Fully Leased NNN Office
For Sale
$6,500,000
29 PLEASANT HILL RD, New Windsor, NY 12553
Three-story office headquarters with full-building tenancy, rooftop telecom leases, and a long-term net lease structure.
Property Size19,668 SF
Price / SF$330.49
Days on Market116
Property Features for 29 PLEASANT HILL RD
General Information
Standard status
Active
Size
19,668 SF
Class
Class A
Property subtype
Office
Occupancy
100%
Net Operating Income
$478,752
Additional Details
Cap Rate
7.37%
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$46,576
Amenities
Central Air
3
Parking.
95 Parking Spaces. Lot.
Level
Clear lot, Level.
Building Details
Year Built
1985
Buildings
1
Stories
3
Tenancy
Single
Listing Agency:
KW Hudson Valley United
(914) 760-7331
Listed By:
Jason McGovern · License #10301205773
(914) 760-7331
Source:
Xome
Added: May 5
Changed: Aug 28
Last Checked: Aug 28 at 6:02AM
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 KW Hudson Valley United
Investment Insights
Based on property information with market context.
This 19,668-square-foot office property was built in 1985 and is configured as a three-story headquarters facility. The building is fully occupied by Tectonic Engineering Headquarters under a NNN lease extending through October 31, 2029, with built-in increases and a five-year extension option. The tenant handles real estate taxes, insurance, maintenance, garbage, septic service, landscaping, and snow removal, while landlord responsibilities include the roof, structure, parking lot, and HVAC replacement.
The property is adjacent to and visible from I87/NYS Thruway and includes 95 parking spaces on a level lot. Two rooftop cell tower leases with Verizon and T-Mobile provide additional revenue streams. A roof replacement was completed two years ago, and a new HVAC system is currently being installed. The parcel may accommodate a 10,000-square-foot building expansion, subject to zoning approvals. Reported 2025 NOI reflects a 7.37% cap rate, while 2026 pro forma NOI reflects a 7.55% cap rate.
The property is adjacent to and visible from I87/NYS Thruway and includes 95 parking spaces on a level lot. Two rooftop cell tower leases with Verizon and T-Mobile provide additional revenue streams. A roof replacement was completed two years ago, and a new HVAC system is currently being installed. The parcel may accommodate a 10,000-square-foot building expansion, subject to zoning approvals. Reported 2025 NOI reflects a 7.37% cap rate, while 2026 pro forma NOI reflects a 7.55% cap rate.
Key Highlights
- 100% occupied by Tectonic Engineering Headquarters under a NNN lease through October 31, 2029
- 19,668‑square‑foot, three‑story office building built in 1985
- 7.37% cap rate based on reported 2025 NOI; 7.55% based on 2026 pro forma NOI
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
$329,101
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
5.06%
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%
$6,582,020
$6.6M
Cap Rate 7%
$4,701,443
$4.7M
Cap Rate 9%
$3,656,678
$3.7M
Market Conditions
NOI Build-Up for 19,668 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
$528.7K $26.88/SF
− Vacancy
−$89.9K −$4.57/SF
EGI
$438.8K $22.31/SF
− OpEx
−$109.7K −$5.58/SF
NOI
$329.1K $16.73/SF
Area
Orange County, NY
Vacancy
17.00%
Lease Rate
$26.88 /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%
$6,582,020
Cap Rate 7%
$4,701,443
Cap Rate 9%
$3,656,678
Alternative Uses
Best Use
Office B
$4.70M
$4.11M – $5.49M
NOI $329,101 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.66M
$5.83M – $7.77M
NOI $466,292 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Three-story office headquarters with full-building tenancy, rooftop telecom leases, and a long-term net lease structure.
Where is this nnn property located?
The property is located at 29 PLEASANT HILL RD New Windsor, NY.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 100% occupied by Tectonic Engineering Headquarters under a NNN lease through October 31, 2029; 19,668‑square‑foot, three‑story office building built in 1985; 7.37% cap rate based on reported 2025 NOI; 7.55% based on 2026 pro forma NOI
