Industrial Flex Condo with Mezzanine
For Sale
$1,000,000
581 N State Rd 6, Briarcliff Manor, NY 10510
Standalone flex condo with two overhead doors, mezzanine office, workshop/storage, and onsite parking in a GB zone.
Property Size4,560 SF
Price / SF$219.30
Days on Market54
Property Features for 581 N State Rd 6
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Industrial
Zoning
GB
Additional Details
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$14,860
Building Details
Building Size
4,560 SF
Stories
2
Listing Agency:
Houlihan Lawrence Commercial
(914) 960-9148
Listed By:
Rich Aponte · License #10301200070
(914) 960-9148
Source:
Elliman
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 10 at 8:14AM
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 Commercial
Investment Insights
Based on property information with market context.
This standalone industrial flex condo offers a practical mix of warehouse and office space. The layout includes ground-floor space plus a 2nd-level mezzanine office, along with dedicated workshop and storage areas. Interior improvements include a conference room, men’s and women’s restrooms, and a mechanical room. Two overhead doors support loading and day-to-day operational access, while onsite parking is provided for occupants and visitors.
Located at 581 N State Rd 6 in Briarcliff Manor, the property is zoned GB. The GB zoning is described as accommodating retail stores and shops with a substantial retail component, fully enclosed storage, warehouse and assembly activities, and personal service establishments. The zoning also supports eating and drinking establishments excluding fast food, business/professional and governmental offices, and several community-oriented uses such as clubs and fraternal lodges, funeral homes, and child-care and elder-care facilities.
For tenants and owners seeking an industrial-flex arrangement, the combination of overhead-door access and built-in office space can support operations that need both work areas and customer-facing or administrative space. The conference room and restrooms provide straightforward functionality for in-house teams, while the enclosed storage and workshop areas align with a range of GB-permitted commercial uses.
Located at 581 N State Rd 6 in Briarcliff Manor, the property is zoned GB. The GB zoning is described as accommodating retail stores and shops with a substantial retail component, fully enclosed storage, warehouse and assembly activities, and personal service establishments. The zoning also supports eating and drinking establishments excluding fast food, business/professional and governmental offices, and several community-oriented uses such as clubs and fraternal lodges, funeral homes, and child-care and elder-care facilities.
For tenants and owners seeking an industrial-flex arrangement, the combination of overhead-door access and built-in office space can support operations that need both work areas and customer-facing or administrative space. The conference room and restrooms provide straightforward functionality for in-house teams, while the enclosed storage and workshop areas align with a range of GB-permitted commercial uses.
Key Highlights
- 4560 SF standalone industrial flex condo with ground floor and 2nd level mezzanine office space
- Includes two overhead doors for warehouse/flex access
- Features workshop and storage areas plus a conference room
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
$69,880
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
6.99%
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%
$1,397,600
$1.4M
Cap Rate 7%
$998,286
$998.3K
Cap Rate 9%
$776,444
$776.4K
Market Conditions
NOI Build-Up for 4,560 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
$87.6K $19.20/SF
− Vacancy
−$5.3K −$1.17/SF
EGI
$82.2K $18.03/SF
− OpEx
−$12.3K −$2.70/SF
NOI
$69.9K $15.32/SF
Area
Westchester County, NY
Vacancy
6.10%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
15.00%
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%
$1,397,600
Cap Rate 7%
$998,286
Cap Rate 9%
$776,444
Alternative Uses
Best Use
Warehouse
$998.3K
$873.5K – $1.16M
NOI $69,880 @ 7.0% cap · market cap 6.99%
Second Best
Office B
$997.5K
$872.9K – $1.16M
NOI $69,828 @ 7.0% cap · market cap 6.98%
Theoretical Best
Retail
$1.38M
$1.21M – $1.61M
NOI $96,419 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 10510, NY
10,010
Population
3,942
Households
2.5
Avg Household Size
48
Median Age
74%
College-Educated
96%
High-School Grad
10.1 sq mi
ZIP Area
991
Density / Sq Mi
$215,568
Median Household Income
$100,517
Median Earnings
$2,438
Median Rent
$842,900
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?
Flex space - Standalone flex condo with two overhead doors, mezzanine office, workshop/storage, and onsite parking in a GB zone.
Where is this flex space located?
The property is located at 581 N State Rd 6 Briarcliff Manor, NY.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 4560 SF standalone industrial flex condo with ground floor and 2nd level mezzanine office space; Includes two overhead doors for warehouse/flex access; Features workshop and storage areas plus a conference room
