Neighborhood Shopping Center with Leased
For Sale
$1,600,000
32 MAIN ST, Warwick, NY 10992
Modern multi-tenant center with four occupied commercial spaces, on-site parking, and central air.
Property Size6,000 SF
Price / SF$266.67
Days on Market282
Property Features for 32 MAIN ST
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Retail
Zoning
Neighborhood Shopping Center
Occupancy
100%
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$28,370
Amenities
Central Air
3
Parking.
37 Parking Spaces. Lot.
Building Details
Year Built
2022
Buildings
2
Tenancy
Multi
Listing Agency:
(518) 379-7831
Listed By:
Coldwell Banker Prime Properties
(518) 379-7831
Source:
Xome
Added: Nov 22, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:29PM
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 Prime Properties
Investment Insights
Based on property information with market context.
Built in 2022, this neighborhood shopping center contains a 6,000-square-foot main building with three 1,800-square-foot units, plus a separate 600-square-foot building. The occupied spaces are leased to a bagel shop, pharmacy, micro-event venue, and bakery. Central air is included, and the property is served by commercial water and commercial sewer.
The center is located at 32 Main St in Warwick, New York, along a main road with steady daytime traffic. On-site parking is available, with additional parking in the municipal lot directly across the street. Zoned Neighborhood Shopping Center, the property combines multiple leased commercial spaces with a 2022 construction date and an existing end-user connection through the pharmacy operation.
The center is located at 32 Main St in Warwick, New York, along a main road with steady daytime traffic. On-site parking is available, with additional parking in the municipal lot directly across the street. Zoned Neighborhood Shopping Center, the property combines multiple leased commercial spaces with a 2022 construction date and an existing end-user connection through the pharmacy operation.
Key Highlights
- 6,000‑square‑foot shopping center built in 2022
- Main building includes three 1,800‑square‑foot units
- Separate 600‑square‑foot building occupied by a bakery
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
$73,030
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
4.56%
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%
$1,460,600
$1.5M
Cap Rate 7%
$1,043,286
$1.0M
Cap Rate 9%
$811,444
$811.4K
Market Conditions
NOI Build-Up for 6,000 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
$108.0K $18.00/SF
− Vacancy
−$3.7K −$0.61/SF
EGI
$104.3K $17.39/SF
− OpEx
−$31.3K −$5.22/SF
NOI
$73.0K $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%
$1,460,600
Cap Rate 7%
$1,043,286
Cap Rate 9%
$811,444
Alternative Uses
Best Use
Retail
$1.04M
$912.9K – $1.22M
NOI $73,030 @ 7.0% cap · market cap 4.56%
Second Best
Specialty Retail
$745.2K
$652.1K – $869.4K
NOI $52,164 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$2.03M
$1.78M – $2.37M
NOI $142,249 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
954
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10992, NY
9,301
Population
3,559
Households
2.6
Avg Household Size
44
Median Age
30%
College-Educated
91%
High-School Grad
11.3 sq mi
ZIP Area
823
Density / Sq Mi
$113,450
Median Household Income
$51,769
Median Earnings
$1,438
Median Rent
$389,300
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?
Shopping center - Modern multi-tenant center with four occupied commercial spaces, on-site parking, and central air.
Where is this shopping center located?
The property is located at 32 MAIN ST Warwick, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 6,000‑square‑foot shopping center built in 2022; Main building includes three 1,800‑square‑foot units; Separate 600‑square‑foot building occupied by a bakery
