Office Building with
For Sale
$450,000
47 WICKHAM AVE Unit 45, Goshen, NY 10940
Flexible office layout with private rooms, conference space, storage, parking, and central air conditioning.
Property Size1,478 SF
Price / SF$304.47
Days on Market369
Property Features for 47 WICKHAM AVE Unit 45
General Information
Standard status
Active
Size
1,478 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$6,484
Amenities
Central Air Conditioning
Wide Plank Floors
Full Basement
3 Attics
Oversized Garage
Conference Room
Central Air
3
Building Details
Year Built
1900
Listing Agency:
Howard Hanna Rand Realty
(914) 447-3308
Listed By:
John Biasi
(914) 447-3308
Source:
Xome
Added: Aug 27, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:07PM
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 Howard Hanna Rand Realty
Investment Insights
Based on property information with market context.
Built in 1900, this well-maintained office building offers a flexible interior with an open reception area, additional open workspace, a large conference room, three private offices, and a full bathroom. Wide-plank flooring, central air conditioning, and recent interior painting complement the functional layout.
The property also includes a full basement, three attics, and an oversized garage with storage. Parking is available on site, providing additional practical support for office operations.
The property also includes a full basement, three attics, and an oversized garage with storage. Parking is available on site, providing additional practical support for office operations.
Key Highlights
- Flexible layout with open reception area, open workspace, large conference room, 3 private offices, and a full bathroom
- Full basement, 3 attics, and oversized garage with storage
- Central air conditioning and wide‑plank flooring
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
$24,731
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
5.50%
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%
$494,620
$494.6K
Cap Rate 7%
$353,300
$353.3K
Cap Rate 9%
$274,789
$274.8K
Market Conditions
NOI Build-Up for 1,478 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
$39.7K $26.88/SF
− Vacancy
−$6.8K −$4.57/SF
EGI
$33.0K $22.31/SF
− OpEx
−$8.2K −$5.58/SF
NOI
$24.7K $16.73/SF
Area
Orange County, NY
Vacancy
17.00%
Lease Rate
$26.88 /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%
$494,620
Cap Rate 7%
$353,300
Cap Rate 9%
$274,789
Alternative Uses
Best Use
Office B
$353.3K
$309.1K – $412.2K
NOI $24,731 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$500.6K
$438.0K – $584.0K
NOI $35,041 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
Explore this area
Business Placement
Demographics for 10940, NY
52,803
Population
19,930
Households
2.6
Avg Household Size
39
Median Age
24%
College-Educated
86%
High-School Grad
63.1 sq mi
ZIP Area
837
Density / Sq Mi
$87,198
Median Household Income
$46,435
Median Earnings
$1,600
Median Rent
$301,400
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?
Office building - Flexible office layout with private rooms, conference space, storage, parking, and central air conditioning.
Where is this office building located?
The property is located at 47 WICKHAM AVE Unit 45 Goshen, NY.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Flexible layout with open reception area, open workspace, large conference room, 3 private offices, and a full bathroom; Full basement, 3 attics, and oversized garage with storage; Central air conditioning and wide‑plank flooring
