Mixed-Use Property with Auto
New
For Sale
$2,695,000
56 Forester Ave, Warwick, NY 10990
A vacant two-level front building is paired with occupied automotive space and shared site amenities.
Property Size16,440 SF
Lot Size1.60 Acres
Price / SF$163.93
Days on Market5
Property Features for 56 Forester Ave
General Information
Standard status
Active
Size
16,440 SF
Lot size
1.60 Acres
Property subtype
Commercial
Zoning
Light Industrial
Site & Location
Traffic Count
4,446 vehicles/day
Road Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$49,277
Amenities
high ceilings
roll-up doors
drive-in doors
Building Details
Building Size
16,440 SF
Year Built
1951
Stories
2
Units
7
Tenancy
Multi
Abandoned
No
Listing Agency:
RAND COMMERCIAL
Listed By:
Charles Benjamin Emanuel
(201) 522-1912
Source:
Elliman
Added: Sep 28
Last Checked: Oct 1 at 12:45PM
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 RAND COMMERCIAL
Investment Insights
Based on property information with market context.
This mixed-use property contains approximately 16,440 square feet across multiple buildings on approximately 1.6 acres. The two-level front building measures approximately 7,600 square feet and is available for occupancy or redevelopment. It includes retail, office, work areas and an attached garage with two 14-foot drive-in doors and high ceilings. The rear building has 10 drive-in doors and is fully leased to two automotive tenants. The front space can be divided for multiple occupants.
Located at 56 Forester Ave in Warwick, the property has more than 60 parking spaces and a yard area. Municipal water and sewer, along with natural gas, serve the site. The property is zoned LI (Light Industrial); stated uses include retail, automotive, office, personal services and several other commercial categories. Residential apartments above commercial space were added as a conditional use in 2022.
Located at 56 Forester Ave in Warwick, the property has more than 60 parking spaces and a yard area. Municipal water and sewer, along with natural gas, serve the site. The property is zoned LI (Light Industrial); stated uses include retail, automotive, office, personal services and several other commercial categories. Residential apartments above commercial space were added as a conditional use in 2022.
Key Highlights
- Approximately 16,440 square feet of commercial space on approximately 1.6 acres
- Front building offers approximately 7,600 square feet over two levels and can be divided for multiple occupants
- Rear building has 10 drive‑in doors and is fully occupied by two automotive tenants
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
$200,101
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
7.42%
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%
$4,002,020
$4.0M
Cap Rate 7%
$2,858,586
$2.9M
Cap Rate 9%
$2,223,344
$2.2M
Market Conditions
NOI Build-Up for 16,440 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
$295.9K $18.00/SF
− Vacancy
−$10.1K −$0.61/SF
EGI
$285.9K $17.39/SF
− OpEx
−$85.8K −$5.22/SF
NOI
$200.1K $12.17/SF
Area
Orange County, NY
Vacancy
3.40%
Lease Rate
$18.00 /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%
$4,002,020
Cap Rate 7%
$2,858,586
Cap Rate 9%
$2,223,344
Alternative Uses
Best Use
Office B
$3.93M
$3.44M – $4.58M
NOI $275,087 @ 7.0% cap · market cap 10.21%
Second Best
Retail
$2.86M
$2.50M – $3.34M
NOI $200,101 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$5.57M
$4.87M – $6.50M
NOI $389,762 @ 7.0% cap · market cap 14.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4,446 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
926
Businesses Nearby
Explore this area
Business Placement
Demographics for 10990, NY
19,877
Population
8,394
Households
2.4
Avg Household Size
46
Median Age
50%
College-Educated
95%
High-School Grad
61.4 sq mi
ZIP Area
324
Density / Sq Mi
$123,199
Median Household Income
$64,723
Median Earnings
$1,387
Median Rent
$462,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A vacant two-level front building is paired with occupied automotive space and shared site amenities.
Where is this mixed-use property located?
The property is located at 56 Forester Ave Warwick, NY.
What is the asking price?
The asking price for this property is $2,695,000.
What are key features of this property?
This property features: Approximately 16,440 square feet of commercial space on approximately 1.6 acres; Front building offers approximately 7,600 square feet over two levels and can be divided for multiple occupants; Rear building has 10 drive‑in doors and is fully occupied by two automotive tenants
