Mixed-Use Corner Property with
For Sale
$879,000
126 WINDERMERE AVE, Greenwood Lake, NY 10925
Four-unit mixed-use building includes a large renovated street-level retail space, day spa, and updated apartments.
Property Size3,174 SF
Price / SF$276.94
Days on Market539
Property Features for 126 WINDERMERE AVE
General Information
Standard status
Active
Size
3,174 SF
Total Parking Spaces
14
Property subtype
Mixed Use
Zoning
CS
Site & Location
Traffic Count
3,460 vehicles/day
Road Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
Window/Wall Unit
3
Corner Lot.
14 Parking Spaces.
Level
Corner, Level.
Building Details
Year Built
1986
Tenancy
Multi
Listing Agency:
(845) 294-3100
Listed By:
Rand Commercial
(201) 522-1912
Source:
Xome
Added: Mar 17, 2025
Changed: Sep 1
Last Checked: Sep 5 at 6:03AM
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 Rand Commercial
Investment Insights
Based on property information with market context.
Four-unit mixed-use corner property in the Village of Greenwood Lake offering a large, recently renovated street-level commercial space (former retail/bagel store), a day spa, and two updated apartments. The day spa and apartments are described as fully rented, with separate tenant-paid utilities.
The property features private parking in the rear and side (approximately 14 spaces). It is serviced by natural gas, municipal water, and septic, and sits on a highly visible main street location with approximately 3,460 cars passing per day.
The large retail space is described as approximately 1,800 square feet and is available, with the reported potential to reopen quickly as a bagel store. The business assets and equipment are also indicated as available to purchase separately.
The property features private parking in the rear and side (approximately 14 spaces). It is serviced by natural gas, municipal water, and septic, and sits on a highly visible main street location with approximately 3,460 cars passing per day.
The large retail space is described as approximately 1,800 square feet and is available, with the reported potential to reopen quickly as a bagel store. The business assets and equipment are also indicated as available to purchase separately.
Key Highlights
- Four‑unit mixed‑use building in the Village of Greenwood Lake with street‑level retail, a day spa, and 2 updated apartments
- Large renovated street‑level commercial space (former retail/bagel store) offers about 1,800 SF and is available for user occupancy
- Fully rented day spa and the two apartments; separate tenant‑paid utilities
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
$63,087
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
7.18%
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%
$1,261,740
$1.3M
Cap Rate 7%
$901,243
$901.2K
Cap Rate 9%
$700,967
$701.0K
Market Conditions
NOI Build-Up for 3,174 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
$93.3K $29.40/SF
− Vacancy
−$3.2K −$1.01/SF
EGI
$90.1K $28.39/SF
− OpEx
−$27.0K −$8.52/SF
NOI
$63.1K $19.88/SF
Area
Orange County, NY
Vacancy
3.42%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,261,740
Cap Rate 7%
$901,243
Cap Rate 9%
$700,967
Alternative Uses
Best Use
Multifamily LT 5
$901.2K
$788.6K – $1.05M
NOI $63,087 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$848.2K
$742.1K – $989.5K
NOI $59,371 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$1.08M
$940.6K – $1.25M
NOI $75,250 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
3,460 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 10925, NY
4,341
Population
2,220
Households
2
Avg Household Size
48
Median Age
35%
College-Educated
92%
High-School Grad
9.2 sq mi
ZIP Area
472
Density / Sq Mi
$89,313
Median Household Income
$42,193
Median Earnings
$1,620
Median Rent
$342,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-unit mixed-use building includes a large renovated street-level retail space, day spa, and updated apartments.
Where is this mixed-use property located?
The property is located at 126 WINDERMERE AVE Greenwood Lake, NY.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: Four‑unit mixed‑use building in the Village of Greenwood Lake with street‑level retail, a day spa, and 2 updated apartments; Large renovated street‑level commercial space (former retail/bagel store) offers about 1,800 SF and is available for user occupancy; Fully rented day spa and the two apartments; separate tenant‑paid utilities
