NNN Strip Mall with 3
For Sale
$3,750,000
605 Fifth Avenue, Pelham, NY 10803
Single-story retail center with fully leased storefronts, individual bathrooms, and established NNN occupancy.
Property Size5,265 SF
Days on Market49
Property Features for 605 Fifth Avenue
General Information
Standard status
Active
Size
5,265 SF
Property subtype
Commercial
Zoning
BAC3
Taxes and HOA fees
Annual Taxes
$58,758
Building Details
Building Size
5,265 SF
Year Built
1998
Listing Agency:
Coldwell Banker Realty
(203) 733-9552
Listed By:
Raymond Poppe
(203) 733-9552
Source:
Callexitfirst
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 30 at 11:31AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This single-story strip mall was built in 1998 on a slab and contains 5,280+ SF of gross building area. The property is configured as three fully leased NNN retail stores, with a bathroom serving each storefront. The site provides 27 off-street parking spaces.
The 15,188+ Sq.Ft. site encompasses 0.35+ acres at the corner of 5th Avenue and 7th Street in Pelham, New York. Zoning is identified as BAC3, or Business-3 District. The property is located 15 miles from Manhattan and sits along a main throughfare in Pelham. An adjacent property on 7th Street and 4th Avenue is also available for sale.
The 15,188+ Sq.Ft. site encompasses 0.35+ acres at the corner of 5th Avenue and 7th Street in Pelham, New York. Zoning is identified as BAC3, or Business-3 District. The property is located 15 miles from Manhattan and sits along a main throughfare in Pelham. An adjacent property on 7th Street and 4th Avenue is also available for sale.
Key Highlights
- Three fully leased NNN retail stores
- 5,280+ SF gross building area
- 15,188+ Sq.Ft. site totaling 0.35+ Acres
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
$111,326
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
2.97%
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%
$2,226,520
$2.2M
Cap Rate 7%
$1,590,371
$1.6M
Cap Rate 9%
$1,236,956
$1.2M
Market Conditions
NOI Build-Up for 5,265 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
$183.2K $34.80/SF
− Vacancy
−$24.2K −$4.59/SF
EGI
$159.0K $30.21/SF
− OpEx
−$47.7K −$9.06/SF
NOI
$111.3K $21.14/SF
Area
Westchester County, NY
Vacancy
13.20%
Lease Rate
$34.80 /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%
$2,226,520
Cap Rate 7%
$1,590,371
Cap Rate 9%
$1,236,956
Alternative Uses
Best Use
Retail
$1.59M
$1.39M – $1.86M
NOI $111,326 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
897
Businesses Nearby
42k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 74%
Dining 20%
Electronics 6%
Mobil
Shops & Services
12,732 visits/mo
0.4 miles
TD Bank
Shops & Services
8,802 visits/mo
0.3 miles
Dunkin' Donuts
Dining
8,319 visits/mo
0.4 miles
BP
Shops & Services
5,508 visits/mo
0.5 miles
Shell
Shops & Services
3,683 visits/mo
0.4 miles
Demographics for 10803, NY
13,255
Population
4,360
Households
3
Avg Household Size
40
Median Age
74%
College-Educated
97%
High-School Grad
2.2 sq mi
ZIP Area
6,025
Density / Sq Mi
$212,288
Median Household Income
$97,447
Median Earnings
$2,242
Median Rent
$961,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Single-story retail center with fully leased storefronts, individual bathrooms, and established NNN occupancy.
Where is this strip mall located?
The property is located at 605 Fifth Avenue Pelham, NY.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Three fully leased NNN retail stores; 5,280+ SF gross building area; 15,188+ Sq.Ft. site totaling 0.35+ Acres
