Versatile Industrial and Office
For Sale
$2,995,000
161 Saw Mill River Road, Yonkers, NY 10701
Multi-tenant industrial and office building with flexible spaces for sale.
Property Size15,470 SF
Lot Size0.62 Acres
Price / SF$193.60
Days on Market143
Property Features for 161 Saw Mill River Road
General Information
Standard status
Active
Size
15,470 SF
Lot size
0.62 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,360
Amenities
Central air
Central Air Cooling
Ducts Heating
Forced Air Heating
Natural Gas Heating
Building Details
Year Built
1950
Listing Agency:
HOULIHAN & O'MALLEY R. E. SERV
(914) 337-7888
Listed By:
RAYMOND E. INELLO
Source:
Corcoran
Added: Mar 23
Changed: Aug 10
Last Checked: Aug 12 at 6:53AM
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
Investment Insights
Based on property information with market context.
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.
Key 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
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
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 Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
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 $2,995,000.
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
