Saratoga Springs Professional Office
For Sale
$1,099,000
5 Wells Street, Saratoga Springs, NY 12866
Professional office building near Saratoga Hospital and downtown Saratoga.
Property Size7,128 SF
Price / SF$154.18
Days on Market224
Property Features for 5 Wells Street
General Information
Standard status
Active
Size
7,128 SF
Property subtype
Commercial
Listing Agency:
Coldwell Banker Commercial Prime Properties
Listed By:
Timothy Canavan
(518) 785-9000
Source:
Signatureonerealtygroup
Added: Feb 23
Changed: Oct 3
Last Checked: Oct 2 at 6:18PM
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 Coldwell Banker Commercial Prime Properties
Investment Insights
Based on property information with market context.
This professional office building is situated near Saratoga Hospital and downtown Saratoga. The current layout features 13 offices, a large kitchen, two conference rooms, multiple bathrooms, a media room, and additional storage space. There are 19 private paved parking spaces, with additional lot space available to create more parking. The roof was replaced in 2017, and numerous capital upgrades have been completed in the past five years. The property is zoned UR-2 and is suitable for an owner/occupier. Furniture and artwork are not included in the sale.
Key Highlights
- Prime location near Saratoga Hospital and downtown Saratoga.
- 19 private paved parking spaces with potential for more.
- Includes 13 offices, large kitchen, two conference rooms, media room, and multiple bathrooms.
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
$96,420
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
8.77%
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%
$1,928,400
$1.9M
Cap Rate 7%
$1,377,429
$1.4M
Cap Rate 9%
$1,071,333
$1.1M
Market Conditions
NOI Build-Up for 7,128 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
$154.0K $21.60/SF
− Vacancy
−$25.4K −$3.56/SF
EGI
$128.6K $18.04/SF
− OpEx
−$32.1K −$4.51/SF
NOI
$96.4K $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%
$1,928,400
Cap Rate 7%
$1,377,429
Cap Rate 9%
$1,071,333
Alternative Uses
Best Use
Office B
$1.38M
$1.21M – $1.61M
NOI $96,420 @ 7.0% cap · market cap 8.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.13M
$1.87M – $2.49M
NOI $149,346 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,497
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Professional office building near Saratoga Hospital and downtown Saratoga.
Where is this office building located?
The property is located at 5 Wells Street Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Prime location near Saratoga Hospital and downtown Saratoga.; 19 private paved parking spaces with potential for more.; Includes **13 offices, large kitchen, two conference rooms, media room, and multiple bathrooms.**
