Mixed-Use Building with
For Sale
$1,495,000
31 Main Street, Elmsford, NY 10523
Corner commercial property combining retail and office occupancy with residential units in a downtown business district.
Property Size4,748 SF
Price / SF$314.87
Days on Market1202
Property Features for 31 Main Street
General Information
Standard status
Active
Size
4,748 SF
Property subtype
Multi Family
Additional Details
Cap Rate
9%
Corner Location
Yes
Amenities
No, No, Off Street
Square Feet
Multi Family, Public
4,748.00
No
Off Street
Building Details
Tenancy
Multi
Listing Agency:
Christie's Int. Real Estate
(914) 200-1515
Listed By:
Mary J. Byrne
(914) 200-1515
Source:
Compass
Added: May 18, 2023
Changed: Aug 30
Last Checked: Aug 31 at 12:52AM
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 Christie's Int. Real Estate
Investment Insights
Based on property information with market context.
The property at 31 Main Street, Elmsford, New York, contains 4,748 square feet arranged across six income-producing spaces. The commercial component includes three retail or office storefronts, while three residential apartments provide additional occupancy within the mixed-use configuration.
Situated at the corner of 31 E Main and 3 N Lawn in Elmsford’s Central Business District, the building offers a downtown setting for both commercial and residential uses. Off-street parking is included, and each renter is responsible for their own heat. The property is offered for sale with an indicated cap rate range of 8–9%.
Situated at the corner of 31 E Main and 3 N Lawn in Elmsford’s Central Business District, the building offers a downtown setting for both commercial and residential uses. Off-street parking is included, and each renter is responsible for their own heat. The property is offered for sale with an indicated cap rate range of 8–9%.
Key Highlights
- 4,748‑square‑foot mixed‑use property
- Three retail or office storefronts
- Three residential apartments
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
$100,394
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
6.72%
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%
$2,007,880
$2.0M
Cap Rate 7%
$1,434,200
$1.4M
Cap Rate 9%
$1,115,489
$1.1M
Market Conditions
NOI Build-Up for 4,748 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
$165.2K $34.80/SF
− Vacancy
−$21.8K −$4.59/SF
EGI
$143.4K $30.21/SF
− OpEx
−$43.0K −$9.06/SF
NOI
$100.4K $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%
$2,007,880
Cap Rate 7%
$1,434,200
Cap Rate 9%
$1,115,489
Alternative Uses
Best Use
Retail
$1.43M
$1.25M – $1.67M
NOI $100,394 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$1.16M
$1.02M – $1.36M
NOI $81,437 @ 7.0% cap · market cap 5.45%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,028
Businesses Nearby
Explore this area
Business Placement
Demographics for 10523, NY
9,489
Population
3,727
Households
2.5
Avg Household Size
37
Median Age
51%
College-Educated
91%
High-School Grad
3.6 sq mi
ZIP Area
2,636
Density / Sq Mi
$115,809
Median Household Income
$64,776
Median Earnings
$3,004
Median Rent
$526,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner commercial property combining retail and office occupancy with residential units in a downtown business district.
Where is this mixed-use property located?
The property is located at 31 Main Street Elmsford, NY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 4,748‑square‑foot mixed‑use property; Three retail or office storefronts; Three residential apartments
