Port Chester Commercial Co-op
For Sale
$130,000
388 Westchester Avenue #1E, Portchester, NY 10573
Turnkey salon or adaptable commercial space in vibrant Port Chester.
Property Size550 SF
Price / SF$236.36
Days on Market146
Property Features for 388 Westchester Avenue #1E
General Information
Standard status
Active
Size
550 SF
Property subtype
Commercial
Amenities
Common
Hot Water Heating
Natural Gas Heating
Parking Lot
Building Details
Year Built
1966
Listing Agency:
COMPASS GREATER NY, LLC
(914) 341-1561
Listed By:
ANN MARIE DAMASHEK
Source:
Corcoran
Added: Apr 6
Changed: Aug 23
Last Checked: Aug 28 at 5:18PM
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 COMPASS GREATER NY, LLC
Investment Insights
Based on property information with market context.
This commercial space is located in a well-maintained co-op building in the heart of Port Chester. Currently operating as a turnkey hair salon, the approximately 550-square-foot space can be adapted for a variety of professional or business uses. Existing businesses in the building include a driving school, medical offices, dental practices, and tax preparation services. The current salon layout features four styling stations, two shampoo sinks, and a waiting area. The updated unit includes Brazilian oak flooring, a kitchenette with laundry, and a powder room. Buyers may explore the potential to convert the space to residential use, subject to board approval. The secure building offers a live-in superintendent, tenant and visitor parking, and a seasonal in-ground pool. The monthly maintenance fee is $994.59 and includes heat, hot water, and property taxes. The property is conveniently located near shops, dining, and transportation in downtown Port Chester.
Key Highlights
- Turnkey hair salon ready for immediate operation. Adaptable for other professional uses.
- Prime location in the heart of Port Chester, near shops, dining, and transportation.
- Low monthly maintenance of $994.59 includes heat, hot water, and property taxes.
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
$11,629
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
8.95%
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%
$232,580
$232.6K
Cap Rate 7%
$166,129
$166.1K
Cap Rate 9%
$129,211
$129.2K
Market Conditions
NOI Build-Up for 550 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
$19.1K $34.80/SF
− Vacancy
−$2.5K −$4.59/SF
EGI
$16.6K $30.21/SF
− OpEx
−$5.0K −$9.06/SF
NOI
$11.6K $21.14/SF
Area
Westchester County, NY
Vacancy
13.20%
Lease Rate
$34.80 /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%
$232,580
Cap Rate 7%
$166,129
Cap Rate 9%
$129,211
Alternative Uses
Best Use
Retail
$166.1K
$145.4K – $193.8K
NOI $11,629 @ 7.0% cap · market cap 8.95%
Second Best
—
—
no second resolved use
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
2,224
Businesses Nearby
110k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 48%
Shops & Services 28%
Dining 14%
Electronics 5%
ACME Markets
Groceries
30,407 visits/mo
0.5 miles
Restaurant Depot
Groceries
22,409 visits/mo
0.5 miles
AutoZone
Shops & Services
7,821 visits/mo
0.5 miles
Sinclair
Shops & Services
6,477 visits/mo
0.3 miles
Wingstop
Dining
6,293 visits/mo
0.5 miles
Demographics for 10573, NY
41,758
Population
14,592
Households
2.9
Avg Household Size
39
Median Age
44%
College-Educated
83%
High-School Grad
5.5 sq mi
ZIP Area
7,592
Density / Sq Mi
$110,612
Median Household Income
$48,263
Median Earnings
$1,940
Median Rent
$649,900
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?
Retail space - Turnkey salon or adaptable commercial space in vibrant Port Chester.
Where is this retail space located?
The property is located at 388 Westchester Avenue #1E Portchester, NY.
What is the asking price?
The asking price for this property is $130,000.
What are key features of this property?
This property features: Turnkey hair salon ready for immediate operation. Adaptable for other professional uses.; Prime location in the heart of Port Chester, near shops, dining, and transportation.; Low monthly maintenance of $994.59 includes heat, hot water, and property taxes.
