Condominium in Desirable
For Sale
$299,999
Pending
203 Kennedy Dr 203, Spring Valley, NY 10977
Well-maintained 2-bedroom, 2-bathroom condominium with outside space.
Property Size1,039 SF
Lot Size0.01 Acres
Days on Market266
Property Features for 203 Kennedy Dr 203
General Information
Standard status
Pending
Size
1,039 SF
Lot size
0.01 Acres
Property subtype
Residential
Building Details
Building Size
1,039 SF
Year Built
1983
Listing Agency:
(201) 283-8208
Listed By:
Jorge L. Vasquez
(201) 283-8208
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 10
Last Checked: Aug 20 at 9:41AM
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 Jorge L. Vasquez
Investment Insights
Based on property information with market context.
This condominium, located in a desirable neighborhood, offers an opportunity for purchase. The property features 2 bedrooms and 2 bathrooms. It is located within a well-maintained condominium complex and includes outside space. With some improvements, this condominium could be transformed.
Key Highlights
- Opportunity to purchase in a desirable neighborhood.
- Well‑maintained condominium.
- Enjoy a 2 bedroom, 2 bathroom layout.
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
$17,027
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
5.68%
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%
$340,540
$340.5K
Cap Rate 7%
$243,243
$243.2K
Cap Rate 9%
$189,189
$189.2K
Market Conditions
NOI Build-Up for 1,039 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
$33.0K $31.80/SF
− Vacancy
−$2.1K −$2.00/SF
EGI
$31.0K $29.80/SF
− OpEx
−$13.9K −$13.41/SF
NOI
$17.0K $16.39/SF
Area
Rockland County, NY
Vacancy
6.30%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$340,540
Cap Rate 7%
$243,243
Cap Rate 9%
$189,189
Alternative Uses
Best Use
Apartment 5plus
$243.2K
$212.8K – $283.8K
NOI $17,027 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$687.0K
$601.1K – $801.5K
NOI $48,088 @ 7.0% cap · market cap 16.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,211
Businesses Nearby
Explore this area
Business Placement
Demographics for 10977, NY
71,049
Population
17,339
Households
4.1
Avg Household Size
24
Median Age
23%
College-Educated
77%
High-School Grad
11.3 sq mi
ZIP Area
6,288
Density / Sq Mi
$77,724
Median Household Income
$33,129
Median Earnings
$1,711
Median Rent
$602,300
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Apartment building - Well-maintained 2-bedroom, 2-bathroom condominium with outside space.
Where is this apartment building located?
The property is located at 203 Kennedy Dr 203 Spring Valley, NY.
What is the asking price?
The asking price for this property is $299,999.
What are key features of this property?
This property features: Opportunity to purchase in a desirable neighborhood.; Well‑maintained condominium.; Enjoy a 2 bedroom, 2 bathroom layout.
