Building Details

Year Built 1878

Stories 2

Tenancy Multi

Listing Agency: Keller Williams Upstate NY

Listed By: Deb Dolan · License #10401326157

Source: Crexi

Added: Jul 8 Changed: Aug 21 Last Checked: Sep 1 at 9:20AM

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Investment Insights

Based on property information with market context.

Built in 1878 as the town’s original bank and post office, 422 Main Street is a restored historic mixed-use building with a live-work layout. The ground floor includes two expansive storefronts with soaring 11- and 12-foot ceilings, original storefront windows, poured concrete floors, partial wainscoting, and custom partitions crafted from salvaged antique windows. Two half baths serve the commercial areas, and a newly reconstructed front porch and entry reinstates the building’s historic presence on Main Street.

The upper levels provide additional flexible space with abundant natural light, including a loft-style studio wing with 10-foot ceilings and an adjoining restored two-bedroom residence. The residence features an English-inspired kitchen with beadboard walls and ceiling, antique built-ins, and a wavy-glass display cabinet, along with multiple windows framing views of the surrounding hills. The property also includes a private owner’s entrance, interior access between residential and commercial spaces, generous storage, four off-street parking spaces, and a backyard.

The rear first-floor apartment has an established rental history, and an adjoining flexible commercial space has previously operated as a cafe, antique shop, and professional office.

Key Highlights

• Restored 1878 landmark mixed‑use building with preserved architectural character in the historic village of Franklin
• Ground floor has two expansive storefronts with original storefront windows and soaring 11- and 12‑foot ceilings
• Multiple half baths serve the commercial spaces, which have been previously used for retail, gallery, studio, wellness, or creative business use

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

$50,831

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

7.88%

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%

$1,016,620 $1.0M

Cap Rate 7%

$726,157 $726.2K

Cap Rate 9%

$564,789 $564.8K

Market Conditions

NOI Build-Up for 5,262 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

$88.4K $16.80/SF

− Vacancy

−$7.1K −$1.34/SF

EGI

$81.3K $15.46/SF

− OpEx

−$30.5K −$5.80/SF

NOI

$50.8K $9.66/SF

Area

Delaware County, NY

Vacancy

8.00%

Lease Rate

$16.80 /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%

$1,016,620

Cap Rate 7%

$726,157

Cap Rate 9%

$564,789

Alternative Uses

Best Use

Office B

$2.21M

$1.93M – $2.58M (±1% cap)

NOI $154,586 @ 7.0% cap · market cap 23.97%

Second Best

Retail

$1.27M

$1.11M – $1.48M (±1% cap)

NOI $88,923 @ 7.0% cap · market cap 13.79%

Theoretical Best

Office A

$2.58M

$2.26M – $3.01M (±1% cap)

NOI $180,718 @ 7.0% cap · market cap 28.02%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Kabinett & Kammer Home Decor Store Garygraham422 (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Building Supply Auto Repair Shop Big Box & Wholesale Store (Bike/Boat/Book/etc) Store Nail Salon Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

12 ft

Clear height

2

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

93

Businesses Nearby

Explore this area Business Placement

Demographics for 13775, NY

1,452

Population

1,041

Households

1.4

Avg Household Size

49

Median Age

23%

College-Educated

93%

High-School Grad

48.7 sq mi

ZIP Area

30

Density / Sq Mi

$76,875

Median Household Income

$43,611

Median Earnings

$747

Median Rent

$178,900

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this live-work space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Live-work space - Restored 1878 landmark offers two storefronts plus residential space, with extensive oversized windows and natural light throughout.

Where is this live-work space located?

The property is located at 422 Main Street Franklin, NY.

What is the asking price?

The asking price for this property is $645,000.

What are key features of this property?

This property features: Restored 1878 landmark mixed‑use building with preserved architectural character in the historic village of Franklin; Ground floor has two expansive storefronts with original storefront windows and soaring 11- and 12‑foot ceilings; Multiple half baths serve the commercial spaces, which have been previously used for retail, gallery, studio, wellness, or creative business use