Two-Space Storefront
For Sale
$349,000
1881 Commerce St, Yorktown Heights, NY 10598
Divided retail building with one leased unit and a separate vacant storefront for owner occupancy or leasing.
Property Size1,500 SF
Days on Market9
Property Features for 1881 Commerce St
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Additional Details
Gross Income
$21,600
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,555
Building Details
Building Size
1,500 SF
Year Built
1975
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
(914) 214-8922
Listed By:
Catherine Duff-Poritzky
(914) 214-8922
Source:
Elliman
Added: Aug 12
Changed: Aug 15
Last Checked: Aug 19 at 1:14PM
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 Catherine Duff-Poritzky
Investment Insights
Based on property information with market context.
The property comprises a single retail building divided into two separate storefront spaces. One unit is leased to Rita’s Italian Ice & Frozen Custard, while the adjoining space is vacant and available for a new business or tenant. The building was constructed in 1975, providing a straightforward configuration for an owner-user arrangement with an existing commercial occupant.
Located at 1881 Commerce St in Yorktown Heights, the property has access to the Taconic State Parkway. The site is rated Bikeable with a bikeScore of 51 and Somewhat Walkable with a walkScore of 58. A use restriction applies: any new storefront business may not compete with or duplicate a shopfront already operating within Commerce Street Properties.
Located at 1881 Commerce St in Yorktown Heights, the property has access to the Taconic State Parkway. The site is rated Bikeable with a bikeScore of 51 and Somewhat Walkable with a walkScore of 58. A use restriction applies: any new storefront business may not compete with or duplicate a shopfront already operating within Commerce Street Properties.
Key Highlights
- Two separate storefront spaces within one retail building
- One unit leased to Rita’s Italian Ice & Frozen Custard
- Adjoining storefront is currently vacant
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
$31,717
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
9.09%
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%
$634,340
$634.3K
Cap Rate 7%
$453,100
$453.1K
Cap Rate 9%
$352,411
$352.4K
Market Conditions
NOI Build-Up for 1,500 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
$52.2K $34.80/SF
− Vacancy
−$6.9K −$4.59/SF
EGI
$45.3K $30.21/SF
− OpEx
−$13.6K −$9.06/SF
NOI
$31.7K $21.14/SF
Area
Westchester County, NY
Vacancy
13.20%
Lease Rate
$34.80 /SF/Yr
Expense Ratio
30.00%
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%
$634,340
Cap Rate 7%
$453,100
Cap Rate 9%
$352,411
Alternative Uses
Best Use
Retail
$453.1K
$396.5K – $528.6K
NOI $31,717 @ 7.0% cap · market cap 9.09%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,285
Businesses Nearby
223k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 36%
Dining 22%
Shops & Services 21%
Apparel 20%
Uncle Giuseppe's
Groceries
51,967 visits/mo
0.1 miles
T.J. Maxx
Apparel
43,487 visits/mo
0.1 miles
ACME Markets
Groceries
28,984 visits/mo
0.3 miles
Starbucks
Dining
15,563 visits/mo
0.1 miles
Dunkin' Donuts
Dining
12,476 visits/mo
0.1 miles
Demographics for 10598, NY
29,040
Population
10,994
Households
2.6
Avg Household Size
45
Median Age
58%
College-Educated
94%
High-School Grad
25.3 sq mi
ZIP Area
1,148
Density / Sq Mi
$163,040
Median Household Income
$75,367
Median Earnings
$2,286
Median Rent
$591,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Divided retail building with one leased unit and a separate vacant storefront for owner occupancy or leasing.
Where is this storefront property located?
The property is located at 1881 Commerce St Yorktown Heights, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two separate storefront spaces within one retail building; One unit leased to Rita’s Italian Ice & Frozen Custard; Adjoining storefront is currently vacant
