Fully Occupied Office
For Sale
Contact for pricing
345 N Main Street, New City, NY 10956
Professional office property with elevator access, covered parking, and established occupancy.
Property Size30,019 SF
Lot Size3.00 Acres
Price / SF$349.78
Days on Market28
Property Features for 345 N Main Street
General Information
Standard status
Active
Size
30,019 SF
Elevators
Yes
Lot size
3.00 Acres
Property subtype
Commercial
Zoning
LO
Occupancy
100%
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$211,345
Building Details
Year Built
1965
Building Size
30,019 SF
Listing Agency:
Triforce Commercial RE LLC
(845) 450-6500
Listed By:
Jason Horowitz (jason@triforcecre.com) · License ##1433362
Source:
Ridgevalleyre
Added: Aug 2
Changed: Aug 23
Last Checked: Aug 29 at 10:12AM
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 Triforce Commercial RE LLC
Investment Insights
Based on property information with market context.
Located at 345 N Main Street in New City, this office building contains approximately 30,019 square feet on a 3-acre parcel. The property was constructed around 1965 and enlarged by approximately 19,400 square feet in 2006. Interior features include elevator service and maintained common areas, while the site provides on-site and covered parking. Zoning is LO.
The building is fully occupied and serves as an established professional office property. Its North Main Street setting places it just south of Kennedy Dells County Park and near central New City. The property is also close to a major commercial and professional concentration within Rockland County, providing a location-oriented office asset with substantial land area and existing occupancy.
The building is fully occupied and serves as an established professional office property. Its North Main Street setting places it just south of Kennedy Dells County Park and near central New City. The property is also close to a major commercial and professional concentration within Rockland County, providing a location-oriented office asset with substantial land area and existing occupancy.
Key Highlights
- Approximately 30,019 SF office building on a 3‑acre site
- Fully occupied professional office property
- Expanded by approximately 19,400 square feet in 2006
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
$856,104
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
8.15%
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%
$17,122,080
$17.1M
Cap Rate 7%
$12,230,057
$12.2M
Cap Rate 9%
$9,512,267
$9.5M
Market Conditions
NOI Build-Up for 30,019 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
$1.35M $45.00/SF
− Vacancy
−$209.4K −$6.98/SF
EGI
$1.14M $38.03/SF
− OpEx
−$285.4K −$9.51/SF
NOI
$856.1K $28.52/SF
Area
Rockland County, NY
Vacancy
15.50%
Lease Rate
$45.00 /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%
$17,122,080
Cap Rate 7%
$12,230,057
Cap Rate 9%
$9,512,267
Alternative Uses
Best Use
Office B
$12.23M
$10.70M – $14.27M
NOI $856,104 @ 7.0% cap · market cap 8.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$19.85M
$17.37M – $23.16M
NOI $1,389,354 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Explore this area
Business Placement
Demographics for 10956, NY
32,499
Population
9,892
Households
3.3
Avg Household Size
44
Median Age
58%
College-Educated
94%
High-School Grad
15.4 sq mi
ZIP Area
2,110
Density / Sq Mi
$179,060
Median Household Income
$70,565
Median Earnings
$2,256
Median Rent
$629,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Professional office property with elevator access, covered parking, and established occupancy.
Where is this office building located?
The property is located at 345 N Main Street New City, NY.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Approximately 30,019 SF office building on a 3‑acre site; Fully occupied professional office property; Expanded by approximately 19,400 square feet in 2006
