Historic Mixed-Use
For Sale
$549,000
116 Washington St, Peekskill, NY 10566
Two-story commercial property with finished lower-level space, off-street parking, and flexible C-3 zoning.
Property Size1,809 SF
Lot Size0.17 Acres
Price / SF$303.48
Days on Market526
Property Features for 116 Washington St
General Information
Standard status
Active
Size
1,809 SF
Lot size
0.17 Acres
Property subtype
Mixed Use
Zoning
C-3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,597
Amenities
3
Parking.
10 Parking Spaces. Shared Driveway, Lot, Off Street.
Building Details
Year Built
1830
Buildings
1
Stories
2
Construction
Greek Revival
Listing Agency:
Coldwell Banker Realty
(914) 557-3760
Listed By:
Suzanne Welch
(914) 557-3760
Source:
Xome
Added: Mar 23, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:37PM
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.
Built in 1830, this Greek Revival commercial property provides 1,809 square feet across two stories, plus a finished lower level. The first floor contains three large rooms, while the second floor offers three additional rooms and a bathroom. The lower level connects internally and has its own rear entrance, providing added functional space and direct access to the parking area.
The property occupies a .17-acre lot with a rear parking area offering 10 parking spaces. Its Washington Street setting places the building south of South Street and north of Hudson Avenue, within walking distance of Peekskill’s city center, the Metro-North station, and the riverfront. Route 9 is readily accessible. C-3 zoning supports retail, professional office, personal service, and wellness-related uses as identified for the property.
The property occupies a .17-acre lot with a rear parking area offering 10 parking spaces. Its Washington Street setting places the building south of South Street and north of Hudson Avenue, within walking distance of Peekskill’s city center, the Metro-North station, and the riverfront. Route 9 is readily accessible. C-3 zoning supports retail, professional office, personal service, and wellness-related uses as identified for the property.
Key Highlights
- 1,809‑square‑foot building constructed in 1830
- Greek Revival commercial architecture
- Three rooms on each of the first and second floors, plus a second‑floor bathroom
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
$38,250
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
6.97%
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%
$765,000
$765.0K
Cap Rate 7%
$546,429
$546.4K
Cap Rate 9%
$425,000
$425.0K
Market Conditions
NOI Build-Up for 1,809 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
$63.0K $34.80/SF
− Vacancy
−$8.3K −$4.59/SF
EGI
$54.6K $30.21/SF
− OpEx
−$16.4K −$9.06/SF
NOI
$38.3K $21.14/SF
Area
Westchester County, NY
Vacancy
13.20%
Lease Rate
$34.80 /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%
$765,000
Cap Rate 7%
$546,429
Cap Rate 9%
$425,000
Alternative Uses
Best Use
Retail
$546.4K
$478.1K – $637.5K
NOI $38,250 @ 7.0% cap · market cap 6.97%
Second Best
Office B
$395.7K
$346.3K – $461.7K
NOI $27,702 @ 7.0% cap · market cap 5.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,367
Businesses Nearby
Explore this area
Business Placement
Demographics for 10566, NY
25,384
Population
11,752
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
86%
High-School Grad
4.3 sq mi
ZIP Area
5,903
Density / Sq Mi
$91,042
Median Household Income
$49,844
Median Earnings
$1,895
Median Rent
$376,800
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 - Two-story commercial property with finished lower-level space, off-street parking, and flexible C-3 zoning.
Where is this mixed-use property located?
The property is located at 116 Washington St Peekskill, NY.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 1,809‑square‑foot building constructed in 1830; Greek Revival commercial architecture; Three rooms on each of the first and second floors, plus a second‑floor bathroom
