Mixed-Use Property With
For Sale
$816,000
37 S Plank Road, Westtown, NY 10998
Three-bedroom residence, two-bedroom cottage, barn, garages, and workshop occupy a 3.3-acre mixed-use property.
Property Size3,588 SF
Lot Size3.30 Acres
Days on Market73
Property Features for 37 S Plank Road
General Information
Standard status
Active
Size
3,588 SF
Lot size
3.30 Acres
Property subtype
Commercial
Zoning
AR
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,920
Building Details
Building Size
3,588 SF
Year Built
1750
Units
3
Listing Agency:
KW Hudson Valley United
(845) 800-3032
Listed By:
Joseph A. LaBarbera
(845) 800-3032
Source:
Mahlerrealty
Added: Jun 18
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 mixed-use property at 37 S Plank Road includes a three-bedroom single-family residence, a separate two-bedroom cottage, and a barn with storage space. Two separate two-car garages add utility, with one connected to a workshop. The property was built in 1750 and encompasses 3.3 acres.
Zoned AR, the site combines residential improvements with space that may support certain business or workshop functions subject to municipal approvals. Owner-occupied commercial use in the attached workshop requires planning board approval. The property is positioned for a range of residential, storage, studio, office, or other approved uses, with the existing buildings providing multiple areas for occupancy, work, and storage.
Zoned AR, the site combines residential improvements with space that may support certain business or workshop functions subject to municipal approvals. Owner-occupied commercial use in the attached workshop requires planning board approval. The property is positioned for a range of residential, storage, studio, office, or other approved uses, with the existing buildings providing multiple areas for occupancy, work, and storage.
Key Highlights
- 3.3‑acre mixed‑use property at 37 S Plank Road, Westtown, NY 10998
- Three‑bedroom single‑family residence
- Separate two‑bedroom cottage
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
$67,115
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
8.22%
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%
$1,342,300
$1.3M
Cap Rate 7%
$958,786
$958.8K
Cap Rate 9%
$745,722
$745.7K
Market Conditions
NOI Build-Up for 3,588 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
$126.6K $35.28/SF
− Vacancy
−$4.6K −$1.27/SF
EGI
$122.0K $34.01/SF
− OpEx
−$54.9K −$15.30/SF
NOI
$67.1K $18.71/SF
Area
Orange County, NY
Vacancy
3.60%
Lease Rate
$35.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,342,300
Cap Rate 7%
$958,786
Cap Rate 9%
$745,722
Alternative Uses
Best Use
Apartment 5plus
$958.8K
$838.9K – $1.12M
NOI $67,115 @ 7.0% cap · market cap 8.22%
Second Best
Office B
$857.7K
$750.5K – $1.00M
NOI $60,037 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,065 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Explore this area
Business Placement
Demographics for 10998, NY
3,588
Population
1,273
Households
2.8
Avg Household Size
41
Median Age
41%
College-Educated
91%
High-School Grad
21.6 sq mi
ZIP Area
166
Density / Sq Mi
$117,212
Median Household Income
$53,125
Median Earnings
$1,824
Median Rent
$442,200
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?
Mixed-use property - Three-bedroom residence, two-bedroom cottage, barn, garages, and workshop occupy a 3.3-acre mixed-use property.
Where is this mixed-use property located?
The property is located at 37 S Plank Road Westtown, NY.
What is the asking price?
The asking price for this property is $816,000.
What are key features of this property?
This property features: 3.3‑acre mixed‑use property at 37 S Plank Road, Westtown, NY 10998; Three‑bedroom single‑family residence; Separate two‑bedroom cottage
