228 Washington StSaratoga Springs, NY 12866

Property Details for 228 Washington St

Year built

1985

Lot size

0.76 AC

Property size (Sq ft)

6,000 SF

Zone code

C2A

Property type

Investment properties

Property subtype

Retail residential properties

APN

411501 165.65-3-8

APU

4115011656538

Description

This exceptional 6,100 square foot storefront, located at 228 Washington Street in Saratoga Springs, NY, presents a unique investment opportunity. Built in 2000, this single-story building sits on a 33,281 square foot lot and boasts 21 parking spaces. Currently operating as a 100% occupied, established dry cleaning business since 1985, the property is zoned Commercial T-4. The asking price is $835,000, translating to $142.79 per square foot. The property is offered as a Triple Net (NNN) lease with single tenancy. This turnkey operation offers significant potential for continued success and growth within a vibrant commercial district. The property's strong location and established clientele provide a solid foundation for a new owner. Annual property taxes are estimated at $0. This is a rare opportunity to acquire a profitable, established business in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $1,848,211

  6.5%

  $1,706,041

  7%

  $1,584,181

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,223,306

  Geo Method

  $1,215,138

• Alternative Use

  Use

  Valuation

  Residential

  $1,706,041

  Hospitality

  $1,562,725

  Educational

  $1,300,168

  Medical

  $1,344,883

  Retail

  $2,022,484

Location Insight

City

Saratoga Springs

County

Saratoga

State

New York

Latitude

43.0796

Longitude

-73.7994

CBSA code

10580

CBSA name

ALBANY-SCHENECTADY-TROY, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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