Renovated Mixed-Use Office and
For Sale
$849,900
11 RAMAPO RD, Garnerville, NY 10923
Fully renovated mixed-use building with office space and two updated one-bedroom apartments.
Property Size4,144 SF
Price / SF$205.09
Days on Market444
Property Features for 11 RAMAPO RD
General Information
Standard status
Active
Size
4,144 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$33,099
Amenities
Central Air, Window/Wall Unit
3
Parking. Corner Lot.
10 Parking Spaces. Paved Driveway, Driveway, Off Street, Lot.
Mountain
Corner.
Building Details
Year Built
1955
Listing Agency:
Howard Hanna Rand Realty
(845) 429-1500
Listed By:
Lauren Muller · License #40MU1150138
(845) 216-3712
Source:
Xome
Added: Jun 22, 2025
Changed: Sep 1
Last Checked: Sep 7 at 4:36AM
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 Howard Hanna Rand Realty
Investment Insights
Based on property information with market context.
This fully renovated mixed-use building totals 4,144 square feet and includes a commercial level plus two residential units upstairs. The commercial space is designed with a mix of private and semi-private offices, open flex areas, a reception space, and restrooms, offering multiple configuration options for professional tenants.
Located at 11 Ramapo Rd in Garnerville, NY, the property provides convenient street parking and visibility for day-to-day operations.
Upstairs, the building features two modern one-bedroom apartments that have been completely updated, creating an additional residential income stream alongside the commercial component.
Located at 11 Ramapo Rd in Garnerville, NY, the property provides convenient street parking and visibility for day-to-day operations.
Upstairs, the building features two modern one-bedroom apartments that have been completely updated, creating an additional residential income stream alongside the commercial component.
Key Highlights
- Fully renovated 4,144 SF mixed‑use building with commercial space plus two updated one‑bedroom apartments
- Commercial layout includes a mix of private and semi‑private offices, open flex areas, reception, and restroom
- Two modern one‑bedroom apartments have been completely updated
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
$73,231
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
8.62%
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%
$1,464,620
$1.5M
Cap Rate 7%
$1,046,157
$1.0M
Cap Rate 9%
$813,678
$813.7K
Market Conditions
NOI Build-Up for 4,144 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
$111.9K $27.00/SF
− Vacancy
−$7.3K −$1.76/SF
EGI
$104.6K $25.25/SF
− OpEx
−$31.4K −$7.57/SF
NOI
$73.2K $17.67/SF
Area
Rockland County, NY
Vacancy
6.50%
Lease Rate
$27.00 /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%
$1,464,620
Cap Rate 7%
$1,046,157
Cap Rate 9%
$813,678
Alternative Uses
Best Use
Office B
$1.69M
$1.48M – $1.97M
NOI $118,182 @ 7.0% cap · market cap 13.91%
Second Best
Multifamily LT 5
$1.05M
$915.4K – $1.22M
NOI $73,231 @ 7.0% cap · market cap 8.62%
Theoretical Best
Specialty Retail
$2.74M
$2.40M – $3.20M
NOI $191,795 @ 7.0% cap · market cap 22.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
314
Businesses Nearby
Explore this area
Business Placement
Demographics for 10923, NY
9,489
Population
2,909
Households
3.3
Avg Household Size
39
Median Age
36%
College-Educated
85%
High-School Grad
2.0 sq mi
ZIP Area
4,745
Density / Sq Mi
$95,769
Median Household Income
$55,947
Median Earnings
$1,827
Median Rent
$459,100
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?
Mixed-use property - Fully renovated mixed-use building with office space and two updated one-bedroom apartments.
Where is this mixed-use property located?
The property is located at 11 RAMAPO RD Garnerville, NY.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Fully renovated 4,144 SF mixed‑use building with commercial space plus two updated one‑bedroom apartments; Commercial layout includes a mix of private and semi‑private offices, open flex areas, reception, and restroom; Two modern one‑bedroom apartments have been completely updated
