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    Windham Mixed-Use Development Opportunity Title is generated by Realmo AI

    5364 State Route 23, Windham, NY 12496

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    Claim this Listing
    For Sale
    $1,800,000

    Land with foundation for mixed-use commercial/residential development.

    Added:
    Apr 30, 2025
    Days on Market:
    403
    Last Refresh:
    Mar 16 at 9:08 am

    Property Features for 5364 State Route 23

    General Information

    Standard status
    Active

    Building Details

    Year Built
    2025

    We can help!

    Listing Contact
    CAITLIN CUCCHIELLA

    Listing agent CAITLIN CUCCHIELLA

    Listing office CORE REAL ESTATE TEAM

    Listing date Apr 30, 2025

    Source Corcoran

    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 CORE REAL ESTATE TEAM

    HighLights

    • Mixed‑use zoning offers versatile development options.
    • Foundation is already in place (40x60) with 9‑foot basement ceilings, saving significant time and initial construction costs.
    • Excellent accessibility with existing paved entrance off Mill St. and a one‑way paved exit onto Main St.
    • Public utilities are readily available.
    • Convenient access to public parking on Main St. and a large public parking lot directly across the street.
    • Foundation includes a dedicated drop area at the rear for deliveries.

    Overview

    This property presents a mixed-use development opportunity with a foundation already in place. The existing foundation measures 40x60 feet, with basement ceilings poured at 9 feet tall. The building can be constructed up to three floors high, suitable for commercial and residential use. The town is considering various commercial applications such as a medical facility, restaurant, or retail space. Buyers will have a due diligence period to meet with the Zoning Board for approvals. The entrance is accessible from Mill Street via an existing paved road, while the exit is a paved one-way street leading to Main Street. Public utilities are readily available for connection. The foundation includes a drop area at the back for deliveries. Public parking is available on Main Street, with a large public parking lot located directly across the street. Additionally, a blue house/office located in the back of the property is available for separate purchase.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Law Firm Building Supply Big Box & Wholesale Store Dental Office Real Estate Agency Spa & Massage Center Hair Salon Department Store Skin Care Clinic Food Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Windham
    County
    Greene
    State
    New York
    Longitude
    -74.2523
    Latitude
    42.3075

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    FAQs

    What type of property is this?
    Mixed-use property - Land with foundation for mixed-use commercial/residential development.
    Where is this mixed-use property located?
    The property is located at 5364 State Route 23 Windham, NY.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Mixed‑use zoning offers versatile development options.; Foundation is already in place (40x60) with 9‑foot basement ceilings, saving significant time and initial construction costs.; Excellent accessibility with existing paved entrance off Mill St. and a one‑way paved exit onto Main St.
    We can help!
    Listing Contact
    CAITLIN CUCCHIELLA
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    5364 State Route 23, Windham, NY 12496
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