Flex Space with Drive-In
For Sale
Contact for pricing
145 South Main Street, Portchester, NY 10573
Commercial / Mixed-Use zoning accompanies high ceilings, drive-in access, and a flexible interior configuration.
Property Size21,240 SF
Price / SF$282.49
Days on Market134
Property Features for 145 South Main Street
General Information
Standard status
Active
Size
21,240 SF
Total Parking Spaces
30
Property subtype
Retail
Zoning
Commercial / Mixed-Use
Investment Type
Owner/User
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
Houlihan Lawrence
Listed By:
Mike Rackenberg · License #CT 10401251020
Source:
Crexi
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 30 at 12:29PM
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 Houlihan Lawrence
Investment Insights
Based on property information with market context.
This flex space at 145 South Main Street offers 21,240 of property size within a flexible commercial configuration. High ceilings and drive-in access provide the principal physical features, while the layout can accommodate varied commercial arrangements without being tied to a single stated format. The property is designated Commercial / Mixed-Use.
Located in Port Chester, NY 10573, the asset combines a South Main Street address with an adaptable building profile. Its flex-space classification, interior flexibility, ceiling height, and drive-in access define the property’s most relevant operating characteristics.
Located in Port Chester, NY 10573, the asset combines a South Main Street address with an adaptable building profile. Its flex-space classification, interior flexibility, ceiling height, and drive-in access define the property’s most relevant operating characteristics.
Key Highlights
- 21,240 property size
- Commercial / Mixed‑Use zoning
- High‑ceiling interior configuration
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
$449,109
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
7.49%
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%
$8,982,180
$9.0M
Cap Rate 7%
$6,415,843
$6.4M
Cap Rate 9%
$4,990,100
$5.0M
Market Conditions
NOI Build-Up for 21,240 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
$739.2K $34.80/SF
− Vacancy
−$97.6K −$4.59/SF
EGI
$641.6K $30.21/SF
− OpEx
−$192.5K −$9.06/SF
NOI
$449.1K $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%
$8,982,180
Cap Rate 7%
$6,415,843
Cap Rate 9%
$4,990,100
Alternative Uses
Best Use
Retail
$6.42M
$5.61M – $7.49M
NOI $449,109 @ 7.0% cap · market cap 7.49%
Second Best
Flex RnD
$4.58M
$4.01M – $5.35M
NOI $320,741 @ 7.0% cap · market cap 5.35%
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
2,264
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10573, NY
41,758
Population
14,592
Households
2.9
Avg Household Size
39
Median Age
44%
College-Educated
83%
High-School Grad
5.5 sq mi
ZIP Area
7,592
Density / Sq Mi
$110,612
Median Household Income
$48,263
Median Earnings
$1,940
Median Rent
$649,900
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial / Mixed-Use zoning accompanies high ceilings, drive-in access, and a flexible interior configuration.
Where is this flex space located?
The property is located at 145 South Main Street Portchester, NY.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 21,240 property size; Commercial / Mixed‑Use zoning; High‑ceiling interior configuration
