Freestanding Office Building with
For Sale
Contact for pricing
62 Waller Avenue, White Plains, NY 10605
Freestanding office building with seven units, two entrances, and six private parking spaces.
Property Size2,326 SF
Price / SF$384.62
Days on Market31
Property Features for 62 Waller Avenue
General Information
Standard status
Active
Size
2,326 SF
Total Parking Spaces
6
Property subtype
Office
Additional Details
Office Units
7
Taxes and HOA fees
Annual Taxes
$2,716
Building Details
Building Size
2,326 SF
Year Built
1924
Listing Agency:
Houlihan Lawrence Inc.
(914) 282-8926
Listed By:
Anil N. Soman
Source:
Totallywestchester
Added: Jul 25
Changed: Aug 23
Last Checked: Aug 23 at 8:09AM
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 Inc.
Investment Insights
Based on property information with market context.
Freestanding two-story building totaling 2,600 square feet, currently configured as professional office space. The property features seven units and is set up with two separate entrances, supporting a flexible internal layout for private offices, conference rooms, and reception areas.
The building offers street visibility and includes six private parking spaces. Walkability is limited, with the area described as car-dependent, while transit access is moderate.
The configuration and dual entry setup also present an option to restore the building to multi-family use or continue as a mixed-use property, subject to applicable approvals.
The building offers street visibility and includes six private parking spaces. Walkability is limited, with the area described as car-dependent, while transit access is moderate.
The configuration and dual entry setup also present an option to restore the building to multi-family use or continue as a mixed-use property, subject to applicable approvals.
Key Highlights
- Freestanding 2,600 SF building built in 1924 with seven units and a current office configuration
- Features two separate entrances for flexible access and potential multi‑use setup
- Includes six private parking spaces
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
$39,814
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
3.98%
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%
$796,280
$796.3K
Cap Rate 7%
$568,771
$568.8K
Cap Rate 9%
$442,378
$442.4K
Market Conditions
NOI Build-Up for 2,600 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
$71.4K $27.48/SF
− Vacancy
−$18.4K −$7.06/SF
EGI
$53.1K $20.42/SF
− OpEx
−$13.3K −$5.10/SF
NOI
$39.8K $15.31/SF
Area
Westchester County, NY
Vacancy
25.70%
Lease Rate
$27.48 /SF/Yr
Expense Ratio
25.00%
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%
$796,280
Cap Rate 7%
$568,771
Cap Rate 9%
$442,378
Alternative Uses
Best Use
Office B
$568.8K
$497.7K – $663.6K
NOI $39,814 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$785.4K
$687.2K – $916.3K
NOI $54,976 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
Location Intelligence
Trade Area within ½ mile
7,273
Businesses Nearby
Explore this area
Business Placement
Demographics for 10605, NY
19,438
Population
8,537
Households
2.3
Avg Household Size
45
Median Age
66%
College-Educated
93%
High-School Grad
5.4 sq mi
ZIP Area
3,600
Density / Sq Mi
$145,587
Median Household Income
$86,040
Median Earnings
$2,195
Median Rent
$761,200
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?
Office units - Freestanding office building with seven units, two entrances, and six private parking spaces.
Where is this office units located?
The property is located at 62 Waller Avenue White Plains, NY.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Freestanding 2,600 SF building built in 1924 with seven units and a current office configuration; Features two separate entrances for flexible access and potential multi‑use setup; Includes six private parking spaces
