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    21 Congress St Saratoga Springs, NY 12866

    Sponsored
    For Lease
    $25 SF/Yr

    Prime Retail Space, 6,753 SF Available

    Lot size:
    22,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional Class A retail space, totaling 6,753 square feet, is situated on the first floor of the prestigious Congress Park Centre in vibrant downtown Saratoga Springs, New York. Located at 21 Congress Street, this property is part of a larger 22,000 square foot building, offering a prominent location within a thriving commercial district. The space is immediately available and represents a unique opportunity for businesses seeking a high-visibility presence in a desirable area. The building features a Planned Unit Development (PUD) zoning designation, providing flexibility for a variety of retail uses. The minimum divisible space is 6,753 square feet, and the maximum contiguous space available is also 6,753 square feet. This makes it ideal for a single tenant seeking a substantial footprint or a smaller business looking for a significant presence. The building is a two-story structure, offering a strong visual presence and ample space for both customer traffic and internal operations. The property's address is 21 Congress Street, Saratoga Springs, NY 12866. Its convenient location within the heart of downtown Saratoga Springs ensures high foot traffic and excellent visibility. This is a rare opportunity to secure a prime retail space in a highly sought-after location. The property's APN is 165.67-1-23. Serious inquiries are encouraged.

    Property Features for 21 Congress St

    General Information

    Property type
    Retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    22,000 SF
    Class
    A
    Total Rate
    45833.33

    Building Details

    Stories
    2

    Unit(s) available at that property

    Space
    First Floor
    Size
    6,753 SF
    Rate per SF
    $25

    HighLights

    • Ample rear parking.
    • Prime location near Congress Park, Saratoga State Park, Saratoga Lake, SPAC, Saratoga Race Course, and Skidmore College.
    • Walkable to upscale shopping and dining.
    • Join a prestigious mixed‑use development with established financial and retail tenants.
    • Ground floor anchor tenant: FedEx.
    • Managed by Brause Realty.
    Property Profile Location Intelligence

    Current Use by Public Records

    KeyBank ATM Atm Saratoga County Chamber Chamber Of Commerce Rush My Passport Visa And Passport Office FedEx Office Print ... Shipping And Mailing Service Saratoga Associates Landscape ... Landscape Architect

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Saratoga Springs
    County
    Saratoga
    State
    New York
    Longitude
    -73.7869927
    Latitude
    43.0788507

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    FAQs

    What type of property is this?
    Retail property - Prime Retail Space, 6,753 SF Available
    Where is this retail property located?
    The property is located at 21 Congress St Saratoga Springs, NY.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: Ample rear parking.; Prime location near Congress Park, Saratoga State Park, Saratoga Lake, SPAC, Saratoga Race Course, and Skidmore College.; Walkable to upscale shopping and dining.
    Request Owner's contact information
    21 Congress St Saratoga Springs, NY 12866
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    Saratoga Springs, NY 12866
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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
    21 Congress St Saratoga Springs, NY 12866
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