Listing Agency: Greiner-Maltz Real Estate - Westchester/Connecticut Show Phone

Listed By: Ayall Schanzer Show Phone

Source: Moodyscre

Added: Feb 21, 2024 Changed: Oct 25 Last Checked: Oct 30 at 2:45PM

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Investment Insights

Based on property information with market context.

This 3,000 square foot industrial property features a 14-foot drive-in door and a 16-foot ceiling height. The column-free space includes 200 amps of 3-phase electric power and all new state-of-the-art wiring. Modern, CAC offices are located on the mezzanine level. The property is zoned CB (Commercial Business) and includes floor drains. Formerly a tile and stone fabricating shop, this space is ideal for small contractors, auto repair, and other service-oriented businesses. Many upgrades have been made to the property.

Key Highlights

• 14 Foot Drive‑In Door
• Benefit from the 16’ Ceiling Height and Column Free Space.
• 200 Amps 3‑Phase Electric

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$42,593

Cap Rate

6.56%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$851,860 $851.9K

Cap Rate 7%

$608,471 $608.5K

Cap Rate 9%

$473,256 $473.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,000 SF

Gross rent

$64.8K $21.60/SF

− Vacancy

−$4.0K −$1.32/SF

EGI

$60.8K $20.28/SF

− OpEx

−$18.3K −$6.08/SF

NOI

$42.6K $14.20/SF

Area

Westchester County, NY

Vacancy

6.10%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$851,860

Cap Rate 7%

$608,471

Cap Rate 9%

$473,256

Alternative Uses

Best Use

Retail

$906.2K

$792.9K – $1.06M (±1% cap)

NOI $63,433 @ 7.0% cap · market cap 9.77%

Second Best

Industrial

$608.5K

$532.4K – $709.9K (±1% cap)

NOI $42,593 @ 7.0% cap · market cap 6.56%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Auto shops

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Acupuncture (Bike/Boat/Book/etc) Store Computer & Electronic Repair

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

Location Intelligence

Trade Area within ½ mile

2,870

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Industrial property - 3,000 SF industrial space ideal for contractors or auto repair.

Where is this industrial property located?

The property is located at 146 E 3rd St Mt Vernon, NY.

What is the asking price?

The asking price for this property is $649,000.

What are key features of this property?

This property features: 14 Foot Drive‑In Door; Benefit from the 16’ Ceiling Height and Column Free Space.; 200 Amps 3‑Phase Electric