Live-Work Creative Studio
For Sale
$475,000
4 Central Avenue, Ravena, NY 12143
Converted former commercial building offers a studio with large storefront windows, plus separate residential living quarters.
Property Size4,361 SF
Price / SF$108.92
Days on Market48
Property Features for 4 Central Avenue
General Information
Standard status
Active
Size
4,361 SF
Property subtype
Commercial
Additional Details
Clear Height
12 ft
Taxes and HOA fees
Annual Taxes
$4,779
Building Details
Year Built
1950
Listing Agency:
HALTER ASSOCIATES REALTY
(845) 679-2010
Listed By:
JAMES BILLINGSLEY
Source:
Corcoran
Added: Jul 7
Changed: Aug 10
Last Checked: Aug 23 at 6:48AM
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 HALTER ASSOCIATES REALTY
Investment Insights
Based on property information with market context.
This former commercial building is configured for live-work use, with approximately 2,100 square feet of residential space and an approximately 2,250 square-foot studio. The studio features expansive storefront windows designed to bring in natural light, 12-foot ceilings, and a professionally installed lighting grid suitable for a range of creative or production-focused work. Outside, the property includes an approximately 2,000-square-foot side yard for outdoor projects or future improvements.
Architectural plans for a live-work concept were previously approved by the Town of Ravena. A future owner would need to resubmit plans for approval based on intended use, and the building is not move-in-ready, though much of the infrastructure has already been completed.
The property is located just off Route 9W with immediate access to the New York State Thruway (I-87), providing convenient routes to Albany, Hudson, Catskill, and Kingston.
Architectural plans for a live-work concept were previously approved by the Town of Ravena. A future owner would need to resubmit plans for approval based on intended use, and the building is not move-in-ready, though much of the infrastructure has already been completed.
The property is located just off Route 9W with immediate access to the New York State Thruway (I-87), providing convenient routes to Albany, Hudson, Catskill, and Kingston.
Key Highlights
- Approx. 4,350 SF building with separate uses: 2,100 SF residential wing and 2,250 SF studio
- Studio features expansive storefront windows, 12‑foot ceilings, and a professionally installed lighting grid
- Approx. 2,000 SF side yard for outdoor projects, gardens, entertaining, or future improvements
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
$43,174
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
9.09%
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%
$863,480
$863.5K
Cap Rate 7%
$616,771
$616.8K
Cap Rate 9%
$479,711
$479.7K
Market Conditions
NOI Build-Up for 4,361 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
$78.5K $18.00/SF
− Vacancy
−$9.4K −$2.16/SF
EGI
$69.1K $15.84/SF
− OpEx
−$25.9K −$5.94/SF
NOI
$43.2K $9.90/SF
Area
Albany County, NY
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$863,480
Cap Rate 7%
$616,771
Cap Rate 9%
$479,711
Alternative Uses
Best Use
Office B
$962.2K
$841.9K – $1.12M
NOI $67,351 @ 7.0% cap · market cap 14.18%
Second Best
Mixed Use
$616.8K
$539.7K – $719.6K
NOI $43,174 @ 7.0% cap · market cap 9.09%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,258 @ 7.0% cap · market cap 20.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Explore this area
Business Placement
Demographics for 12143, NY
4,903
Population
2,523
Households
1.9
Avg Household Size
42
Median Age
27%
College-Educated
90%
High-School Grad
19.1 sq mi
ZIP Area
257
Density / Sq Mi
$89,450
Median Household Income
$41,458
Median Earnings
$1,022
Median Rent
$222,400
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?
Live-work space - Converted former commercial building offers a studio with large storefront windows, plus separate residential living quarters.
Where is this live-work space located?
The property is located at 4 Central Avenue Ravena, NY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Approx. 4,350 SF building with separate uses: 2,100 SF residential wing and 2,250 SF studio; Studio features expansive storefront windows, 12‑foot ceilings, and a professionally installed lighting grid; Approx. 2,000 SF side yard for outdoor projects, gardens, entertaining, or future improvements
