Listing Agency: Cowanesque Lake Realty LLC Show Phone

Listed By: Sara Saxbury · License #RS363155 Show Phone

Added: Jun 15 Changed: Sep 6 Last Checked: Sep 18 at 7:06PM

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MLS# 31727593

Copyright © 2026 Northern Mountains of Pennsylvania 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 includes a 1,600-square-foot garage on 1.79 acres, with a heated and insulated building suitable for workshop or storage applications. The interior provides two office spaces, 11-foot ceilings, and electrical service, while a 12-by-10-foot garage door supports equipment and vehicle access. A passing perc test is on file.

Set on Packard Rd in Covington, Pennsylvania, the property offers a private setting with surrounding land that can accommodate parking, outdoor storage, or future expansion. The combination of enclosed workspace, office areas, and usable acreage provides a practical base for a business, hobby operation, or storage needs.

Key Highlights

• 1,600‑square‑foot heated and insulated garage
• Two interior office spaces
• 11‑foot ceilings and a 12‑by‑10‑foot garage door

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

$11,336

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

7.46%

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%

$226,720 $226.7K

Cap Rate 7%

$161,943 $161.9K

Cap Rate 9%

$125,956 $126.0K

Market Conditions

NOI Build-Up for 1,600 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

$14.1K $8.83/SF

− Vacancy

−$791 −$0.49/SF

EGI

$13.3K $8.34/SF

− OpEx

−$2.0K −$1.25/SF

NOI

$11.3K $7.09/SF

Area

Tioga County, PA

Vacancy

5.60%

Lease Rate

$8.83 /SF/Yr

Expense Ratio

15.00%

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%

$226,720

Cap Rate 7%

$161,943

Cap Rate 9%

$125,956

Alternative Uses

Best Use

Warehouse

$161.9K

$141.7K – $188.9K (±1% cap)

NOI $11,336 @ 7.0% cap · market cap 7.46%

Second Best

Flex RnD

$159.9K

$139.9K – $186.5K (±1% cap)

NOI $11,192 @ 7.0% cap · market cap 7.37%

Theoretical Best

Healthcare Medical

$272.6K

$238.5K – $318.0K (±1% cap)

NOI $19,079 @ 7.0% cap · market cap 12.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Lease Details

11 ft

Clear height

1

Drive-in doors

2

Office units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

1

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 16917, PA

1,464

Population

707

Households

2.1

Avg Household Size

44

Median Age

21%

College-Educated

92%

High-School Grad

52.0 sq mi

ZIP Area

28

Density / Sq Mi

$68,750

Median Household Income

$34,906

Median Earnings

$930

Median Rent

$161,000

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

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Heated, insulated flex space includes offices, electrical service, and a garage door for practical business use.

Where is this flex space located?

The property is located at Packard Rd Covington, PA.

What is the asking price?

The asking price for this property is $151,900.

What are key features of this property?

This property features: 1,600‑square‑foot heated and insulated garage; Two interior office spaces; 11‑foot ceilings and a 12‑by‑10‑foot garage door