Warehouse and Showroom
For Sale
$1,590,000
529-531 Erie Blvd W, Rome, NY 13440
Versatile warehouse and showroom space with covered storage, outdoor yard, loading access, and ample parking.
Property Size7,440 SF
Lot Size1.90 Acres
Price / SF$213.71
Days on Market68
Property Features for 529-531 Erie Blvd W
General Information
Standard status
Active
Size
7,440 SF
Lot size
1.90 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,641
Building Details
Building Size
7,440 SF
Year Built
1928
Stories
1
Listing Agency:
Miner Realty & Prop Management
(315) 709-4355
Listed By:
Michael J Miner · License #10491208203
(315) 709-4355
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Jun 6 at 4:16AM
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 Miner Realty & Prop Management
Investment Insights
Based on property information with market context.
This well-known building supply and warehouse facility is configured to support multiple operating needs, with showroom, office, warehouse, and inventory storage components within approximately 7,440 square feet of enclosed space. The property also includes extensive covered storage areas, outdoor yard space, and dedicated loading areas, supported by ample parking.
Located on highly traveled Erie Boulevard West in Rome, the site totals approximately 1.9 acres and is described as having excellent visibility and accessibility for customers and deliveries. The arrangement supports straightforward vehicle movement for both inbound logistics and customer-facing access.
The mix of showroom, offices, and warehouse plus storage yards makes the property a practical fit for contractor-oriented operations, distribution and inventory storage, or owner-user uses that require both a sales-facing component and functional warehouse space. It may also suit buyers looking for a property that can continue as an operating facility, given the current loading and storage configuration.
Located on highly traveled Erie Boulevard West in Rome, the site totals approximately 1.9 acres and is described as having excellent visibility and accessibility for customers and deliveries. The arrangement supports straightforward vehicle movement for both inbound logistics and customer-facing access.
The mix of showroom, offices, and warehouse plus storage yards makes the property a practical fit for contractor-oriented operations, distribution and inventory storage, or owner-user uses that require both a sales-facing component and functional warehouse space. It may also suit buyers looking for a property that can continue as an operating facility, given the current loading and storage configuration.
Key Highlights
- Prominent commercial property on Erie Boulevard West in Rome, built in 1928
- Approximately 1.9‑acre site with about 7,440 SF of enclosed showroom/office/warehouse space
- Extensive covered storage plus outdoor yard space for additional inventory or materials
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
$93,744
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
5.90%
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%
$1,874,880
$1.9M
Cap Rate 7%
$1,339,200
$1.3M
Cap Rate 9%
$1,041,600
$1.0M
Market Conditions
NOI Build-Up for 7,440 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
$156.2K $21.00/SF
− Vacancy
−$31.2K −$4.20/SF
EGI
$125.0K $16.80/SF
− OpEx
−$31.2K −$4.20/SF
NOI
$93.7K $12.60/SF
Area
Oneida County, NY
Vacancy
20.00%
Lease Rate
$21.00 /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%
$1,874,880
Cap Rate 7%
$1,339,200
Cap Rate 9%
$1,041,600
Alternative Uses
Best Use
Office B
$1.34M
$1.17M – $1.56M
NOI $93,744 @ 7.0% cap · market cap 5.90%
Second Best
Retail
$1.07M
$935.5K – $1.25M
NOI $74,839 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$1.96M
$1.72M – $2.29M
NOI $137,241 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13440, NY
41,024
Population
19,286
Households
2.1
Avg Household Size
42
Median Age
23%
College-Educated
88%
High-School Grad
116.5 sq mi
ZIP Area
352
Density / Sq Mi
$65,497
Median Household Income
$43,747
Median Earnings
$863
Median Rent
$155,800
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?
Flex space - Versatile warehouse and showroom space with covered storage, outdoor yard, loading access, and ample parking.
Where is this flex space located?
The property is located at 529-531 Erie Blvd W Rome, NY.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Prominent commercial property on Erie Boulevard West in Rome, built in 1928; Approximately 1.9‑acre site with about 7,440 SF of enclosed showroom/office/warehouse space; Extensive covered storage plus outdoor yard space for additional inventory or materials
