Building Details

Building Size 3,829 SF

Year Built 1975

Buildings 1

Stories 2

Units 4

Tenancy Multi

Listing Agency: McGrath Realty Inc Hopewell Junction r***@mcgrathny.com Show Phone

Listed By: Ryan P. McGrath · License #10401313731 Show Phone

Source: Elliman

Added: Apr 11 Changed: Aug 31 Last Checked: Aug 31 at 2:19PM

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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 McGrath Realty Inc Hopewell Junction

Investment Insights

Based on property information with market context.

Located at 356 Route 202 in Somers, this two-story office property contains 3,830 square feet across four units. Elevator service supports access between floors, while the building’s professional layout accommodates a range of office configurations. The property was constructed in 1975 and occupies a 0.40-acre parcel.

The site includes 15 parking spaces and frontage along Route 202, providing direct exposure to a high-traffic roadway. The property is positioned within an established commercial corridor and offers a multi-unit office configuration with both vertical access and on-site parking.

Key Highlights

• 3,830‑square‑foot office building on a 0.40‑acre parcel
• Four office units arranged across two stories
• Elevator access between floors

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

$58,650

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

6.02%

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%

$1,173,000 $1.2M

Cap Rate 7%

$837,857 $837.9K

Cap Rate 9%

$651,667 $651.7K

Market Conditions

NOI Build-Up for 3,830 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

$105.2K $27.48/SF

− Vacancy

−$27.0K −$7.06/SF

EGI

$78.2K $20.42/SF

− OpEx

−$19.5K −$5.10/SF

NOI

$58.6K $15.31/SF

Area

Westchester County, NY

Vacancy

25.70%

Lease Rate

$27.48 /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%

$1,173,000

Cap Rate 7%

$837,857

Cap Rate 9%

$651,667

Alternative Uses

Best Use

Office B

$837.9K

$733.1K – $977.5K (±1% cap)

NOI $58,650 @ 7.0% cap · market cap 6.02%

Second Best

—

—

no second resolved use

Theoretical Best

Retail

$1.16M

$1.01M – $1.35M (±1% cap)

NOI $80,983 @ 7.0% cap · market cap 8.31%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Building Supply Restaurant Auto Parts Store Hair Salon HVAC Service Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Office units

Multi-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

488

Businesses Nearby

Explore this area Business Placement

Demographics for 10589, NY

8,510

Population

4,020

Households

2.1

Avg Household Size

60

Median Age

66%

College-Educated

98%

High-School Grad

6.9 sq mi

ZIP Area

1,233

Density / Sq Mi

$123,293

Median Household Income

$88,162

Median Earnings

$3,501

Median Rent

$521,200

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Professional commercial property with elevator access, multiple suites, and on-site parking.

Where is this office building located?

The property is located at 356 Route 202 Somers, NY.

What is the asking price?

The asking price for this property is $975,000.

What are key features of this property?

This property features: 3,830‑square‑foot office building on a 0.40‑acre parcel; Four office units arranged across two stories; Elevator access between floors