Mixed-Use Building with Retail
For Sale
$895,000
Pending
2435 S State Route 32, New Windsor, NY 12553
Two-story building with retail, office, warehouse, and manufacturing space.
Property Size9,552 SF
Lot Size0.55 Acres
Days on Market163
Property Features for 2435 S State Route 32
General Information
Standard status
Pending
Size
9,552 SF
Lot size
0.55 Acres
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$18,816
Building Details
Building Size
9,552 SF
Year Built
1960
Stories
2
Units
1
Listing Agency:
RAND COMMERCIAL
(914) 420-1974
Listed By:
William W Smith
(914) 420-1974
Source:
Elliman
Added: Mar 12
Changed: Aug 21
Last Checked: Aug 21 at 11:05AM
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.
This two-story block building features a combination of retail, office, warehouse, and manufacturing space. The first floor offers 3,960 square feet suitable for retail, office, or showroom purposes, and is equipped with an oil-fired HVAC system and municipal water and sewer connections. The lower floor provides 5,592 square feet of warehouse, storage, and light manufacturing space, with ceiling heights ranging from 8 to 15 feet. Access is facilitated by three overhead doors and one loading dock. The property is located in an area suitable for retail, storage, warehouse, and light manufacturing businesses, such as flooring, carpet, lighting, plumbing supply, or wholesale electric supply companies, and contractors. The building is located in New Windsor, NY.
Key Highlights
- Versatile space suitable for retail, office, showroom, warehouse, storage, and light manufacturing.
- Features 3,960 sq. ft. of retail/office space and 5,592 sq. ft. of warehouse/storage space.
- Includes three overhead doors and one loading dock for loading convenience.
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
$68,064
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
7.60%
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%
$1,361,280
$1.4M
Cap Rate 7%
$972,343
$972.3K
Cap Rate 9%
$756,267
$756.3K
Market Conditions
NOI Build-Up for 5,592 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
$100.7K $18.00/SF
− Vacancy
−$3.4K −$0.61/SF
EGI
$97.2K $17.39/SF
− OpEx
−$29.2K −$5.22/SF
NOI
$68.1K $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%
$1,361,280
Cap Rate 7%
$972,343
Cap Rate 9%
$756,267
Alternative Uses
Best Use
Retail
$972.3K
$850.8K – $1.13M
NOI $68,064 @ 7.0% cap · market cap 7.60%
Second Best
Mixed Use
$695.6K
$608.7K – $811.5K
NOI $48,692 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$1.89M
$1.66M – $2.21M
NOI $132,576 @ 7.0% cap · market cap 14.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
102k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 42%
Dining 32%
Groceries 23%
Electronics 3%
McDonald's
Dining
31,052 visits/mo
0.3 miles
Hannaford
Groceries
22,932 visits/mo
0.2 miles
Citgo
Shops & Services
15,726 visits/mo
0.4 miles
Mobil
Shops & Services
14,295 visits/mo
0.3 miles
Bank of America
Shops & Services
8,323 visits/mo
0.5 miles
Demographics for 12553, NY
26,728
Population
11,150
Households
2.4
Avg Household Size
41
Median Age
35%
College-Educated
90%
High-School Grad
24.2 sq mi
ZIP Area
1,104
Density / Sq Mi
$94,207
Median Household Income
$50,749
Median Earnings
$1,612
Median Rent
$351,200
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?
Mixed-use property - Two-story building with retail, office, warehouse, and manufacturing space.
Where is this mixed-use property located?
The property is located at 2435 S State Route 32 New Windsor, NY.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Versatile space suitable for retail, office, showroom, warehouse, storage, and light manufacturing.; Features **3,960 sq. ft. of retail/office space** and **5,592 sq. ft. of warehouse/storage space.**; Includes **three overhead doors and one loading dock** for loading convenience.
