Listing Agency: Cronin & Company Real Estate n***@gmail.com

Listed By: Frank Muccari Show Phone

Source: Exprealty

Added: Mar 12, 2025 Changed: Oct 1 Last Checked: Oct 20 at 11:13PM

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Investment Insights

Based on property information with market context.

This riverfront industrial flex property includes two buildings with a total of three shop spaces and nine total bays of shop area. The main shop spans approximately 3,000 square feet and features three 14' doors, an office (16' x 16'), a bathroom, and second-level storage. A second shop area offers approximately 2,160 square feet with two 14' doors and two 12' doors. An upper street-level shop provides approximately 1,350 square feet with two 12' doors and an office.

The site is set on just under three quarters of an acre and includes a large rear parking area suitable for staff and equipment. The property is described as being at the entrance to the Village of Montgomery on Route 17K, next to Wards Bridge, supporting convenient access and high visibility.

The property is described as having recent upgrades and being well-maintained and renovated. It is identified as adaptable for multiple commercial uses and is listed with I2 zoning in the marketing remarks.

Key Highlights

• Two‑building industrial/flex site with 6,500+ total SF and 9 total bays of shop space
• Main shop: 3,000 SF with three 14' doors, 16' x 16' office, bathroom, and second‑level storage
• Second shop area: 2,160 SF with two 14' doors and two 12' doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$75,895

Cap Rate

4.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,517,900 $1.5M

Cap Rate 7%

$1,084,214 $1.1M

Cap Rate 9%

$843,278 $843.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,510 SF

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 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 (±1% cap)

NOI $75,895 @ 7.0% cap · market cap 4.34%

Second Best

Warehouse

$921.2K

$806.0K – $1.07M (±1% cap)

NOI $64,483 @ 7.0% cap · market cap 3.68%

Theoretical Best

Office A

$2.20M

$1.93M – $2.57M (±1% cap)

NOI $154,340 @ 7.0% cap · market cap 8.82%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Dental Office Building Supply Auto Parts Store Restaurant Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

7

Drive-in doors

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

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Two-building industrial/flex site with multiple bays, including 14' and 12' loading doors and rear parking.

Where is this flex space located?

The property is located at 68-66 Ward St 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: Two‑building industrial/flex site with 6,500+ total SF and 9 total bays of shop space; Main shop: 3,000 SF with three 14' doors, 16' x 16' office, bathroom, and second‑level storage; Second shop area: 2,160 SF with two 14' doors and two 12' doors