13126
Recently built flex space with workshop, storage, business, and permitted residential apartment potential.
Property Size924 SF
Price / SF$156.17
Days on Market2
Property Features for 378 Mitchell St
General Information
Standard status
Active
Size
924 SF
Property subtype
Commercial
Warehouse & Industrial
Clear Height
17 ft
Power
200 amps
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$638
Building Details
Building Size
924 SF
Year Built
2024
Buildings
1
Stories
1
Construction
pole barn
Listing Agency:
Century 21 Galloway Realty
(315) 342-2111
Listed By:
Jamie Hawksby
(315) 342-2111
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 16 at 4:40AM
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 Century 21 Galloway Realty
Investment Insights
Based on property information with market context.
Located at 378 Mitchell Street in Oswego, this 2024 flex building provides approximately 1,280 square feet within a 32' x 40' pole-barn structure. The building includes 17-foot ceilings, a 14-foot carport, and two insulated overhead doors measuring 12' x 14' and 9' x 7'. A permitted residential apartment is in the process of being completed, adding live-work functionality to the commercial space.
The property has 200-amp electric service, city water and sewer, a 5½-inch concrete floor and driveway, and a 6-inch limestone parking area. Two inches of foam insulation and radiant-heat tubing are installed beneath the slab. The configuration supports workshop, storage, business, and combined residential-commercial applications, subject to completion of the apartment work.
The property has 200-amp electric service, city water and sewer, a 5½-inch concrete floor and driveway, and a 6-inch limestone parking area. Two inches of foam insulation and radiant-heat tubing are installed beneath the slab. The configuration supports workshop, storage, business, and combined residential-commercial applications, subject to completion of the apartment work.
Key Highlights
- 2024‑built flex building at 378 Mitchell Street, Oswego, NY 13126
- Approximately 1,280 square feet in a 32' x 40' pole‑barn structure
- 17‑foot ceilings with a 14‑foot carport
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
$16,534
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
8.27%
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%
$330,680
$330.7K
Cap Rate 7%
$236,200
$236.2K
Cap Rate 9%
$183,711
$183.7K
Market Conditions
NOI Build-Up for 1,280 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
$27.6K $21.60/SF
− Vacancy
−$2.2K −$1.73/SF
EGI
$25.4K $19.87/SF
− OpEx
−$8.9K −$6.96/SF
NOI
$16.5K $12.92/SF
Area
Oswego County, NY
Vacancy
8.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
35.00%
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%
$330,680
Cap Rate 7%
$236,200
Cap Rate 9%
$183,711
Alternative Uses
Best Use
Flex RnD
$236.2K
$206.7K – $275.6K
NOI $16,534 @ 7.0% cap · market cap 8.27%
Second Best
Office B
$192.5K
$168.5K – $224.6K
NOI $13,478 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$255.3K
$223.4K – $297.9K
NOI $17,872 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17 ft
Clear height
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13126, NY
35,477
Population
15,668
Households
2.3
Avg Household Size
36
Median Age
29%
College-Educated
92%
High-School Grad
100.7 sq mi
ZIP Area
352
Density / Sq Mi
$63,590
Median Household Income
$30,469
Median Earnings
$992
Median Rent
$134,600
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?
Flex space - Recently built flex space with workshop, storage, business, and permitted residential apartment potential.
Where is this flex space located?
The property is located at 378 Mitchell St Oswego, NY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 2024‑built flex building at 378 Mitchell Street, Oswego, NY 13126; Approximately 1,280 square feet in a 32' x 40' pole‑barn structure; 17‑foot ceilings with a 14‑foot carport
