Class A Office Building with NNN
For Sale
$6,500,000
70 Pleasant Hill Road, New Windsor, NY 12553
Three-story property is fully leased through October 31, 2029, with a five-year extension option.
Property Size19,668 SF
Days on Market114
Property Features for 70 Pleasant Hill Road
General Information
Standard status
Active
Size
19,668 SF
Class
A
Total Parking Spaces
95
Property subtype
Commercial
Occupancy
100%
Net Operating Income
$478,752
Additional Details
Cap Rate
7.37%
Highway Access
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$46,576
Building Details
Building Size
19,668 SF
Year Built
1985
Buildings
1
Stories
3
Tenancy
Single
Owner Occupied
No
Abandoned
No
Listing Agency:
KW Hudson Valley United
(914) 760-7331
Listed By:
Jason L McGovern · License #10301205773
(914) 760-7331
Source:
Alexandermadisonhomes
Added: May 7
Changed: Aug 28
Last Checked: Aug 25 at 9:08AM
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 KW Hudson Valley United
Investment Insights
Based on property information with market context.
This Class A office building was completed in 1985 and is fully occupied by Tectonic Engineering Headquarters under a NNN lease extending through October 31, 2029. The agreement includes built-in increases and a five-year renewal option, while the tenant covers real estate taxes, insurance, maintenance, garbage service, building and septic upkeep, lawn care, and snow removal. Landlord responsibilities are focused on the roof, structure, parking lot, and HVAC replacement.
The property is visible from I-87/NYS Thruway and includes two long-term rooftop cell tower leases with Verizon and T-Mobile. A new HVAC system is currently being installed, and the roof was replaced two years ago. The parcel may support a 10,000-square-foot building expansion, subject to zoning approvals. The 2025 cap rate was 7.37%, with a 2026 pro forma cap rate of 7.55%.
The property is visible from I-87/NYS Thruway and includes two long-term rooftop cell tower leases with Verizon and T-Mobile. A new HVAC system is currently being installed, and the roof was replaced two years ago. The parcel may support a 10,000-square-foot building expansion, subject to zoning approvals. The 2025 cap rate was 7.37%, with a 2026 pro forma cap rate of 7.55%.
Key Highlights
- 100% occupied by Tectonic Engineering Headquarters under a NNN lease through October 31, 2029
- Lease includes built‑in increases and a 5‑year option to extend
- 2025 cap rate of 7.37%; 2026 pro forma cap rate of 7.55%
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
$329,101
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
5.06%
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%
$6,582,020
$6.6M
Cap Rate 7%
$4,701,443
$4.7M
Cap Rate 9%
$3,656,678
$3.7M
Market Conditions
NOI Build-Up for 19,668 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
$528.7K $26.88/SF
− Vacancy
−$89.9K −$4.57/SF
EGI
$438.8K $22.31/SF
− OpEx
−$109.7K −$5.58/SF
NOI
$329.1K $16.73/SF
Area
Orange County, NY
Vacancy
17.00%
Lease Rate
$26.88 /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%
$6,582,020
Cap Rate 7%
$4,701,443
Cap Rate 9%
$3,656,678
Alternative Uses
Best Use
Office B
$4.70M
$4.11M – $5.49M
NOI $329,101 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.66M
$5.83M – $7.77M
NOI $466,292 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
52
Businesses Nearby
Explore this area
Business Placement
Demographics for 12553, NY
26,728
Population
11,150
Households
2.4
Avg Household Size
41
Median Age
35%
College-Educated
90%
High-School Grad
24.2 sq mi
ZIP Area
1,104
Density / Sq Mi
$94,207
Median Household Income
$50,749
Median Earnings
$1,612
Median Rent
$351,200
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 building - Three-story property is fully leased through October 31, 2029, with a five-year extension option.
Where is this office building located?
The property is located at 70 Pleasant Hill Road New Windsor, NY.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 100% occupied by Tectonic Engineering Headquarters under a NNN lease through October 31, 2029; Lease includes built‑in increases and a 5‑year option to extend; 2025 cap rate of 7.37%; 2026 pro forma cap rate of 7.55%
