Commercial Shopping Center with Vacant
For Sale
$3,250,000
Pending
1 Baltic Pl, Croton on Hudson, NY 10520
Two-building shopping center with additional residential-zoned land for development.
Property Size14,818 SF
Lot Size2.79 Acres
Days on Market152
Property Features for 1 Baltic Pl
General Information
Standard status
Pending
Size
14,818 SF
Lot size
2.79 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$61,200
Building Details
Building Size
14,818 SF
Year Built
1974
Stories
2
Listing Agency:
BILLINGSLEY REALTY
(914) 953-3337
Listed By:
William F. Reilly
(914) 953-3337
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 2:16PM
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 BILLINGSLEY REALTY
Investment Insights
Based on property information with market context.
This commercial neighborhood shopping center, constructed in 1974, comprises two separate buildings. The first building is a single-story, stone exterior structure with 2100 square feet. The second building is a two-story framed structure offering 12,718 square feet of rentable space. This space is divided into multiple units of varying sizes, accommodating retail on the ground floor and office space on the second floor. The property occupies 1.2 acres and includes 45 parking spaces. Also included in the sale is an adjoining vacant lot located in the Village of Croton-on-Hudson, Town of Cortlandt. This lot, identified as Tax ID# Sheet 67.10, Block 2, Lot 2, is residentially zoned and spans 1.74 acres, featuring road frontage on Albany Post Road. The shopping center fronts on Route 9, with access via Baltic Place. The property is serviced by municipal water and a privately owned sewer system. The vacant lot presents potential for new development, with conceptual plans drafted for possible multifamily apartments and/or a mixed-use building. The sewer treatment facility servicing the property has sufficient capacity to support future development.
Key Highlights
- High‑visibility location fronting Route 9 with easy access via Baltic Place.
- Includes an additional 1.74‑acre residentially zoned vacant lot with road frontage on Albany Post Road, offering development potential.
- Existing shopping center with 14,818 sqft of rentable space across two buildings.
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
$226,911
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
6.98%
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%
$4,538,220
$4.5M
Cap Rate 7%
$3,241,586
$3.2M
Cap Rate 9%
$2,521,233
$2.5M
Market Conditions
NOI Build-Up for 14,818 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
$407.2K $27.48/SF
− Vacancy
−$104.7K −$7.06/SF
EGI
$302.5K $20.42/SF
− OpEx
−$75.6K −$5.10/SF
NOI
$226.9K $15.31/SF
Area
Westchester County, NY
Vacancy
25.70%
Lease Rate
$27.48 /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%
$4,538,220
Cap Rate 7%
$3,241,586
Cap Rate 9%
$2,521,233
Alternative Uses
Best Use
Retail
$4.48M
$3.92M – $5.22M
NOI $313,319 @ 7.0% cap · market cap 9.64%
Second Best
Office B
$3.24M
$2.84M – $3.78M
NOI $226,911 @ 7.0% cap · market cap 6.98%
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
213
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10520, NY
13,226
Population
5,425
Households
2.4
Avg Household Size
48
Median Age
63%
College-Educated
95%
High-School Grad
14.4 sq mi
ZIP Area
918
Density / Sq Mi
$140,018
Median Household Income
$78,848
Median Earnings
$1,938
Median Rent
$669,900
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?
Shopping center - Two-building shopping center with additional residential-zoned land for development.
Where is this shopping center located?
The property is located at 1 Baltic Pl Croton on Hudson, NY.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: High‑visibility location fronting Route 9 with easy access via Baltic Place.; Includes an additional 1.74‑acre residentially zoned vacant lot with road frontage on Albany Post Road, offering development potential.; Existing shopping center with 14,818 sqft of rentable space across two buildings.
