Multi-Space Flex
For Sale
$2,995,000
161 Saw Mill River Road, Yonkers, NY 10701
Industrial-zoned property combines warehouse areas with office suites, elevator access, separate utilities, parking, and a rear yard.
Property Size15,122 SF
Lot Size0.62 Acres
Price / SF$193.60
Days on Market160
Property Features for 161 Saw Mill River Road
General Information
Standard status
Active
Size
15,122 SF
Elevators
Yes
Lot size
0.62 Acres
Property subtype
Commercial
Zoning
I District
Site & Location
Road Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,359
Building Details
Building Size
15,122 SF
Year Built
1950
Buildings
1
Tenancy
Multi
Listing Agency:
Houlihan & O'Malley R. E. Serv
(914) 522-8989
Listed By:
Raymond E. Inello
(914) 522-8989
Source:
Maurafinnegan
Added: Mar 23
Changed: Aug 28
Last Checked: Aug 25 at 9:23AM
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.
This 15,470 SF flex building sits on a 27,036 SF lot and is arranged across two distinct sections. The three-story portion includes a lower-level HVAC tenant, a second-floor auto visual company, and a third-floor suite containing 10 private offices. An elevator serves this section. The balance of the property provides first-floor industrial warehouse space, with each area offering its own bathroom and heater.
Outdoor components include a +/-7,000 SF parking lot at the front, additional parking in front of the building, and a +/-5,000 SF rear yard. The rear yard is reached through an enclosed driveway at the north end of the property. Tenants pay their own electric and gas expenses. The property is zoned I District and was built in 1950.
Outdoor components include a +/-7,000 SF parking lot at the front, additional parking in front of the building, and a +/-5,000 SF rear yard. The rear yard is reached through an enclosed driveway at the north end of the property. Tenants pay their own electric and gas expenses. The property is zoned I District and was built in 1950.
Key Highlights
- 15,470 SF building on a 27,036 SF lot
- Eight separate spaces within two building sections
- Three‑story section includes 10 private offices and elevator access
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
Yes
Paved road access
Yes
Utilities to site
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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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial-zoned property combines warehouse areas with office suites, elevator access, separate utilities, parking, and a rear yard.
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: 15,470 SF building on a 27,036 SF lot; Eight separate spaces within two building sections; Three‑story section includes 10 private offices and elevator access
