Turn-Key Retail/Office Space
For Sale
$1,600,000
230 N Middletown Rd, Pearl River, NY 10965
Free-standing retail or office space with drive-thru and parking.
Property Size2,160 SF
Lot Size1.50 Acres
Days on Market164
Property Features for 230 N Middletown Rd
General Information
Standard status
Active
Size
2,160 SF
Lot size
1.50 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$40,267
Building Details
Building Size
2,160 SF
Listing Agency:
NOVA NORTH COMMERCIAL
(845) 535-9961
Listed By:
Chaim Volvovitz · License #10401318661
(845) 535-9961
Source:
Elliman
Added: Mar 10
Changed: Aug 15
Last Checked: Aug 20 at 7:59AM
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 NOVA NORTH COMMERCIAL
Investment Insights
Based on property information with market context.
This turn-key, free-standing retail or office space is situated on a prominent corner in Pearl River. Previously a bank, the property includes a drive-thru, a secure vault and safe, private offices, and a spacious open customer area. On-site parking is available for 30 vehicles. The location is suitable for a bank or credit union, as well as professional offices. The area benefits from a strong daytime population and an affluent residential neighborhood. The property, delivered vacant, offers immediate occupancy or development potential. Spanning 1.5 acres, it presents an opportunity for developers. It provides easy access to Route 304 and the New Jersey border.
Key Highlights
- Turn‑key retail/office space on a prominent corner in Pearl River.
- Existing drive‑thru, vault, and safe are in place.
- Ample on‑site parking for 30 vehicles.
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
$99,970
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
6.25%
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%
$1,999,400
$2.0M
Cap Rate 7%
$1,428,143
$1.4M
Cap Rate 9%
$1,110,778
$1.1M
Market Conditions
NOI Build-Up for 2,160 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
$142.6K $66.00/SF
− Vacancy
−$9.3K −$4.29/SF
EGI
$133.3K $61.71/SF
− OpEx
−$33.3K −$15.43/SF
NOI
$100.0K $46.28/SF
Area
Rockland County, NY
Vacancy
6.50%
Lease Rate
$66.00 /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%
$1,999,400
Cap Rate 7%
$1,428,143
Cap Rate 9%
$1,110,778
Alternative Uses
Best Use
Specialty Retail
$1.43M
$1.25M – $1.67M
NOI $99,970 @ 7.0% cap · market cap 6.25%
Second Best
Office B
$880.0K
$770.0K – $1.03M
NOI $61,601 @ 7.0% cap · market cap 3.85%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
841
Businesses Nearby
Explore this area
Business Placement
Demographics for 10965, NY
15,342
Population
5,937
Households
2.6
Avg Household Size
44
Median Age
47%
College-Educated
88%
High-School Grad
5.2 sq mi
ZIP Area
2,950
Density / Sq Mi
$136,970
Median Household Income
$67,163
Median Earnings
$2,036
Median Rent
$560,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Free-standing retail or office space with drive-thru and parking.
Where is this bank located?
The property is located at 230 N Middletown Rd Pearl River, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Turn‑key retail/office space on a prominent corner in Pearl River.; Existing drive‑thru, vault, and safe are in place.; Ample on‑site parking for 30 vehicles.
