Mixed-Use Building with Retail and
For Sale
$5,750,000
84 Purchase St, Rye, NY 10580
Well-maintained mixed-use building with five commercial spaces and eight residential units, currently fully occupied.
Property Size10,000 SF
Price / SF$575
Days on Market962
Property Features for 84 Purchase St
General Information
Standard status
Active
Size
10,000 SF
Property subtype
General Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
8
Amenities
Air Cond. Unit
3
.11
Building Details
Year Built
1890
Stories
2
Tenancy
Multi
Listing Agency:
(518) 610-8121
Listed By:
Gilcrest Properties
(518) 505-4811
Source:
Xome
Added: Jan 17, 2024
Changed: Sep 1
Last Checked: Sep 4 at 3:12AM
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 Gilcrest Properties
Investment Insights
Based on property information with market context.
This mixed-use property at 84 Purchase St, Rye, NY 10580 offers a total of 13 units, combining 5 commercial spaces with 8 residential units. The building is described as fully occupied and income-producing, presented as a turnkey asset.
The property is located steps from the Metro-North Rail Station, placing it in close proximity to downtown activity and supporting convenient access for tenants and customers.
With both commercial and residential components in one well-maintained building, the offering provides a cohesive income stream with existing occupancy in place.
The property is located steps from the Metro-North Rail Station, placing it in close proximity to downtown activity and supporting convenient access for tenants and customers.
With both commercial and residential components in one well-maintained building, the offering provides a cohesive income stream with existing occupancy in place.
Key Highlights
- 13‑unit mixed‑use building with 5 commercial spaces and 8 residential units, currently fully occupied
- Steps from the Metro‑North Rail Station
- Well‑maintained property with year built 1890
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
$211,445
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
3.68%
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%
$4,228,900
$4.2M
Cap Rate 7%
$3,020,643
$3.0M
Cap Rate 9%
$2,349,389
$2.3M
Market Conditions
NOI Build-Up for 10,000 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
$348.0K $34.80/SF
− Vacancy
−$45.9K −$4.59/SF
EGI
$302.1K $30.21/SF
− OpEx
−$90.6K −$9.06/SF
NOI
$211.4K $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%
$4,228,900
Cap Rate 7%
$3,020,643
Cap Rate 9%
$2,349,389
Alternative Uses
Best Use
Retail
$3.02M
$2.64M – $3.52M
NOI $211,445 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$2.45M
$2.14M – $2.86M
NOI $171,518 @ 7.0% cap · market cap 2.98%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,197
Businesses Nearby
Explore this area
Business Placement
Demographics for 10580, NY
18,268
Population
6,614
Households
2.8
Avg Household Size
42
Median Age
81%
College-Educated
98%
High-School Grad
8.4 sq mi
ZIP Area
2,175
Density / Sq Mi
$242,015
Median Household Income
$109,510
Median Earnings
$2,764
Median Rent
$1,834,100
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 - Well-maintained mixed-use building with five commercial spaces and eight residential units, currently fully occupied.
Where is this mixed-use property located?
The property is located at 84 Purchase St Rye, NY.
What is the asking price?
The asking price for this property is $5,750,000.
What are key features of this property?
This property features: 13‑unit mixed‑use building with 5 commercial spaces and 8 residential units, currently fully occupied; Steps from the Metro‑North Rail Station; Well‑maintained property with year built 1890
