Detached NNN Retail Strip
For Sale
$3,750,000
605 Fifth Ave, Pelham, NY 10803
Detached, single-story strip mall with three fully leased NNN retail stores and off-street parking on a corner site.
Property Size5,265 SF
Lot Size0.35 Acres
Price / SF$710.23
Days on Market42
Property Features for 605 Fifth Ave
General Information
Standard status
Active
Size
5,265 SF
Total Parking Spaces
27
Lot size
0.35 Acres
Property subtype
Commercial
Zoning
Business-3
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$58,758
Building Details
Building Size
5,265 SF
Year Built
1998
Stories
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Residential Brokerage
(203) 733-9552
Listed By:
Raymond Poppe
(203) 733-9552
Source:
Elliman
Added: Jul 16
Changed: Aug 25
Last Checked: Aug 26 at 11:53AM
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 Coldwell Banker Residential Brokerage
Investment Insights
Based on property information with market context.
Constructed in 1998, this detached strip mall is a single-story, over-slab property with a gross building area of 5,280+ SF. The building includes three fully leased NNN retail stores, and each store has its own bathroom.
The site is located on the corner of 5th Ave and 7th St in Pelham and is described as a main throughfare. The property is zoned “Business-3” District by the Village of Pelham. The site offers 27 off-street parking spaces.
The property sits on a 15,188+ SF site (150' x 111”) and is positioned at a street-corner location with a fully leased retail tenant lineup.
The site is located on the corner of 5th Ave and 7th St in Pelham and is described as a main throughfare. The property is zoned “Business-3” District by the Village of Pelham. The site offers 27 off-street parking spaces.
The property sits on a 15,188+ SF site (150' x 111”) and is positioned at a street-corner location with a fully leased retail tenant lineup.
Key Highlights
- Detached, single‑story strip mall built in 1998 with 5,280+ SF gross building area
- Consists of 3 fully leased NNN retail stores
- Corner site at 5th Ave and 7th St, on a main throughfare in Pelham
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
$111,643
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
2.98%
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%
$2,232,860
$2.2M
Cap Rate 7%
$1,594,900
$1.6M
Cap Rate 9%
$1,240,478
$1.2M
Market Conditions
NOI Build-Up for 5,280 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
$183.7K $34.80/SF
− Vacancy
−$24.3K −$4.59/SF
EGI
$159.5K $30.21/SF
− OpEx
−$47.8K −$9.06/SF
NOI
$111.6K $21.14/SF
Area
Westchester County, NY
Vacancy
13.20%
Lease Rate
$34.80 /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%
$2,232,860
Cap Rate 7%
$1,594,900
Cap Rate 9%
$1,240,478
Alternative Uses
Best Use
Retail
$1.59M
$1.40M – $1.86M
NOI $111,643 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
897
Businesses Nearby
42k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 74%
Dining 20%
Electronics 6%
Mobil
Shops & Services
12,732 visits/mo
0.4 miles
TD Bank
Shops & Services
8,802 visits/mo
0.3 miles
Dunkin' Donuts
Dining
8,319 visits/mo
0.4 miles
BP
Shops & Services
5,508 visits/mo
0.5 miles
Shell
Shops & Services
3,683 visits/mo
0.4 miles
Demographics for 10803, NY
13,255
Population
4,360
Households
3
Avg Household Size
40
Median Age
74%
College-Educated
97%
High-School Grad
2.2 sq mi
ZIP Area
6,025
Density / Sq Mi
$212,288
Median Household Income
$97,447
Median Earnings
$2,242
Median Rent
$961,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Detached, single-story strip mall with three fully leased NNN retail stores and off-street parking on a corner site.
Where is this strip mall located?
The property is located at 605 Fifth Ave Pelham, NY.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Detached, single‑story strip mall built in 1998 with 5,280+ SF gross building area; Consists of 3 fully leased NNN retail stores; Corner site at 5th Ave and 7th St, on a main throughfare in Pelham
