Refurbished Westchester Commercial Property For
For Sale
$2,500,000
3120 Lexington Ave, Mohegan Lake, NY 10547
Two buildings totaling over 15,000 SF on 2.75 acres.
Property Size15,000 SF
Lot Size2.75 Acres
Price / SF$166.67
Days on Market208
Property Features for 3120 Lexington Ave
General Information
Standard status
Active
Size
15,000 SF
Lot size
2.75 Acres
Taxes and HOA fees
Annual Taxes
$42,364
Listing Agency:
Coldwell Banker Realty
(917) 297-0914
Listed By:
Charles Whang · License #40WH1046960
(917) 297-0914
Source:
Exprealty
Added: Jan 26
Changed: Aug 21
Last Checked: Aug 22 at 11:47AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This property in Westchester features two commercial buildings totaling over 15,000 square feet on 2.75 acres. The entire property has been recently refurbished from top to bottom, including HVAC, a backup generator, bathrooms, flooring, overhead doors, and roofing, among other improvements. One building is a 7,500 square foot retail/showroom space with 12-foot ceilings, currently owner-occupied by an Ace Hardware. The other is a warehouse with ceiling heights ranging from 25 to 30 feet, a loading dock, and two grade-level doors. The existing parking lot can accommodate over 20 vehicles. The property is suitable for a contractor's office or a sports-related facility such as indoor pickleball, lacrosse, golf, or ice hockey. Also included in the sale is an adjacent 1.35-acre undeveloped parcel, bringing the total acreage to 2.75 acres. Existing businesses are also for sale.
Key Highlights
- 2.75 total acres including a 1.35 acre undeveloped parcel.
- Two commercial buildings totaling over 15,000 SF.
- Recently refurbished top‑to‑bottom including HVAC, backup generator, bathrooms, flooring, overhead doors, and roofing.**
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
$229,867
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
9.19%
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%
$4,597,340
$4.6M
Cap Rate 7%
$3,283,814
$3.3M
Cap Rate 9%
$2,554,078
$2.6M
Market Conditions
NOI Build-Up for 15,000 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
$288.0K $19.20/SF
− Vacancy
−$17.6K −$1.17/SF
EGI
$270.4K $18.03/SF
− OpEx
−$40.6K −$2.70/SF
NOI
$229.9K $15.32/SF
Area
Westchester County, NY
Vacancy
6.10%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
15.00%
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%
$4,597,340
Cap Rate 7%
$3,283,814
Cap Rate 9%
$2,554,078
Alternative Uses
Best Use
Retail
$4.53M
$3.96M – $5.29M
NOI $317,167 @ 7.0% cap · market cap 12.69%
Second Best
Warehouse
$3.28M
$2.87M – $3.83M
NOI $229,867 @ 7.0% cap · market cap 9.19%
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
139
Businesses Nearby
Explore this area
Business Placement
Demographics for 10547, NY
7,293
Population
2,956
Households
2.5
Avg Household Size
44
Median Age
52%
College-Educated
92%
High-School Grad
4.9 sq mi
ZIP Area
1,488
Density / Sq Mi
$155,295
Median Household Income
$69,058
Median Earnings
$2,363
Median Rent
$479,200
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two buildings totaling over 15,000 SF on 2.75 acres.
Where is this mixed-use property located?
The property is located at 3120 Lexington Ave Mohegan Lake, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 2.75 total acres including a 1.35 acre undeveloped parcel.; Two commercial buildings totaling over 15,000 SF.; Recently refurbished top‑to‑bottom including HVAC, backup generator, bathrooms, flooring, overhead doors, and roofing.**
