Office Building Multifamily Development
For Sale
$3,499,999
Pending
295 W Route 59, Spring Valley, NY 10977
Office building with multifamily development potential in Spring Valley.
Property Size10,292 SF
Lot Size0.73 Acres
Days on Market163
Property Features for 295 W Route 59
General Information
Standard status
Pending
Size
10,292 SF
Lot size
0.73 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$31,252
Building Details
Building Size
10,292 SF
Listing Agency:
(845) 274-3911
Listed By:
Shlome Knobloch
(845) 274-3911
Source:
Elliman
Added: Mar 11
Changed: Aug 19
Last Checked: Aug 20 at 10:07AM
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 Shlome Knobloch
Investment Insights
Based on property information with market context.
This property presents an opportunity for businesses seeking to expand their operations in an attractive location. The existing structure is an office building featuring multiple offices and conference rooms. The building is equipped with an elevator that is in good working order. The property is zoned and permitted for the construction of a residential multifamily development, allowing for 13 to 20 units. This opportunity is situated in a rapidly developing area of Spring Valley. The current office building can be leased to generate income while permits and plans for the new development are underway. The property is suitable for commercial real estate and residential income purposes.
Key Highlights
- Zoned and permitted by right for a residential multifamily development (13‑20 units).
- Located in a fast‑growing area of Spring Valley.
- Existing office building provides rental income during the development phase.
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
$293,515
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
8.39%
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%
$5,870,300
$5.9M
Cap Rate 7%
$4,193,071
$4.2M
Cap Rate 9%
$3,261,278
$3.3M
Market Conditions
NOI Build-Up for 10,292 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
$463.1K $45.00/SF
− Vacancy
−$71.8K −$6.98/SF
EGI
$391.4K $38.03/SF
− OpEx
−$97.8K −$9.51/SF
NOI
$293.5K $28.52/SF
Area
Rockland County, NY
Vacancy
15.50%
Lease Rate
$45.00 /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%
$5,870,300
Cap Rate 7%
$4,193,071
Cap Rate 9%
$3,261,278
Alternative Uses
Best Use
Office B
$4.19M
$3.67M – $4.89M
NOI $293,515 @ 7.0% cap · market cap 8.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.80M
$5.95M – $7.94M
NOI $476,339 @ 7.0% cap · market cap 13.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
784
Businesses Nearby
Explore this area
Business Placement
Demographics for 10977, NY
71,049
Population
17,339
Households
4.1
Avg Household Size
24
Median Age
23%
College-Educated
77%
High-School Grad
11.3 sq mi
ZIP Area
6,288
Density / Sq Mi
$77,724
Median Household Income
$33,129
Median Earnings
$1,711
Median Rent
$602,300
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?
Office building - Office building with multifamily development potential in Spring Valley.
Where is this office building located?
The property is located at 295 W Route 59 Spring Valley, NY.
What is the asking price?
The asking price for this property is $3,499,999.
What are key features of this property?
This property features: Zoned and permitted by right for a residential multifamily development (13‑20 units).; Located in a fast‑growing area of Spring Valley.; Existing office building provides rental income during the development phase.
