Highland Falls Mixed-Use
For Sale
$1,400,000
13 Mountain Ave, Highland Falls, NY 10928
Two commercial buildings with six units in total for sale.
Property Size9,145 SF
Lot Size0.14 Acres
Price / SF$153.09
Days on Market164
Property Features for 13 Mountain Ave
General Information
Standard status
Active
Size
9,145 SF
Lot size
0.14 Acres
Property subtype
Commercial
Building Details
Year Built
1950
Listing Agency:
RE/MAX BENCHMARK REALTY GROUP
(845) 913-8247
Listed By:
George K Koudounas · License #30KO1024277
(845) 913-8247
Source:
Elliman
Added: Mar 11
Changed: Jul 6
Last Checked: Aug 21 at 11:11AM
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 RE/MAX BENCHMARK REALTY GROUP
Investment Insights
Based on property information with market context.
For the first time in 50 years, a property in Highland Falls is available for sale. This offering includes two commercial buildings situated on a single parcel, comprising a total of 6 units and 9145 square feet. The property features 5 well-maintained residential apartments, totaling approximately 6345 square feet, along with a large storage area currently utilized by the landlord. Additionally, there is a commercial garage unit of approximately 2000 square feet, presently occupied by a contractor. The residential units consist of four 2-bedroom apartments and one 1-bedroom apartment. A walkout basement, currently used by the landlord, presents an opportunity for additional income generation. Residential tenants are responsible for their electric and heating expenses. The commercial garage tenant covers all utilities, including water and sewer. Municipal trash pickup is included in the taxes. Rents are currently below market value, with long-term tenants in place, and all leases are month-to-month. The property is connected to municipal water and sewer services and uses natural gas for fuel. The landlord is responsible for cold and hot water, sewer, school and property taxes, and insurance. Some parking is available on the side of the building for tenants. This income-producing property offers various possibilities and is located just steps from municipal parking, the town center, a park, services, amenities, restaurants, a bank, retail stores, a school, and the main entrance to West Point.
Key Highlights
- Income‑producing property with 6 units, featuring 5 residential apartments and 1 commercial garage.
- Significant potential to increase rental income due to below‑market rents and month‑to‑month leases.
- Two commercial buildings on one parcel totaling 9145 sq. ft.
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
$111,309
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
7.95%
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%
$2,226,180
$2.2M
Cap Rate 7%
$1,590,129
$1.6M
Cap Rate 9%
$1,236,767
$1.2M
Market Conditions
NOI Build-Up for 9,145 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
$164.6K $18.00/SF
− Vacancy
−$5.6K −$0.61/SF
EGI
$159.0K $17.39/SF
− OpEx
−$47.7K −$5.22/SF
NOI
$111.3K $12.17/SF
Area
Orange County, NY
Vacancy
3.40%
Lease Rate
$18.00 /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%
$2,226,180
Cap Rate 7%
$1,590,129
Cap Rate 9%
$1,236,767
Alternative Uses
Best Use
Apartment 5plus
$2.44M
$2.14M – $2.85M
NOI $171,061 @ 7.0% cap · market cap 12.22%
Second Best
Retail
$1.59M
$1.39M – $1.86M
NOI $111,309 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$3.10M
$2.71M – $3.61M
NOI $216,811 @ 7.0% cap · market cap 15.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
Explore this area
Business Placement
Demographics for 10928, NY
4,637
Population
2,442
Households
1.9
Avg Household Size
40
Median Age
33%
College-Educated
88%
High-School Grad
8.4 sq mi
ZIP Area
552
Density / Sq Mi
$96,106
Median Household Income
$53,338
Median Earnings
$1,717
Median Rent
$307,800
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 - Two commercial buildings with six units in total for sale.
Where is this mixed-use property located?
The property is located at 13 Mountain Ave Highland Falls, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Income‑producing property with 6 units, featuring 5 residential apartments and 1 commercial garage.; Significant potential to increase rental income due to below‑market rents and month‑to‑month leases.; Two commercial buildings on one parcel totaling 9145 sq. ft.
