Spa & Wellness Property with Drive-Up
For Sale
$547,000
2039 State Route 208, Montgomery, NY 12549
B-1 zoning, salon improvements, and food-service infrastructure support varied commercial configurations.
Property Size1,820 SF
Days on Market41
Property Features for 2039 State Route 208
General Information
Standard status
Active
Size
1,820 SF
Total Parking Spaces
19
Property subtype
Commercial
Zoning
B-1
Site & Location
Drive-Thru
Yes
Traffic Count
14,000 vehicles/day
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,465
Amenities
exhaust system
Building Details
Building Size
1,820 SF
Year Built
2001
Buildings
1
Stories
1
Units
1
Listing Agency:
Rand Commercial
(914) 443-2246
Listed By:
Laurel P Lustgarten · License #103120223
(914) 443-2246
Source:
Elliman
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 29 at 1:37PM
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 Rand Commercial
Investment Insights
Based on property information with market context.
Located at 2039 State Route 208 in Montgomery, this commercial property is currently operating as a salon and was built in 2001. The building includes an existing exhaust system and drive-up window from its prior deli use, adding flexibility for food service, retail, office, and service-oriented operations under B-1 zoning. The site provides 19 dedicated parking spaces.
The property is positioned near Exit 5 on Interstate 84, with exposure to over 14000 vehicles per day. Surrounding national retailers, fast-food establishments, and other established businesses contribute to an active commercial setting. The combination of an existing salon layout, food-service infrastructure, parking, and highway access creates a versatile setting for an owner-user or investor.
The property is positioned near Exit 5 on Interstate 84, with exposure to over 14000 vehicles per day. Surrounding national retailers, fast-food establishments, and other established businesses contribute to an active commercial setting. The combination of an existing salon layout, food-service infrastructure, parking, and highway access creates a versatile setting for an owner-user or investor.
Key Highlights
- B‑1 commercial zoning supports retail, office, and service‑oriented uses
- Current salon operation in a building constructed in 2001
- Existing exhaust system and drive‑up window from prior deli use
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
$22,152
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
4.05%
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%
$443,040
$443.0K
Cap Rate 7%
$316,457
$316.5K
Cap Rate 9%
$246,133
$246.1K
Market Conditions
NOI Build-Up for 1,820 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
$32.8K $18.00/SF
− Vacancy
−$1.1K −$0.61/SF
EGI
$31.6K $17.39/SF
− OpEx
−$9.5K −$5.22/SF
NOI
$22.2K $12.17/SF
Area
Orange County, NY
Vacancy
3.40%
Lease Rate
$18.00 /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%
$443,040
Cap Rate 7%
$316,457
Cap Rate 9%
$246,133
Alternative Uses
Best Use
Retail
$316.5K
$276.9K – $369.2K
NOI $22,152 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$616.4K
$539.4K – $719.2K
NOI $43,149 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
137k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 38%
Dining 34%
Groceries 25%
Electronics 1%
ShopRite
Groceries
34,730 visits/mo
0.3 miles
McDonald's
Dining
34,536 visits/mo
0.4 miles
Speedway
Shops & Services
16,816 visits/mo
0.1 miles
Mobil
Shops & Services
14,693 visits/mo
0.4 miles
Burger King
Dining
11,951 visits/mo
0.4 miles
Demographics for 12549, NY
10,349
Population
3,918
Households
2.6
Avg Household Size
42
Median Age
35%
College-Educated
93%
High-School Grad
38.7 sq mi
ZIP Area
267
Density / Sq Mi
$125,000
Median Household Income
$66,250
Median Earnings
$1,606
Median Rent
$377,300
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?
Spa & wellness property - B-1 zoning, salon improvements, and food-service infrastructure support varied commercial configurations.
Where is this spa & wellness property located?
The property is located at 2039 State Route 208 Montgomery, NY.
What is the asking price?
The asking price for this property is $547,000.
What are key features of this property?
This property features: B‑1 commercial zoning supports retail, office, and service‑oriented uses; Current salon operation in a building constructed in 2001; Existing exhaust system and drive‑up window from prior deli use
