Building Details

Year Built 1970

Buildings 1

Stories 2

Units 8

Building Size 10,917 SF

Tenancy Multi

Listing Agency: Houlihan-Parnes Properties b***@hprealestate.com Show Phone

Listed By: brian sullivan · License #NY

Source: Crexi

Added: Sep 10, 2025 Changed: Aug 30 Last Checked: Aug 30 at 3:16PM

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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-Parnes Properties

Investment Insights

Based on property information with market context.

This two-story mixed-use property includes an elevator, basement, street-level retail space, and second-floor offices. The building is occupied by 4 retail tenants on the first floor and 4 office tenants above, providing a combination of commercial uses within one property. On-site and adjacent parking includes 38 spaces, with 20 designated for tenant and customer use and 18 rented to commuters.

The property is adjacent to the Metro North Hartsdale train station in the downtown business area of Hartsdale, NY. Grand Central Station is approximately 40 minutes away by train. The building also offers access to the Bronx River Parkway, North Central Avenue, and downtown White Plains. Constructed in 1970, it sits within a mixed retail district in Westchester County.

Key Highlights

• Mixed‑use building with 4 street‑level retail tenants and 4 second‑floor office tenants
• Two‑story elevator building with basement, constructed in 1970
• 38 outside parking spaces adjacent to the building and train station

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

$274,878

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

6.87%

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%

$5,497,560 $5.5M

Cap Rate 7%

$3,926,829 $3.9M

Cap Rate 9%

$3,054,200 $3.1M

Market Conditions

NOI Build-Up for 13,000 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

$452.4K $34.80/SF

− Vacancy

−$59.7K −$4.59/SF

EGI

$392.7K $30.21/SF

− OpEx

−$117.8K −$9.06/SF

NOI

$274.9K $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%

$5,497,560

Cap Rate 7%

$3,926,829

Cap Rate 9%

$3,054,200

Alternative Uses

Best Use

Retail

$3.93M

$3.44M – $4.58M (±1% cap)

NOI $274,878 @ 7.0% cap · market cap 6.87%

Second Best

Office B

$2.84M

$2.49M – $3.32M (±1% cap)

NOI $199,072 @ 7.0% cap · market cap 4.98%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Dental Office Spa & Massage Center Restaurant Law Firm Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Office units

Multi-tenant

Tenancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

178

Businesses Nearby

Explore this area Business Placement

Demographics for 10530, NY

13,037

Population

6,795

Households

1.9

Avg Household Size

50

Median Age

65%

College-Educated

94%

High-School Grad

3.9 sq mi

ZIP Area

3,343

Density / Sq Mi

$118,114

Median Household Income

$75,575

Median Earnings

$2,334

Median Rent

$445,600

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Elevator-served building combines street-level retail with second-floor office occupancy and a basement.

Where is this mixed-use property located?

The property is located at 221 E Hartsdale Avenue Greenburgh, NY.

What is the asking price?

The asking price for this property is $4,000,000.

What are key features of this property?

This property features: Mixed‑use building with 4 street‑level retail tenants and 4 second‑floor office tenants; Two‑story elevator building with basement, constructed in 1970; 38 outside parking spaces adjacent to the building and train station