Standalone Industrial Flex Condo with Office
For Sale
$1,000,000
6-581 N State Rd, Briarcliff Manor, NY 10510
Standalone flex condo featuring two overhead doors, two-level office mezzanine, workshop/storage, and onsite parking.
Property Size4,560 SF
Price / SF$219.30
Days on Market64
Property Features for 6-581 N State Rd
General Information
Standard status
Active
Size
4,560 SF
Zoning
GB
Additional Details
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$14,860
Listing Agency:
Houlihan Lawrence Commercial
(914) 960-9148
Listed By:
Rich Aponte · License #10301200070
(914) 960-9148
Source:
Exprealty
Added: Jun 9
Changed: Aug 10
Last Checked: Aug 10 at 7:19AM
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 ground-floor layout plus a second-level mezzanine office. Interior improvements include workshop and storage areas, a conference room, and men’s and women’s restrooms, along with a mechanical room. The property also has two overhead doors for convenient loading and access to the enclosed work and storage space.
The building is located on N State Rd in Briarcliff Manor, NY, and includes onsite parking to support day-to-day employee and customer access. The space is zoned GB, which permits a broad mix of uses including retail stores and shops, personal service establishments, and eating and drinking establishments excluding fast food. The zoning also allows fully enclosed storage, warehouse and assembly activities with a substantial retail component, business and professional offices, and other institutional and service-related uses.
Configured for both operations and client-facing space, this flex condo can suit tenants seeking enclosed warehouse or workshop functionality alongside dedicated office and meeting space. With two overhead doors and an on-site parking setup, it supports practical logistics for scheduled receiving and service workflows while keeping administrative functions close at hand.
The building is located on N State Rd in Briarcliff Manor, NY, and includes onsite parking to support day-to-day employee and customer access. The space is zoned GB, which permits a broad mix of uses including retail stores and shops, personal service establishments, and eating and drinking establishments excluding fast food. The zoning also allows fully enclosed storage, warehouse and assembly activities with a substantial retail component, business and professional offices, and other institutional and service-related uses.
Configured for both operations and client-facing space, this flex condo can suit tenants seeking enclosed warehouse or workshop functionality alongside dedicated office and meeting space. With two overhead doors and an on-site parking setup, it supports practical logistics for scheduled receiving and service workflows while keeping administrative functions close at hand.
Key Highlights
- 4560 SF standalone industrial flex condo with two overhead doors
- Two‑level office mezzanine with ground floor and 2nd level mezzanine office space
- Includes workshop and storage, 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
206
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 featuring two overhead doors, two-level office mezzanine, workshop/storage, and onsite parking.
Where is this flex space located?
The property is located at 6-581 N State Rd 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 two overhead doors; Two‑level office mezzanine with ground floor and 2nd level mezzanine office space; Includes workshop and storage, plus a conference room
