Listing Agency: eXp Realty G***@gmail.com Show Phone

Listed By: Giancarlo Pecora Show Phone

Source: Xome

Added: Jun 26 Changed: Aug 29 Last Checked: Aug 29 at 4:31PM

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Investment Insights

Based on property information with market context.

This mixed-use commercial property combines eight office spaces with an oversized conference room, workshop areas, and additional commercial and industrial space. The interconnected improvements are supported by approximately 20 on-site parking spaces, while multiple tax parcels provide expanded land area.

The property is zoned GB and CB-B and supports commercial, contractor, office, retail, and light industrial uses, subject to municipal review and buyer due diligence. Preliminary plans also identify potential for additional development, including storage use, subject to approvals.

The site is located near Bedford Village, Armonk, Greenwich, I-684, and the Merritt Parkway. Additional plans, rent roll, and supporting due diligence materials are available upon request.

Key Highlights

• Eight total office spaces with an oversized conference room
• Workshop areas plus additional commercial and industrial space
• Approximately 20 on‑site parking spaces

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

$215,917

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

5.40%

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%

$4,318,340 $4.3M

Cap Rate 7%

$3,084,529 $3.1M

Cap Rate 9%

$2,399,078 $2.4M

Market Conditions

NOI Build-Up for 14,100 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

$387.5K $27.48/SF

− Vacancy

−$99.6K −$7.06/SF

EGI

$287.9K $20.42/SF

− OpEx

−$72.0K −$5.10/SF

NOI

$215.9K $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%

$4,318,340

Cap Rate 7%

$3,084,529

Cap Rate 9%

$2,399,078

Alternative Uses

Best Use

Office B

$3.08M

$2.70M – $3.60M (±1% cap)

NOI $215,917 @ 7.0% cap · market cap 5.40%

Second Best

Flex RnD

$3.04M

$2.66M – $3.55M (±1% cap)

NOI $212,921 @ 7.0% cap · market cap 5.33%

Theoretical Best

Retail

$4.26M

$3.73M – $4.97M (±1% cap)

NOI $298,137 @ 7.0% cap · market cap 7.46%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Office Units

Suggested Use

Top Pick Real Estate Agency Auto Repair Shop Restaurant Building Supply Law Firm HVAC Service

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

8

Office units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

18

Businesses Nearby

Explore this area Business Placement

Demographics for 10506, NY

5,762

Population

2,408

Households

2.4

Avg Household Size

46

Median Age

86%

College-Educated

99%

High-School Grad

16.6 sq mi

ZIP Area

347

Density / Sq Mi

$250,001

Median Household Income

$122,917

Median Earnings

$3,188

Median Rent

$1,097,800

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 - Interconnected improvements combine office suites, conference space, workshop areas, and additional commercial-industrial space.

Where is this mixed-use property located?

The property is located at 23 Bedford Banksville Road North Castle, NY.

What is the asking price?

The asking price for this property is $3,995,000.

What are key features of this property?

This property features: Eight total office spaces with an oversized conference room; Workshop areas plus additional commercial and industrial space; Approximately 20 on‑site parking spaces