Professional Office Building with
For Sale
Contact for pricing
500 Main St, Armonk, NY 10504
CB-zoned property offers an upper-floor residential component and walkable access to shopping and amenities.
Property Size5,000 SF
Lot Size0.50 Acres
Price / SF$300
Days on Market207
Property Features for 500 Main St
General Information
Standard status
Active
Size
5,000 SF
Class
B
Total Parking Spaces
25
Lot size
0.50 Acres
Property subtype
Office
Zoning
CB
Occupancy
100%
Lease Type
NNN
Additional Details
Road Access
Yes
Building Details
Buildings
1
Stories
2
Units
1
Tenancy
Single
Building Size
5,000 SF
Listing Agency:
Houlihan Lawrence
Listed By:
Thomas LaPerch · License #NY 30la0516512
Source:
Crexi
Added: Feb 3
Changed: Aug 29
Last Checked: Aug 29 at 7:26PM
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 Houlihan Lawrence
Investment Insights
Based on property information with market context.
This 5,000-square-foot professional office building occupies a half-acre site and features high-end interior finishes. A residential apartment on the third floor adds a distinct live/work component and may provide additional income. The building is described as being in excellent condition with no deferred maintenance reported.
The property is located at 500 Main St in Armonk, with frontage along Route 22 and access to nearby shopping and amenities. Twenty on-site parking spaces serve the building, while current CB zoning in the Town of North Castle supports consideration of additional parking capacity. The combination of office space, an upper-floor apartment, parking, and commercial zoning creates a flexible property configuration.
The property is located at 500 Main St in Armonk, with frontage along Route 22 and access to nearby shopping and amenities. Twenty on-site parking spaces serve the building, while current CB zoning in the Town of North Castle supports consideration of additional parking capacity. The combination of office space, an upper-floor apartment, parking, and commercial zoning creates a flexible property configuration.
Key Highlights
- 5,000 SF professional office building on a half‑acre lot
- Third‑floor residential apartment supports live/work use
- 20 on‑site parking spaces
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
$76,566
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
5.10%
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%
$1,531,320
$1.5M
Cap Rate 7%
$1,093,800
$1.1M
Cap Rate 9%
$850,733
$850.7K
Market Conditions
NOI Build-Up for 5,000 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
$137.4K $27.48/SF
− Vacancy
−$35.3K −$7.06/SF
EGI
$102.1K $20.42/SF
− OpEx
−$25.5K −$5.10/SF
NOI
$76.6K $15.31/SF
Area
Westchester County, NY
Vacancy
25.70%
Lease Rate
$27.48 /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%
$1,531,320
Cap Rate 7%
$1,093,800
Cap Rate 9%
$850,733
Alternative Uses
Best Use
Office B
$1.09M
$957.1K – $1.28M
NOI $76,566 @ 7.0% cap · market cap 5.10%
Second Best
Mixed Use
$1.04M
$905.9K – $1.21M
NOI $72,469 @ 7.0% cap · market cap 4.83%
Theoretical Best
Retail
$1.51M
$1.32M – $1.76M
NOI $105,722 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - CB-zoned property offers an upper-floor residential component and walkable access to shopping and amenities.
Where is this office building located?
The property is located at 500 Main St Armonk, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 5,000 SF professional office building on a half‑acre lot; Third‑floor residential apartment supports live/work use; 20 on‑site parking spaces
