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    Versatile Industrial and Office Spaces Title is generated by Realmo AI

    161 Saw Mill River Road, Yonkers, NY 10701

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    For Sale
    $3,295,000

    Multi-tenant industrial and office building with flexible spaces for sale.

    Property size:
    15,470 SF
    Lot size:
    0.62 Acres
    Price / SF:
    $212/SF
    Added:
    Mar 23, 2026
    Days on Market:
    55
    Last Refresh:
    Mar 23 at 8:09 pm

    Property Features for 161 Saw Mill River Road

    General Information

    Standard status
    Active
    Size
    15,470 SF
    Lot size
    0.62 Acres

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    RAYMOND E. INELLO

    Listing agent RAYMOND E. INELLO

    Listing office HOULIHAN & O'MALLEY R. E. SERV

    Listing date Mar 23, 2026

    Source Corcoran

    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 & O'MALLEY R. E. SERV

    HighLights

    • Multi‑tenant building with 8+ separate spaces, offering diverse income streams
    • Industrial zoning (I District) allows for a wide range of business uses
    • Significant parking available: +\/-7,000 SF in front and additional parking
    • Includes both 3‑story office space with elevator and ground‑level industrial warehouse space
    • Each space has a separate bathroom and heater; tenants pay their own utilities
    • Rear yard access via enclosed driveway, providing additional storage or operational space (+\/-5,000 SF)

    Overview

    Located behind the U Haul Building on Saw Mill River Road, this property offers a 15,470 square foot building on a 27,036 square foot lot. The building is divided into two sections and features eight separate spaces, with the potential for more. The south side of the building includes a three-story section with an elevator. This section houses an HVAC tenant on the lower level, an auto visual company on the second floor, and a suite of 10 private offices on the third floor. The remainder of the building consists of first-floor industrial warehouse space. Each space is equipped with a separate bathroom and heater, and tenants are responsible for their own electric and gas utilities. The property includes approximately 7,000 square feet of parking in front and an additional approximately 5,000 square foot yard in the rear, accessible through an enclosed driveway at the north end. Additional parking is available in front of the building. Zoned I District – Industrial, the property's real estate taxes for 2025/26 are $24,001, with an assessment of $20,000.

    Financial Insights

    Value Estimation Calculated for Flex RnD

    Conservative
    $2.73M
    NOI $245,555 @ 9.00% cap · cautious / downside scenario
    Moderate
    $3.51M
    NOI $245,555 @ 7.00% cap · market / base-case scenario
    Aggressive
    $4.91M
    NOI $245,555 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Flex RnD

    Component $ $/SF
    Gross rent $408.4k $26.40
    − Vacancy −$30.6k −$1.98
    EGI $377.8k $24.42
    − OpEx −$132.2k −$8.55
    NOI $245.6k $15.87
    15,470 SF · lease $26.40/SF/yr · vacancy 7.50% · expense 35.00%

    Alternative Use Scenarios

    Best Use
    Flex RnD
    $3.51M
    $3.07M – $4.09M (±1% cap)
    NOI $245,555 @ 7.0% cap · market cap 7.45%
    Second Best
    Warehouse
    $3.13M
    $2.74M – $3.65M (±1% cap)
    NOI $218,822 @ 7.0% cap · market cap 6.64%
    Theoretical Best
    Multifamily LT 5
    $5.35M
    $4.68M – $6.24M (±1% cap)
    NOI $374,338 @ 7.0% cap · market cap 11.36%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Elite H. Renovation, ... Construction Company Metro Glass Corp General Contractor

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • The Old Fashioned Cocktail Company — 252C Lake Ave, Yonkers, NY 10701

    Location Insight

    • Map
    • Local Demand
    City
    Yonkers
    County
    Westchester
    State
    New York
    Longitude
    -73.882086
    Latitude
    40.9432631

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    FAQs

    What type of property is this?
    Flex space - Multi-tenant industrial and office building with flexible spaces for sale.
    Where is this flex space located?
    The property is located at 161 Saw Mill River Road Yonkers, NY.
    What is the asking price?
    The asking price for this property is $3,295,000.
    What are key features of this property?
    This property features: Multi‑tenant building with 8+ separate spaces, offering diverse income streams; Industrial zoning (I District) allows for a wide range of business uses; Significant parking available: +\/-7,000 SF in front and additional parking
    (914) 337-7888
    We can help!
    Listing Contact
    RAYMOND E. INELLO
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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