Renovated Two-Level Office
For Sale
$1,499,000
21 South St, Washingtonville, NY 10992
Professional office space offers a kitchenette, multiple bathrooms, central air, and ample parking for visitors and staff.
Property Size4,860 SF
Price / SF$308.44
Days on Market554
Property Features for 21 South St
General Information
Standard status
Active
Size
4,860 SF
Property subtype
Office
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$18,041
Amenities
kitchenette
Central Air
3
Building Details
Buildings
1
Stories
2
Building Size
4,860 SF
Listing Agency:
eRealty Advisors, Inc
(718) 809-5209
Listed By:
Sinai Halberstam
(718) 809-5209
Source:
Xome
Added: Feb 23, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:01PM
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 eRealty Advisors, Inc
Investment Insights
Based on property information with market context.
Recently renovated office building with 4,860 square feet arranged across two levels. The interior includes 32 separate rooms, a kitchenette, four bathrooms, and central air, creating a flexible layout for professional operations. The property previously served as a doctors’ and medical office, providing an established setting for healthcare and other office uses.
Located at 21 South St in Washingtonville, the building has visibility along Route 208 and includes ample parking. Proposed plans call for adding two additional floors, offering a documented expansion concept for future consideration.
Located at 21 South St in Washingtonville, the building has visibility along Route 208 and includes ample parking. Proposed plans call for adding two additional floors, offering a documented expansion concept for future consideration.
Key Highlights
- 4,860‑square‑foot office building spanning two levels
- 32 separate rooms provide a multi‑room professional layout
- Recently renovated with central air, kitchenette, and four bathrooms
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
$86,416
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
5.76%
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%
$1,728,320
$1.7M
Cap Rate 7%
$1,234,514
$1.2M
Cap Rate 9%
$960,178
$960.2K
Market Conditions
NOI Build-Up for 4,860 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
$163.3K $33.60/SF
− Vacancy
−$19.3K −$3.96/SF
EGI
$144.0K $29.64/SF
− OpEx
−$57.6K −$11.85/SF
NOI
$86.4K $17.78/SF
Area
Orange County, NY
Vacancy
11.80%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
40.00%
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%
$1,728,320
Cap Rate 7%
$1,234,514
Cap Rate 9%
$960,178
Alternative Uses
Best Use
Healthcare Medical
$1.23M
$1.08M – $1.44M
NOI $86,416 @ 7.0% cap · market cap 5.76%
Second Best
Office B
$1.16M
$1.02M – $1.36M
NOI $81,321 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,222 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 10992, NY
9,301
Population
3,559
Households
2.6
Avg Household Size
44
Median Age
30%
College-Educated
91%
High-School Grad
11.3 sq mi
ZIP Area
823
Density / Sq Mi
$113,450
Median Household Income
$51,769
Median Earnings
$1,438
Median Rent
$389,300
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 space offers a kitchenette, multiple bathrooms, central air, and ample parking for visitors and staff.
Where is this office building located?
The property is located at 21 South St Washingtonville, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 4,860‑square‑foot office building spanning two levels; 32 separate rooms provide a multi‑room professional layout; Recently renovated with central air, kitchenette, and four bathrooms
