Two-Story Flex Workshop
For Sale
$375,000
89R Bay Street, Glens Falls, NY 12801
Two-story barn-style building with high-bay concrete addition and dedicated off-street parking for trades, storage, and light office use.
Property Size5,212 SF
Price / SF$71.95
Days on Market60
Property Features for 89R Bay Street
General Information
Standard status
Active
Size
5,212 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,399
Amenities
Central air
Stone
Slate Roof
Built-Up Roof
Level
Natural Gas Heating
Off Street
Paved
Private
Road Frontage
Window Unit(s) Cooling
Wood Flooring
Building Details
Year Built
1945
Stories
2
Listing Agency:
LEVACK REAL ESTATE INC
(518) 793-7600
Listed By:
R. MARK LEVACK
Source:
Corcoran
Added: Jun 13
Changed: Aug 11
Last Checked: Aug 11 at 8:38AM
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 LEVACK REAL ESTATE INC
Investment Insights
Based on property information with market context.
The property is a two-story barn-style commercial building designed to support mixed operational needs, including workshops and storage, with room for light office use. In addition to the main structure, it features a high-bay concrete addition that can accommodate equipment and bulk storage requirements. Dedicated off-street parking is included for tenant and customer convenience.
The building is located at 89R Bay Street in Glens Falls, NY. Public remarks also note proximity to downtown Glens Falls, supporting convenient access for businesses serving the local area. This sale includes access to an additional parcel identified as 89.5 Bay Street.
For trade contractors and small business operators, the combination of two-story space and a high-bay concrete area provides flexibility for combining daily work, inventory, and administrative functions under one roof. The off-street parking supports practical operations, while the versatile layout can suit users seeking economical commercial space that can be adapted as their needs change.
The building is located at 89R Bay Street in Glens Falls, NY. Public remarks also note proximity to downtown Glens Falls, supporting convenient access for businesses serving the local area. This sale includes access to an additional parcel identified as 89.5 Bay Street.
For trade contractors and small business operators, the combination of two-story space and a high-bay concrete area provides flexibility for combining daily work, inventory, and administrative functions under one roof. The off-street parking supports practical operations, while the versatile layout can suit users seeking economical commercial space that can be adapted as their needs change.
Key Highlights
- Two‑story barn‑style commercial building built in 1945
- Includes a high‑bay concrete addition for taller equipment or storage needs
- Versatile indoor space for workshops, storage, and light office use
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
$32,235
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
8.60%
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%
$644,700
$644.7K
Cap Rate 7%
$460,500
$460.5K
Cap Rate 9%
$358,167
$358.2K
Market Conditions
NOI Build-Up for 5,212 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
$49.4K $9.48/SF
− Vacancy
−$3.4K −$0.64/SF
EGI
$46.0K $8.84/SF
− OpEx
−$13.8K −$2.65/SF
NOI
$32.2K $6.18/SF
Area
Warren County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$644,700
Cap Rate 7%
$460,500
Cap Rate 9%
$358,167
Alternative Uses
Best Use
Office B
$1.15M
$1.01M – $1.34M
NOI $80,682 @ 7.0% cap · market cap 21.52%
Second Best
Flex RnD
$967.0K
$846.1K – $1.13M
NOI $67,688 @ 7.0% cap · market cap 18.05%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,202 @ 7.0% cap · market cap 29.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,246
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12801, NY
14,850
Population
7,287
Households
2
Avg Household Size
40
Median Age
33%
College-Educated
90%
High-School Grad
3.8 sq mi
ZIP Area
3,908
Density / Sq Mi
$70,019
Median Household Income
$46,700
Median Earnings
$1,050
Median Rent
$196,000
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 - Two-story barn-style building with high-bay concrete addition and dedicated off-street parking for trades, storage, and light office use.
Where is this flex space located?
The property is located at 89R Bay Street Glens Falls, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑story barn‑style commercial building built in 1945; Includes a high‑bay concrete addition for taller equipment or storage needs; Versatile indoor space for workshops, storage, and light office use
