Medical Office Building with Flexible
For Sale
$599,000
1 Dogwood Road, Cortlandt Manor, NY 10567
Highway-commercial property with adaptable interiors, on-site parking, and access to main roads and residential areas.
Property Size2,339 SF
Days on Market239
Property Features for 1 Dogwood Road
General Information
Standard status
Active
Size
2,339 SF
Total Parking Spaces
10
Property subtype
Commercial
Zoning
AWE/HC
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$13,396
Building Details
Building Size
2,339 SF
Year Built
1966
Buildings
1
Units
1
Listing Agency:
Coldwell Banker Realty
(914) 262-3590
Listed By:
Barry Malawer · License #30MA0949894
(914) 262-3590
Source:
Professionalchoicerealty
Added: Jan 3
Changed: Aug 29
Last Checked: Aug 25 at 9:29AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Located at 1 Dogwood Road in Cortlandt Manor, this medical office property was built in 1966 and operated for 37 years as Cortlandt Animal Hospital. The interior includes removable walls, allowing the existing configuration to be adjusted for office, clinical, studio, or other commercial layouts. On-site parking is included, and the seller can build to suit.
The property is positioned near highways, main roads, and residential areas. Zoning includes AWE (Annsville Waterfront Enhancement) and HC (Highway Commercial), supporting the property's medical-office classification and the stated potential for veterinary, medical, dental, gym, spa, yoga, and specialty trade contractor uses.
The property is positioned near highways, main roads, and residential areas. Zoning includes AWE (Annsville Waterfront Enhancement) and HC (Highway Commercial), supporting the property's medical-office classification and the stated potential for veterinary, medical, dental, gym, spa, yoga, and specialty trade contractor uses.
Key Highlights
- AWE (Annsville Waterfront Enhancement) and HC (Highway Commercial) zoning
- Built in 1966
- Operated for 37 years as Cortlandt Animal Hospital
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
$38,102
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
6.36%
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%
$762,040
$762.0K
Cap Rate 7%
$544,314
$544.3K
Cap Rate 9%
$423,356
$423.4K
Market Conditions
NOI Build-Up for 2,339 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
$70.2K $30.00/SF
− Vacancy
−$6.7K −$2.85/SF
EGI
$63.5K $27.15/SF
− OpEx
−$25.4K −$10.86/SF
NOI
$38.1K $16.29/SF
Area
Westchester County, NY
Vacancy
9.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
40.00%
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%
$762,040
Cap Rate 7%
$544,314
Cap Rate 9%
$423,356
Alternative Uses
Best Use
Healthcare Medical
$544.3K
$476.3K – $635.0K
NOI $38,102 @ 7.0% cap · market cap 6.36%
Second Best
Office B
$511.7K
$447.7K – $597.0K
NOI $35,818 @ 7.0% cap · market cap 5.98%
Theoretical Best
Retail
$706.5K
$618.2K – $824.3K
NOI $49,457 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10567, NY
20,400
Population
7,086
Households
2.9
Avg Household Size
44
Median Age
51%
College-Educated
96%
High-School Grad
22.5 sq mi
ZIP Area
907
Density / Sq Mi
$152,334
Median Household Income
$61,809
Median Earnings
$1,913
Median Rent
$532,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Highway-commercial property with adaptable interiors, on-site parking, and access to main roads and residential areas.
Where is this medical office space located?
The property is located at 1 Dogwood Road Cortlandt Manor, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: AWE (Annsville Waterfront Enhancement) and HC (Highway Commercial) zoning; Built in 1966; Operated for 37 years as Cortlandt Animal Hospital
