Historic Office Condominium
For Sale
$859,000
48 Union Avenue, Saratoga Springs, NY 12866
COMMERCIAL - Other - Saratoga Springs, NY
Property Size2,190 SF
Lot Size0.07 Acres
Price / SF$392.24
Days on Market165
Property Features for 48 Union Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Multi Residence
Parking
1
Parking features
Off Street
Patio and Porch features
Porch
Interior features
High Speed Internet, Built-in Features
Basement
Full, Finished
Lot features
Landscaped
High school
Saratoga Springs
Elementary school district
Saratoga Springs
Middle school district
Saratoga Springs
High school district
Saratoga Springs
Directions
Exit 14 (off I 87) on to Union Ave between Clark Street and Regent Street
Standard status
Active
APN
411501 165.76-5-1
Size
2,190 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
5439
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air, Ductless
Water source
Public
Building Details
Year built
1907
Flooring type
Carpet
Building materials
Frame, Brick
Roof type
Shingle
Architectural style
Other
Listing Agency:
Roohan Realty
(518) 587-4500
Listed By:
Frances J Ryan · License #10401251044
(518) 207-7088
Added: Mar 1
Changed: Aug 4
Last Checked: Aug 13 at 6:06AM
MLS# 202612606
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial condominium offers a distinctive office configuration with historic character and modern amenities. The space features high ceilings, detailed moldings, large windows with leaded glass, and wood floors throughout. A grand entrance opens into a welcoming reception area, with a spacious, light conference room off of reception. The suite also includes multiple private offices, along with built-in bookshelves and ample storage. A half bath supports day-to-day business use, and the property includes one assigned parking space.
The building is located at 48 Union Avenue in Saratoga Springs, New York. The listing notes proximity to Downtown and local destinations including the Racetrack, Fasig Tipton, and the Northway. Parking is supported by both the assigned space and ample street parking.
Designed for a professional office tenant or buyer seeking a compact, character-forward setup, the layout supports client-facing work in reception and conference, with separate rooms for private discussions. Zoning is listed as Multi Residence, with zoning code UR4, providing guidance for potential use under local requirements.
The building is located at 48 Union Avenue in Saratoga Springs, New York. The listing notes proximity to Downtown and local destinations including the Racetrack, Fasig Tipton, and the Northway. Parking is supported by both the assigned space and ample street parking.
Designed for a professional office tenant or buyer seeking a compact, character-forward setup, the layout supports client-facing work in reception and conference, with separate rooms for private discussions. Zoning is listed as Multi Residence, with zoning code UR4, providing guidance for potential use under local requirements.
Key Highlights
- Commercial condominium with historic charm, built in 1907, featuring high ceilings and detailed moldings
- Large windows with leaded glass and built‑in features, including built‑in bookshelves
- Layout includes a grand entrance, reception area, spacious light conference room, and multiple private offices
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
$29,624
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
3.45%
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%
$592,480
$592.5K
Cap Rate 7%
$423,200
$423.2K
Cap Rate 9%
$329,156
$329.2K
Market Conditions
NOI Build-Up for 2,190 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
$47.3K $21.60/SF
− Vacancy
−$7.8K −$3.56/SF
EGI
$39.5K $18.04/SF
− OpEx
−$9.9K −$4.51/SF
NOI
$29.6K $13.53/SF
Area
Saratoga County, NY
Vacancy
16.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$592,480
Cap Rate 7%
$423,200
Cap Rate 9%
$329,156
Alternative Uses
Best Use
Office B
$423.2K
$370.3K – $493.7K
NOI $29,624 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$655.5K
$573.6K – $764.8K
NOI $45,885 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 12866, NY
40,355
Population
20,462
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
628
Density / Sq Mi
$98,374
Median Household Income
$53,265
Median Earnings
$1,460
Median Rent
$419,200
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?
Office units - Turnkey professional office suite with reception, conference room, private offices, and assigned parking.
Where is this office units located?
The property is located at 48 Union Avenue Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: Commercial condominium with historic charm, built in 1907, featuring high ceilings and detailed moldings; Large windows with leaded glass and built‑in features, including built‑in bookshelves; Layout includes a grand entrance, reception area, spacious light conference room, and multiple private offices
