The Highlands Anchored Shopping
60-126 Independent Wy, Brewster, NY 10509
For Sale
New
$44,716,000
Kohl’s, Marshalls and Michaels account for approximately 70% of the center’s gross leasable area.
Property Size196,594 SF
Price / SF$227.45
Days on Market1
Property Features for 60-126 Independent Wy
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Additional Details
Anchor Co-Tenants
Tenant in Place
Building Details
Building Size
Year Built
Tenancy
Listing Agency:
SRS Real Estate Partners - Global Company
Listed By:
Kyle Fant · License NY #10401281546
(973) 632-1386
Source:
Srsre
Added: Nov 12
Last Checked: Nov 12 at 2:13PM
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 SRS Real Estate Partners - Global Company
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Highlands is a 196,594-square-foot shopping center completed in 2002. Kohl’s, Marshalls and Michaels are the principal retail anchors, together occupying approximately 70% of the center’s gross leasable area. The property is zoned Highway Commercial (HC).
The center is 97% occupied across 16 tenants. Other listed businesses include Mattress Firm (Sleepy’s), Verizon, Pearle Vision, Dunkin’, Applebee’s and CareMount Health Solutions. The property is located at 60-126 Independent Wy in Brewster, New York.
The center is 97% occupied across 16 tenants. Other listed businesses include Mattress Firm (Sleepy’s), Verizon, Pearle Vision, Dunkin’, Applebee’s and CareMount Health Solutions. The property is located at 60-126 Independent Wy in Brewster, New York.
Key Highlights
- 196,594 SF shopping center
- Kohl’s, Marshalls and Michaels together occupy approximately 70% of the center’s GLA
- 97% occupied with 16 tenants
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$3,618,525
Cap Rate
8.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$72,370,500
$72.4M
Cap Rate 7%
$51,693,214
$51.7M
Cap Rate 9%
$40,205,833
$40.2M
Market Conditions
NOI Build-Up for 196,594 SF
Gross rent
$5.66M $28.80/SF
− Vacancy
−$492.6K −$2.51/SF
EGI
$5.17M $26.29/SF
− OpEx
−$1.55M −$7.89/SF
NOI
$3.62M $18.41/SF
Area
Putnam County, NY
Vacancy
8.70%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$72,370,500
Cap Rate 7%
$51,693,214
Cap Rate 9%
$40,205,833
Alternative Uses
Best Use
Retail
$51.69M
$45.23M – $60.31M
NOI $3,618,525 @ 7.0% cap · market cap 8.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$129.98M
$113.74M – $151.65M
NOI $9,098,862 @ 7.0% cap · market cap 20.35%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
97%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
201
Businesses Nearby
133k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 37%
Apparel 34%
Dining 21%
Electronics 6%
The Home Depot
Home Improvements & Furnishings
48,930 visits/mo
0.2 miles
Kohl's
Apparel
45,207 visits/mo
0.1 miles
Dunkin' Donuts
Dining
15,698 visits/mo
0.3 miles
Applebee's
Dining
11,615 visits/mo
0.3 miles
GameStop
Electronics
5,439 visits/mo
0.3 miles
Demographics for 10509, NY
19,501
Population
7,839
Households
2.5
Avg Household Size
44
Median Age
43%
College-Educated
91%
High-School Grad
36.1 sq mi
ZIP Area
540
Density / Sq Mi
$120,987
Median Household Income
$59,048
Median Earnings
$1,836
Median Rent
$430,200
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Similar Off Market Nearby
- The Highlands Shopping Center — 2369, 105-111 Independent Way, Brewster, NY 10509
Frequently Asked Questions
What type of property is this?
Shopping center - Kohl’s, Marshalls and Michaels account for approximately 70% of the center’s gross leasable area.
Where is this shopping center located?
The property is located at 60-126 Independent Wy Brewster, NY.
What is the asking price?
The asking price for this property is $44,716,000.
What are key features of this property?
This property features: 196,594 SF shopping center; Kohl’s, Marshalls and Michaels together occupy approximately 70% of the center’s GLA; 97% occupied with 16 tenants
