Two-Story Mixed-Use
For Sale
$2,500,000
1679 Route 6, Carmel, NY 10512
Restaurant and three-bedroom apartment occupy separate floors with central air and views of Lake Gleneida.
Property Size3,995 SF
Price / SF$625.78
Days on Market539
Property Features for 1679 Route 6
General Information
Standard status
Active
Size
3,995 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$20,879
Amenities
Central Air
3
Parking.
50 Parking Spaces. Lot.
Lake, View
Level
Clear lot, Level.
Building Details
Year Built
1987
Listing Agency:
Schunk Realty Group
(914) 557-9677
Listed By:
Nicholas Schunk · License #10401237032
(914) 557-9677
Source:
Xome
Added: Mar 9, 2025
Changed: Aug 29
Last Checked: Aug 30 at 2:33PM
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 Schunk Realty Group
Investment Insights
Based on property information with market context.
This 3,995-square-foot building contains two distinct components arranged across two levels. The first floor is configured as a fully equipped restaurant, while the second floor provides a three-bedroom apartment. Central air is included, and the property was built in 1987.
The building sits directly on Lake Gleneida and includes lake views, a level site, and off-street parking. Existing occupants are on month-to-month arrangements, with delivery available either vacant or with tenants in place.
The building sits directly on Lake Gleneida and includes lake views, a level site, and off-street parking. Existing occupants are on month-to-month arrangements, with delivery available either vacant or with tenants in place.
Key Highlights
- 3,995‑square‑foot, two‑story mixed‑use building
- First‑floor restaurant space is fully equipped
- Second‑floor three‑bedroom apartment
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
$184,899
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
7.40%
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%
$3,697,980
$3.7M
Cap Rate 7%
$2,641,414
$2.6M
Cap Rate 9%
$2,054,433
$2.1M
Market Conditions
NOI Build-Up for 3,995 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
$263.7K $66.00/SF
− Vacancy
−$17.1K −$4.29/SF
EGI
$246.5K $61.71/SF
− OpEx
−$61.6K −$15.43/SF
NOI
$184.9K $46.28/SF
Area
Putnam County, NY
Vacancy
6.50%
Lease Rate
$66.00 /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%
$3,697,980
Cap Rate 7%
$2,641,414
Cap Rate 9%
$2,054,433
Alternative Uses
Best Use
Specialty Retail
$2.64M
$2.31M – $3.08M
NOI $184,899 @ 7.0% cap · market cap 7.40%
Second Best
Mixed Use
$1.16M
$1.01M – $1.35M
NOI $80,899 @ 7.0% cap · market cap 3.24%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
6k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
AutoZone
Shops & Services
4,195 visits/mo
0.5 miles
Advance Auto Parts
Shops & Services
2,131 visits/mo
0.5 miles
Demographics for 10512, NY
24,664
Population
9,874
Households
2.5
Avg Household Size
46
Median Age
42%
College-Educated
93%
High-School Grad
52.2 sq mi
ZIP Area
472
Density / Sq Mi
$124,519
Median Household Income
$62,393
Median Earnings
$1,607
Median Rent
$401,800
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?
Mixed-use property - Restaurant and three-bedroom apartment occupy separate floors with central air and views of Lake Gleneida.
Where is this mixed-use property located?
The property is located at 1679 Route 6 Carmel, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 3,995‑square‑foot, two‑story mixed‑use building; First‑floor restaurant space is fully equipped; Second‑floor three‑bedroom apartment
