Multi-Bay Flex
For Sale
$1,750,000
66-68 Ward Street, Montgomery, NY 12549
Commercial Sale, Montgomery, NY
Property Size6,510 SF
Lot Size0.68 Acres
Price / SF$268.82
Days on Market534
Property Features for 66-68 Ward Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I2
View
River, Bridge
Standard status
Active
APN
334203-202-000-0001-001.000-0000
Lot size
0.68 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
10427
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Water source
Public
Water front features
River Access, River Front, Waterfront
Water front
1
Building Details
Floors in Building
2
Number of units
3
Building materials
Block
Listing Agency:
Cronin & Company Real Estate
(845) 744-6275
Listed By:
Frank Muccari
(845) 494-3678
Added: Mar 12, 2025
Changed: Aug 20
Last Checked: Aug 27 at 12:06AM
MLS# 833668
Copyright © 2026 OneKey MLS. 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 flex property combines three commercial shop areas within two buildings, totaling over 6,500 square feet. The 3,000-square-foot main shop includes three 14' doors, a 16'x16' office, a bathroom, and second-level storage. A second 2,160-square-foot shop has two 14' doors and two 12' doors, while the 1,350-square-foot upper street-level shop includes two 12' doors and an office. The property provides nine total bays and a large rear parking area.
Located at 66-68 Ward Street on Route 17K, the site sits at the entrance to the Village of Montgomery beside Wards Bridge. The property includes waterfront, riverfront, and river access features, with I2 zoning, public water, public sewer, and natural gas available.
Located at 66-68 Ward Street on Route 17K, the site sits at the entrance to the Village of Montgomery beside Wards Bridge. The property includes waterfront, riverfront, and river access features, with I2 zoning, public water, public sewer, and natural gas available.
Key Highlights
- Three shop areas across two buildings totaling over 6,500 square feet
- Nine total shop bays with multiple 14' and 12' doors
- Main shop includes three 14' doors, a 16'x16' office, bathroom, and second‑level storage
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
$75,895
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
4.34%
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%
$1,517,900
$1.5M
Cap Rate 7%
$1,084,214
$1.1M
Cap Rate 9%
$843,278
$843.3K
Market Conditions
NOI Build-Up for 6,510 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
$122.6K $18.84/SF
− Vacancy
−$5.9K −$0.90/SF
EGI
$116.8K $17.94/SF
− OpEx
−$40.9K −$6.28/SF
NOI
$75.9K $11.66/SF
Area
Orange County, NY
Vacancy
4.80%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
35.00%
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%
$1,517,900
Cap Rate 7%
$1,084,214
Cap Rate 9%
$843,278
Alternative Uses
Best Use
Flex RnD
$1.08M
$948.7K – $1.26M
NOI $75,895 @ 7.0% cap · market cap 4.34%
Second Best
Warehouse
$921.2K
$806.0K – $1.07M
NOI $64,483 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,340 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
337
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12549, NY
10,349
Population
3,918
Households
2.6
Avg Household Size
42
Median Age
35%
College-Educated
93%
High-School Grad
38.7 sq mi
ZIP Area
267
Density / Sq Mi
$125,000
Median Household Income
$66,250
Median Earnings
$1,606
Median Rent
$377,300
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - I2-zoned riverfront commercial property with multiple shop areas, office space, storage, and public utilities.
Where is this flex space located?
The property is located at 66-68 Ward Street Montgomery, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Three shop areas across two buildings totaling over 6,500 square feet; Nine total shop bays with multiple 14' and 12' doors; Main shop includes three 14' doors, a 16'x16' office, bathroom, and second‑level storage
