Two-Story Mixed-Use Building For
16 Route 303 Tappan, NY 10983
16 Route 303, Tappan, NY, 10983
$1,995,000
For Sale
$1,995,000
Two-story mixed-use building with retail and office space.
Property Size6,106 SF
Lot Size0.50 Acres
Price / SF$326.73
Days on Market782
Property Features for 16 Route 303
General Information
- Standard status
- Active
- Size
- 6,106 SF
- Lot size
- 0.50 Acres
- Property subtype
- Commercial
Listing agency
RE/MAX FORTUNE PROPERTIES
(201) 816-8889
Listed by
SHIN CHUNG · License #10401202970
Source
Corcoran
Added: May 31, 2024 Updated: Jul 6 at 10:27AM Checked: Jul 21 at 5:51AM
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 RE/MAX FORTUNE PROPERTIES
Investment Insights
Based on property information with market context.
This two-story mixed-use building, formerly used as a bank, offers both retail and office space. Constructed in 1980, the building encompasses 6,106 square feet and is situated on a 21,543-square-foot lot. The property includes 22 parking spaces and has a frontage of 142 square feet. Property taxes were $36,308 in 2022.
Key Highlights
- Large building: 6,106 sqft ideal for mixed retail/office.
- Ample parking: 22 spaces for customer and employee convenience.
- Substantial land size: 21,543 sqft lot with expansion potential.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $274.8k | $45.00 |
| − Vacancy | −$42.6k | −$6.98 |
| EGI | $232.2k | $38.03 |
| − OpEx | −$58.0k | −$9.51 |
| NOI | $174.1k | $28.52 |
6,106 SF · lease $45.00/SF/yr · vacancy 15.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.49M
$2.18M – $2.90M
NOI $174,135 @ 7.0% cap · market cap 8.73%
Second Best
Retail
$1.23M
$1.07M – $1.43M
NOI $85,988 @ 7.0% cap · market cap 4.31%
Theoretical Best
Specialty Retail
$4.04M
$3.53M – $4.71M
NOI $282,601 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Mixed-use properties
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Two-story mixed-use building with retail and office space.
Where is this mixed-use property located?
The property is located at 16 Route 303 Tappan, NY.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Large building: **6,106 sqft** ideal for mixed retail/office.; Ample parking: **22 spaces** for customer and employee convenience.; Substantial land size: 21,543 sqft lot with expansion potential.
