Flex Condominium with Drive-In
For Sale
$735,000
121 West Nyack Road #Suite 5, Nanuet, NY 10954
Commercial condominium with private rooms, reception space, upper-level storage, and an integrated drive-in garage door.
Property Size3,120 SF
Price / SF$235.58
Days on Market92
Property Features for 121 West Nyack Road #Suite 5
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Commercial
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$21,660
Amenities
private rooms
reception area
drive-in garage door
on-site parking
Building Details
Building Size
3,120 SF
Listing Agency:
Nova North Commercial
(914) 261-0129
Listed By:
Helene Carey
(914) 261-0129
Source:
Callexitfirst
Added: May 29
Changed: Aug 27
Last Checked: Aug 25 at 9:11AM
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 Nova North Commercial
Investment Insights
Based on property information with market context.
This commercial condominium provides approximately 3,120 SF of finished space arranged with several private rooms and a reception area. A built-in drive-in garage door adds functional flexibility, while approximately 3,000 SF of upper-level storage expands the usable configuration. The layout supports medical, professional office, and light industrial or flex applications.
On-site parking is available, and the property offers convenient connections to major roadways. Located at 121 West Nyack Road, Suite 5, in Nanuet, New York, the space combines office-oriented improvements with storage and service capabilities suited to a range of commercial operations.
On-site parking is available, and the property offers convenient connections to major roadways. Located at 121 West Nyack Road, Suite 5, in Nanuet, New York, the space combines office-oriented improvements with storage and service capabilities suited to a range of commercial operations.
Key Highlights
- Approximately 3,120 SF commercial condominium
- Approximately 3,000 SF of upper‑level storage
- Built‑in drive‑in garage door
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
$49,524
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
6.74%
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%
$990,480
$990.5K
Cap Rate 7%
$707,486
$707.5K
Cap Rate 9%
$550,267
$550.3K
Market Conditions
NOI Build-Up for 3,120 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
$82.4K $26.40/SF
− Vacancy
−$6.2K −$1.98/SF
EGI
$76.2K $24.42/SF
− OpEx
−$26.7K −$8.55/SF
NOI
$49.5K $15.87/SF
Area
Rockland County, NY
Vacancy
7.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
35.00%
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%
$990,480
Cap Rate 7%
$707,486
Cap Rate 9%
$550,267
Alternative Uses
Best Use
Office B
$1.27M
$1.11M – $1.48M
NOI $88,979 @ 7.0% cap · market cap 12.11%
Second Best
Healthcare Medical
$1.03M
$899.3K – $1.20M
NOI $71,941 @ 7.0% cap · market cap 9.79%
Theoretical Best
Specialty Retail
$2.06M
$1.81M – $2.41M
NOI $144,401 @ 7.0% cap · market cap 19.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
769
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10954, NY
24,248
Population
10,041
Households
2.4
Avg Household Size
44
Median Age
47%
College-Educated
90%
High-School Grad
6.9 sq mi
ZIP Area
3,514
Density / Sq Mi
$112,927
Median Household Income
$55,985
Median Earnings
$2,184
Median Rent
$502,300
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?
Flex space - Commercial condominium with private rooms, reception space, upper-level storage, and an integrated drive-in garage door.
Where is this flex space located?
The property is located at 121 West Nyack Road #Suite 5 Nanuet, NY.
What is the asking price?
The asking price for this property is $735,000.
What are key features of this property?
This property features: Approximately 3,120 SF commercial condominium; Approximately 3,000 SF of upper‑level storage; Built‑in drive‑in garage door
