Building Details

Building Size 13,541 SF

Listing Agency: HOWARD HANNA RAND REALTY

Listed By: Mark J Tierney Show Phone

Source: Elliman

Added: Sep 12 Last Checked: Sep 14 at 9:25AM

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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 HOWARD HANNA RAND REALTY

Investment Insights

Based on property information with market context.

This mixed-use property at 265 Main St combines vacant, furnished institutional space with occupied residential units. The primary front area was used recently as a Montessori school and is licensed and approved for that purpose. A separate detached building contains a furnished day care area, while another detached structure provides storage garage space.

The compound encompasses over 13,000 square feet and includes three fully occupied apartments. Each apartment pays its own utilities. A substantial private parking area serves the property, which is located in Cornwall, New York.

The combination of school, day care, storage, residential, and parking improvements creates a varied property configuration within one compound.

Key Highlights

• Over 13,000 square feet across a mixed‑use compound
• Three fully occupied residential apartments with separate utilities
• Licensed and approved Montessori school space, furnished and vacant

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

$117,908

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

8.13%

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%

$2,358,160 $2.4M

Cap Rate 7%

$1,684,400 $1.7M

Cap Rate 9%

$1,310,089 $1.3M

Market Conditions

NOI Build-Up for 13,541 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

$219.4K $16.20/SF

− Vacancy

−$30.7K −$2.27/SF

EGI

$188.7K $13.93/SF

− OpEx

−$70.7K −$5.22/SF

NOI

$117.9K $8.71/SF

Area

Orange County, NY

Vacancy

14.00%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

37.50%

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%

$2,358,160

Cap Rate 7%

$1,684,400

Cap Rate 9%

$1,310,089

Alternative Uses

Best Use

Apartment 5plus

$3.62M

$3.17M – $4.22M (±1% cap)

NOI $253,291 @ 7.0% cap · market cap 17.47%

Second Best

Mixed Use

$1.68M

$1.47M – $1.97M (±1% cap)

NOI $117,908 @ 7.0% cap · market cap 8.13%

Theoretical Best

Office A

$4.59M

$4.01M – $5.35M (±1% cap)

NOI $321,032 @ 7.0% cap · market cap 22.14%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Children's House Montessori High School

Suggested Use

Top Pick Dental Office Big Box & Wholesale Store Auto Parts Store HVAC Service Bakery Barber Shop

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

Location Intelligence

Trade Area within ½ mile

434

Businesses Nearby

Explore this area Business Placement

Demographics for 12518, NY

5,622

Population

2,474

Households

2.3

Avg Household Size

43

Median Age

54%

College-Educated

96%

High-School Grad

8.0 sq mi

ZIP Area

703

Density / Sq Mi

$99,833

Median Household Income

$60,096

Median Earnings

$1,720

Median Rent

$358,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 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?

Frequently Asked Questions

What type of property is this?

Mixed-use property - Furnished school and day care areas accompany three occupied apartments and a detached storage garage.

Where is this mixed-use property located?

The property is located at 265 Main St Cornwall, NY.

What is the asking price?

The asking price for this property is $1,450,000.

What are key features of this property?

This property features: Over 13,000 square feet across a mixed‑use compound; Three fully occupied residential apartments with separate utilities; Licensed and approved Montessori school space, furnished and vacant