Industrial Flex Condo with Mezzanine
For Sale
$1,000,000
581 N State Road #6, Briarcliff Manor, NY 10510
Standalone industrial flex condo with two overhead doors, mezzanine office space, workshop/storage areas, and onsite parking.
Property Size4,560 SF
Price / SF$219.30
Days on Market62
Property Features for 581 N State Road #6
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Commercial
Zoning
GB
Additional Details
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$14,861
Amenities
Central air
Central Air Cooling
Hot Water Heating
Oil Heating
Listing Agency:
HOULIHAN LAWRENCE COMMERCIAL
(914) 798-4900
Listed By:
RICH APONTE · License #10301200070
Source:
Corcoran
Added: Jun 9
Changed: Aug 8
Last Checked: Jul 21 at 1:12AM
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.
Standalone industrial flex condo totaling 4,560 SF, configured with ground-floor and 2nd-level mezzanine office space. The unit includes two overhead doors, workshop and storage areas, a conference room, MW restrooms, and a mechanical room.
The property is zoned GB, supporting a broad mix of uses that can include retail stores and shops, personal and professional services, eating and drinking establishments excluding fast food, fully enclosed storage, warehouse and assembly activities with a substantial retail component, as well as certain office, cultural, and service-oriented uses listed under the GB district.
For tenants and owners seeking an in-and-out layout, this space combines loading access via the overhead doors with enclosed office, meeting, and support areas, while also accommodating workshop, storage, and warehouse/assembly activity consistent with the GB zoning parameters. Onsite parking is provided for convenient daily operations.
The property is zoned GB, supporting a broad mix of uses that can include retail stores and shops, personal and professional services, eating and drinking establishments excluding fast food, fully enclosed storage, warehouse and assembly activities with a substantial retail component, as well as certain office, cultural, and service-oriented uses listed under the GB district.
For tenants and owners seeking an in-and-out layout, this space combines loading access via the overhead doors with enclosed office, meeting, and support areas, while also accommodating workshop, storage, and warehouse/assembly activity consistent with the GB zoning parameters. Onsite parking is provided for convenient daily operations.
Key Highlights
- 4560 SF standalone industrial flex condo
- Two overhead doors for access to enclosed storage and warehouse/assembly activities
- Ground floor plus 2nd level mezzanine office space
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 industrial flex condo with two overhead doors, mezzanine office space, workshop/storage areas, and onsite parking.
Where is this flex space located?
The property is located at 581 N State Road #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; Two overhead doors for access to enclosed storage and warehouse/assembly activities; Ground floor plus 2nd level mezzanine office space
