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    Historic Auburn Building with Variance Title is generated by Realmo AI

    68 North Division Street, Auburn, NY 13021

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    For Lease
    $379,000 SF/Yr $202,701,833/Mo (calc)

    Renovated 6,418 SF building with commercial variance and architectural designs.

    Type:Commercial Lease / Mixed Use
    Property size:
    6,418 SF
    Added:
    Dec 20, 2025
    Days on Market:
    164
    Last Refresh:
    Apr 9 at 10:02 am

    Property Features for 68 North Division Street

    General Information

    Standard status
    Active
    Size
    6,418 SF
    Property subtype
    Commercial Lease / Mixed Use

    Building Details

    Year Built
    1895

    We can help!

    Listing Contact
    Glenn F. Fletcher

    Listing agent Glenn F. Fletcher License #40FL1028730

    Listing office L Wilson Realty

    Listing date Dec 20, 2025

    Source Compass

    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 L Wilson Realty

    HighLights

    • Comprehensive renovation preserving historical character, including updated windows, roof, restored hardwood flooring, and reinforced foundation.
    • Over 6,000 sq ft of space with limitless potential, including preliminary architectural designs for a 6‑unit housing complex.
    • Zoned R2 with a commercial variance, allowing for a wide range of uses.
    • Enhanced handicap accessibility with a ramp and elevator.
    • Highly efficient mechanical systems, sprinkler system, three‑phase power, and alarm system.
    • Historically significant Romanesque Revival structure built in 1890, meticulously maintained.

    Overview

    Euterpe Hall is a historically significant Romanesque Revival structure built in 1890. The building has undergone a comprehensive renovation over the last two decades while preserving the characteristics of its era. Updates encompass windows, roof, restored hardwood flooring, reinforced steel foundation work, highly efficient mechanical systems, a sprinkler system, three-phase power, an alarm system, and enhanced handicap accessibility featuring a ramp and an elevator. Spanning over 6,000 square feet, this residence offers limitless potential. The owner is offering free preliminary architectural designs for a 6 unit housing complex and the original mechanical plans. The property is zoned R2 with a commercial variance. Some uses may include animal grooming, artist studio, bakery, retail, bed and breakfast, day-care center (for young or old), and microbrewery.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Auburn
    County
    Cayuga
    State
    New York
    Longitude
    -76.5876059
    Latitude
    42.9541195

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    FAQs

    What type of property is this?
    Mixed-use property - Renovated 6,418 SF building with commercial variance and architectural designs.
    Where is this mixed-use property located?
    The property is located at 68 North Division Street Auburn, NY.
    What is the lease rate?
    The lease rate is $379,000.
    What are key features of this property?
    This property features: Comprehensive renovation preserving historical character, including updated windows, roof, restored hardwood flooring, and reinforced foundation.; Over 6,000 sq ft of space with limitless potential, including preliminary architectural designs for a 6‑unit housing complex.; Zoned R2 with a commercial variance, allowing for a wide range of uses.
    (315) 664-0026
    We can help!
    Listing Contact
    Glenn F. Fletcher
    Real Estate License ID: 40FL1028730
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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