Retail Site in Commercial
For Sale
$4,850,000
123 E Route 59, Nanuet, NY 10954
8,400 SF retail site in Rockland County for sale.
Property Size8,400 SF
Lot Size0.51 Acres
Price / SF$577.38
Days on Market703
Property Features for 123 E Route 59
General Information
Standard status
Active
Size
8,400 SF
Lot size
0.51 Acres
Property subtype
Commercial
Amenities
Central air
Central Air Cooling
Forced Air Heating
Natural Gas Heating
Listing Agency:
TRIFORCE COMMERCIAL RE LLC
(845) 450-6500
Listed By:
JASON HOROWITZ · License ##10491207540
Source:
Corcoran
Added: Sep 8, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:06AM
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 TRIFORCE COMMERCIAL RE LLC
Investment Insights
Based on property information with market context.
This is an opportunity to purchase an approximately 8,400 square foot retail site situated in the commercial district of Rockland County, specifically located on Route 59 in Nanuet, New York. The lot encompasses approximately 0.54 acres. According to the NYS DOT, the Annual Average Daily Traffic in 2023 was 31,126 cars. The vacant space, previously a bank with a drive-thru, is suited for an owner-user. The property is located in the RS (Regional Shopping) Zone.
Key Highlights
- High traffic location on Route 59 with 31,126 cars AADT.
- Large 8,400 +/- SF retail space.
- Prime commercial district in the heart of Rockland County, Nanuet, NY.
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
$388,773
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
8.02%
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%
$7,775,460
$7.8M
Cap Rate 7%
$5,553,900
$5.6M
Cap Rate 9%
$4,319,700
$4.3M
Market Conditions
NOI Build-Up for 8,400 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
$554.4K $66.00/SF
− Vacancy
−$36.0K −$4.29/SF
EGI
$518.4K $61.71/SF
− OpEx
−$129.6K −$15.43/SF
NOI
$388.8K $46.28/SF
Area
Rockland County, NY
Vacancy
6.50%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
25.00%
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%
$7,775,460
Cap Rate 7%
$5,553,900
Cap Rate 9%
$4,319,700
Alternative Uses
Best Use
Specialty Retail
$5.55M
$4.86M – $6.48M
NOI $388,773 @ 7.0% cap · market cap 8.02%
Second Best
Retail
$1.69M
$1.48M – $1.97M
NOI $118,294 @ 7.0% cap · market cap 2.44%
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
595
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
DoubleTree by Hilton Hotel Nanuet
Hotels & Casinos
5,216 visits/mo
0.3 miles
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 Retail 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?
Bank - 8,400 SF retail site in Rockland County for sale.
Where is this bank located?
The property is located at 123 E Route 59 Nanuet, NY.
What is the asking price?
The asking price for this property is $4,850,000.
What are key features of this property?
This property features: High traffic location on Route 59 with 31,126 cars AADT.; Large 8,400 +/- SF retail space.; Prime commercial district in the heart of Rockland County, Nanuet, NY.
