Historic Mixed-Use
New
For Sale
$750,000
2 HARDSCRABBLE RD, North Salem, NY 10560
1860 property with flexible live-work potential, landscaped grounds, central air, and substantial parking.
Property Size2,789 SF
Price / SF$268.91
Days on Market5
Property Features for 2 HARDSCRABBLE RD
General Information
Standard status
Active
Size
2,789 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$15,948
Amenities
Central Air
3
Parking.
Lot.
Building Details
Year Built
1860
Listing Agency:
Houlihan Lawrence Inc.
(845) 279-6800
Listed By:
Nannette Fransen
(914) 406-9358
Source:
Xome
Added: Aug 29
Changed: Sep 1
Last Checked: Sep 1 at 8:59PM
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 Lawrence Inc.
Investment Insights
Based on property information with market context.
Built in 1860, this 2,789-square-foot mixed-use property combines historic architectural character with a flexible interior arrangement. The building includes central air, copper gutters, and an expansive parking area on more than half an acre of landscaped grounds. Its configuration supports residential occupancy, professional office use, or a live-work arrangement, subject to zoning and applicable regulations.
The property is located at 2 Hardscrabble Road in North Salem, less than 2 minutes from the Croton Falls train station and seconds from 684. The setting and parking accommodate office use, while the adaptable layout may also support leasing individual office spaces, subject to applicable requirements.
The property is located at 2 Hardscrabble Road in North Salem, less than 2 minutes from the Croton Falls train station and seconds from 684. The setting and parking accommodate office use, while the adaptable layout may also support leasing individual office spaces, subject to applicable requirements.
Key Highlights
- 2,789‑square‑foot mixed‑use property built in 1860
- More than half an acre of landscaped grounds
- Flexible layout for residential, office, or live‑work use, subject to zoning
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
$42,709
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
5.69%
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%
$854,180
$854.2K
Cap Rate 7%
$610,129
$610.1K
Cap Rate 9%
$474,544
$474.5K
Market Conditions
NOI Build-Up for 2,789 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
$76.6K $27.48/SF
− Vacancy
−$19.7K −$7.06/SF
EGI
$56.9K $20.42/SF
− OpEx
−$14.2K −$5.10/SF
NOI
$42.7K $15.31/SF
Area
Westchester County, NY
Vacancy
25.70%
Lease Rate
$27.48 /SF/Yr
Expense Ratio
25.00%
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%
$854,180
Cap Rate 7%
$610,129
Cap Rate 9%
$474,544
Alternative Uses
Best Use
Office B
$610.1K
$533.9K – $711.8K
NOI $42,709 @ 7.0% cap · market cap 5.69%
Second Best
Mixed Use
$577.5K
$505.3K – $673.7K
NOI $40,423 @ 7.0% cap · market cap 5.39%
Theoretical Best
Retail
$842.5K
$737.2K – $982.9K
NOI $58,972 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
102
Businesses Nearby
Explore this area
Business Placement
Demographics for 10560, NY
4,854
Population
1,851
Households
2.6
Avg Household Size
48
Median Age
65%
College-Educated
98%
High-School Grad
20.9 sq mi
ZIP Area
232
Density / Sq Mi
$180,455
Median Household Income
$81,117
Median Earnings
$2,240
Median Rent
$656,600
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?
Mixed-use property - 1860 property with flexible live-work potential, landscaped grounds, central air, and substantial parking.
Where is this mixed-use property located?
The property is located at 2 HARDSCRABBLE RD North Salem, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2,789‑square‑foot mixed‑use property built in 1860; More than half an acre of landscaped grounds; Flexible layout for residential, office, or live‑work use, subject to zoning
