Historic Mixed-Use Retail & Restaurant
For Sale
$2,900,000
215 Route 17, Tuxedo Park, NY 10987
Built circa 1900 with multiple retail spaces, apartments, and a rear terrace, offering flexible hospitality and mixed-use options.
Property Size20,000 SF
Price / SF$145
Days on Market63
Property Features for 215 Route 17
General Information
Standard status
Active
Size
20,000 SF
Total Parking Spaces
28
Taxes and HOA fees
Annual Taxes
$26,000
Building Details
Year Built
1900
Listing Agency:
Tuxedo Hudson Realty Corp
(646) 257-0099
Listed By:
Sally Bruno
(646) 257-0099
Source:
Exprealty
Added: Jun 19
Changed: Aug 20
Last Checked: Aug 20 at 12:42PM
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 Tuxedo Hudson Realty Corp
Investment Insights
Based on property information with market context.
The Historic Tuxedo Stores Co. Building, constructed circa 1900, is a substantial mixed-use property designed as the commercial core of the historic Tuxedo Park community. The main level originally features four storefronts, with apartments above, and a full lower level that is described as bright, with natural light and generous open space. For its next chapter, the building has been opened up into several vast spaces, while retaining grand interior character including high ceilings and expansive open areas. A sunny terrace runs the full length of the rear facade, adding an outdoor extension that can support dining or gathering uses.
The building is positioned across the street from a historic footbridge that crosses the river and connects to the trail network of Harriman State Park. The offering includes 28 dedicated parking spaces, along with convenient access to municipal and street parking. The public remarks also note the potential for valet parking during evenings and weekends using the nearby Town Hall lot.
For buyers, this layout supports a range of practical concepts, from an owner-user hospitality direction to a mixed-use development plan that combines street-level activity with upper-level residential uses. The interior volume and flexible configuration also lend themselves to an adaptive approach for dining, shopping, and community-oriented uses within a landmark-style shell.
The building is positioned across the street from a historic footbridge that crosses the river and connects to the trail network of Harriman State Park. The offering includes 28 dedicated parking spaces, along with convenient access to municipal and street parking. The public remarks also note the potential for valet parking during evenings and weekends using the nearby Town Hall lot.
For buyers, this layout supports a range of practical concepts, from an owner-user hospitality direction to a mixed-use development plan that combines street-level activity with upper-level residential uses. The interior volume and flexible configuration also lend themselves to an adaptive approach for dining, shopping, and community-oriented uses within a landmark-style shell.
Key Highlights
- Historic Tuxedo Stores Co. building built circa 1900 with 20,000 SF across main level, apartments, and a full lower level
- Main level originally designed with four storefronts; apartments above, plus a naturally lit lower level with generous open space
- Opened up into multiple vast interior spaces with a sunny rear terrace spanning the full length of the rear facade
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
$243,432
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
8.39%
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%
$4,868,640
$4.9M
Cap Rate 7%
$3,477,600
$3.5M
Cap Rate 9%
$2,704,800
$2.7M
Market Conditions
NOI Build-Up for 20,000 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
$360.0K $18.00/SF
− Vacancy
−$12.2K −$0.61/SF
EGI
$347.8K $17.39/SF
− OpEx
−$104.3K −$5.22/SF
NOI
$243.4K $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%
$4,868,640
Cap Rate 7%
$3,477,600
Cap Rate 9%
$2,704,800
Alternative Uses
Best Use
Retail
$3.48M
$3.04M – $4.06M
NOI $243,432 @ 7.0% cap · market cap 8.39%
Second Best
Mixed Use
$2.49M
$2.18M – $2.90M
NOI $174,150 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$6.77M
$5.93M – $7.90M
NOI $474,163 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10987, NY
4,454
Population
1,646
Households
2.7
Avg Household Size
47
Median Age
49%
College-Educated
96%
High-School Grad
33.4 sq mi
ZIP Area
133
Density / Sq Mi
$164,063
Median Household Income
$88,536
Median Earnings
$1,486
Median Rent
$682,800
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 - Built circa 1900 with multiple retail spaces, apartments, and a rear terrace, offering flexible hospitality and mixed-use options.
Where is this storefront property located?
The property is located at 215 Route 17 Tuxedo Park, NY.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Historic Tuxedo Stores Co. building built circa 1900 with 20,000 SF across main level, apartments, and a full lower level; Main level originally designed with four storefronts; apartments above, plus a naturally lit lower level with generous open space; Opened up into multiple vast interior spaces with a sunny rear terrace spanning the full length of the rear facade
