Listing Agency: g***@houlihanlawrence.com Show Phone

Listed By: Houlihan Lawrence Commercial Show Phone

Source: Xome

Added: May 23 Changed: Aug 14 Last Checked: Aug 20 at 4:14AM

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Investment Insights

Based on property information with market context.

This commercial building offers main-level retail/showroom space, with office space on the upper level. A lower level includes a private entrance and a storage suite, and it provides direct access to a parking spot.

The property is located on Main Street in Armonk. Public remarks indicate strong local demand and limited commercial inventory in the area.

Zoning information in the remarks notes that (cb) allows for retail, boutique office users, and service-oriented uses in downtown Armonk.

Key Highlights

• Main Street commercial space with main‑level retail/showroom and upstairs office area
• Lower level includes a private entrance, storage suite, and direct access to a parking spot
• Zoning (CB) allows for retail, boutique office, and service‑oriented uses in downtown Armonk

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

$54,066

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

4.51%

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%

$1,081,320 $1.1M

Cap Rate 7%

$772,371 $772.4K

Cap Rate 9%

$600,733 $600.7K

Market Conditions

NOI Build-Up for 2,557 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

$89.0K $34.80/SF

− Vacancy

−$11.7K −$4.59/SF

EGI

$77.2K $30.21/SF

− OpEx

−$23.2K −$9.06/SF

NOI

$54.1K $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%

$1,081,320

Cap Rate 7%

$772,371

Cap Rate 9%

$600,733

Alternative Uses

Best Use

Retail

$772.4K

$675.8K – $901.1K (±1% cap)

NOI $54,066 @ 7.0% cap · market cap 4.51%

Second Best

Office B

$559.4K

$489.5K – $652.6K (±1% cap)

NOI $39,156 @ 7.0% cap · market cap 3.26%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Gumdrop Lane (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Auto Repair Shop HVAC Service Storage Facility Furniture & Home Goods Garden Center Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

716

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 10504, NY

8,258

Population

2,665

Households

3.1

Avg Household Size

43

Median Age

81%

College-Educated

97%

High-School Grad

16.1 sq mi

ZIP Area

513

Density / Sq Mi

$247,433

Median Household Income

$105,654

Median Earnings

$1,910

Median Rent

$1,150,700

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Storefront property - Two-level retail and office space with a lower-level private entrance and direct access to a parking spot.

Where is this storefront property located?

The property is located at 470 Main Street North Castle, NY.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: Main Street commercial space with main‑level retail/showroom and upstairs office area; Lower level includes a private entrance, storage suite, and direct access to a parking spot; Zoning (CB) allows for retail, boutique office, and service‑oriented uses in downtown Armonk