Flex Space Building with Three-Story Office
For Sale
$2,995,000
161 Saw Mill River Road, Yonkers, NY 10701
Commercial Sale, Yonkers, NY
Property Size15,470 SF
Lot Size0.62 Acres
Price / SF$193.60
Days on Market151
Property Features for 161 Saw Mill River Road
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
APN
1800-002-000-02183-000-0058
Lot size
0.62 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4360
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
elevator
Building Details
Year built
1950
Building materials
Stucco
Listing Agency:
Houlihan & O'Malley R. E. Serv
(914) 337-7888
Listed By:
Raymond E. Inello
(914) 522-8989
Added: Mar 23
Changed: Aug 19
Last Checked: Aug 20 at 7:06AM
MLS# 975124
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 161 Saw Mill River Road in Yonkers, this flex space building is divided into two sections and offers 8 separate spaces, with potential for additional configuration. The southside includes a three-story portion with 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 office section has an elevator.
The remainder of the building consists of first-floor industrial warehouse space. Each space has its own bathroom and heater, and tenants pay their own electric and gas. Heating is forced air with natural gas, and cooling is central air. Built in 1950, the property is served by public water and public sewer.
On-site parking includes about +/-7,000 SF in a front lot and about +/-5,000 SF in the rear yard. Rear yard access is through an enclosed driveway at the north end of the property. The property is zoned I District for industrial real estate use.
The remainder of the building consists of first-floor industrial warehouse space. Each space has its own bathroom and heater, and tenants pay their own electric and gas. Heating is forced air with natural gas, and cooling is central air. Built in 1950, the property is served by public water and public sewer.
On-site parking includes about +/-7,000 SF in a front lot and about +/-5,000 SF in the rear yard. Rear yard access is through an enclosed driveway at the north end of the property. The property is zoned I District for industrial real estate use.
Key Highlights
- 0.62‑acre flex space building with 8 separate spaces
- Three‑story southside includes HVAC lower level, auto visual second floor, and 10 private offices on third floor with elevator
- First‑floor industrial warehouse space for the remaining building area
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
$245,555
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
8.20%
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%
$4,911,100
$4.9M
Cap Rate 7%
$3,507,929
$3.5M
Cap Rate 9%
$2,728,389
$2.7M
Market Conditions
NOI Build-Up for 15,470 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
$408.4K $26.40/SF
− Vacancy
−$30.6K −$1.98/SF
EGI
$377.8K $24.42/SF
− OpEx
−$132.2K −$8.55/SF
NOI
$245.6K $15.87/SF
Area
Yonkers, NY
Vacancy
7.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
35.00%
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%
$4,911,100
Cap Rate 7%
$3,507,929
Cap Rate 9%
$2,728,389
Alternative Uses
Best Use
Flex RnD
$3.51M
$3.07M – $4.09M
NOI $245,555 @ 7.0% cap · market cap 8.20%
Second Best
Warehouse
$3.13M
$2.74M – $3.65M
NOI $218,822 @ 7.0% cap · market cap 7.31%
Theoretical Best
Multifamily LT 5
$5.35M
$4.68M – $6.24M
NOI $374,338 @ 7.0% cap · market cap 12.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,500
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10701, NY
68,704
Population
28,252
Households
2.4
Avg Household Size
36
Median Age
30%
College-Educated
79%
High-School Grad
4.4 sq mi
ZIP Area
15,615
Density / Sq Mi
$63,310
Median Household Income
$42,702
Median Earnings
$1,694
Median Rent
$412,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space with eight separate units, central air, and I District industrial zoning.
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 $2,995,000.
What are key features of this property?
This property features: 0.62‑acre flex space building with 8 separate spaces; Three‑story southside includes HVAC lower level, auto visual second floor, and 10 private offices on third floor with elevator; First‑floor industrial warehouse space for the remaining building area
