Victorian Office Building with
For Sale
$850,000
499 Glen Street, Glens Falls, NY 12801
Beautiful Victorian office building with rich architectural details and functionality.
Property Size4,238 SF
Price / SF$200.57
Days on Market212
Property Features for 499 Glen Street
General Information
Standard status
Active
Size
4,238 SF
Property subtype
Commercial
Amenities
Accessible Approach with Ramp
Accessible Doors
Accessible Hallway(s)
Accessible Sidewalks
Building Details
Year Built
1909
Listing Agency:
Hunt ERA
Listed By:
Tina Combs
(518) 798-4400
Source:
Signatureonerealtygroup
Added: Feb 8
Changed: Sep 8
Last Checked: Sep 8 at 6:49AM
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 Hunt ERA
Investment Insights
Based on property information with market context.
This Victorian office building offers a blend of character and functionality, featuring 10 office spaces, a welcoming reception area, and two additional waiting areas designed to manage client flow. A meeting space equipped with a built-in screen projector is also available. The interior showcases rich architectural details, including stained glass prismatic beveled windows, hardwood floors, coffered ceilings, crown and dentil molding, and four marble fireplaces, complemented by built-ins throughout. The property includes a large city lot with off-street parking and a two-car garage. Central air conditioning and four bathrooms are present. This property is suitable for a professional practice, executive firm, boutique firm, or rentable creative workspaces. The building has a total size of 4238 square feet.
Key Highlights
- Victorian office building built in 1909.
- Features rich architectural details including stained glass, hardwood floors, coffered ceilings, and marble fireplaces.
- Includes ten office spaces, reception and waiting areas, and meeting space.
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
$65,604
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
7.72%
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%
$1,312,080
$1.3M
Cap Rate 7%
$937,200
$937.2K
Cap Rate 9%
$728,933
$728.9K
Market Conditions
NOI Build-Up for 4,238 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
$101.7K $24.00/SF
− Vacancy
−$14.2K −$3.36/SF
EGI
$87.5K $20.64/SF
− OpEx
−$21.9K −$5.16/SF
NOI
$65.6K $15.48/SF
Area
Warren County, NY
Vacancy
14.00%
Lease Rate
$24.00 /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%
$1,312,080
Cap Rate 7%
$937,200
Cap Rate 9%
$728,933
Alternative Uses
Best Use
Office B
$937.2K
$820.1K – $1.09M
NOI $65,604 @ 7.0% cap · market cap 7.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,795 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,096
Businesses Nearby
Explore this area
Business Placement
Demographics for 12801, NY
14,850
Population
7,287
Households
2
Avg Household Size
40
Median Age
33%
College-Educated
90%
High-School Grad
3.8 sq mi
ZIP Area
3,908
Density / Sq Mi
$70,019
Median Household Income
$46,700
Median Earnings
$1,050
Median Rent
$196,000
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 building - Beautiful Victorian office building with rich architectural details and functionality.
Where is this office building located?
The property is located at 499 Glen Street Glens Falls, NY.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Victorian office building built in 1909.; Features rich architectural details including stained glass, hardwood floors, coffered ceilings, and marble fireplaces.; Includes ten office spaces, reception and waiting areas, and meeting space.
