Building Details

Units 1

Tenancy Single

Listing Agency: Skyline Real Estate Partners

Listed By: Jon Cohen · License #NJ 1329209

Source: Crexi

Added: Feb 9 Changed: Aug 8 Last Checked: Jul 24 at 9:12AM

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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 Skyline Real Estate Partners

Investment Insights

Based on property information with market context.

The property at 78 North Route 303, West Nyack, NY, presents a value-add opportunity along a heavily trafficked commercial corridor in Rockland County. Situated on approximately 0.919 acres, the site features a 5,765 square foot freestanding building with frontage, visibility, and signage on Route 303. The property is fully leased to Herc Rentals through June 27, 2029, providing in-place income. The current rents are below market, creating an opportunity to re-lease at higher rates, reposition the asset, or attract a higher-credit tenant. The site functions as a covered land investment with nearly one acre in a prime West Nyack location. Zoned RS, the property presents long-term redevelopment potential. The parcel benefits from direct access to NYC and major regional arteries, including the Palisades Interstate Parkway, I-287, and the New York State Thruway. This property offers the ability to acquire income today with the ability to unlock upside in a top Rockland County submarket.

Key Highlights

• Fully leased to Herc Rentals through June 2029, providing stable income.
• Significant rent growth potential upon lease expiration due to below‑market rents.
• Prime location on Route 303 with exceptional frontage, visibility, and signage.

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

$81,186

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

4.45%

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%

$1,623,720 $1.6M

Cap Rate 7%

$1,159,800 $1.2M

Cap Rate 9%

$902,067 $902.1K

Market Conditions

NOI Build-Up for 5,765 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

$121.1K $21.00/SF

− Vacancy

−$5.1K −$0.88/SF

EGI

$116.0K $20.12/SF

− OpEx

−$34.8K −$6.04/SF

NOI

$81.2K $14.08/SF

Area

Rockland County, NY

Vacancy

4.20%

Lease Rate

$21.00 /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%

$1,623,720

Cap Rate 7%

$1,159,800

Cap Rate 9%

$902,067

Alternative Uses

Best Use

Retail

$1.16M

$1.01M – $1.35M (±1% cap)

NOI $81,186 @ 7.0% cap · market cap 4.45%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$3.81M

$3.34M – $4.45M (±1% cap)

NOI $266,819 @ 7.0% cap · market cap 14.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

West Nyack (Lot ... Parking Lot & Garage Durante Rentals - West ... Construction Company

Suggested Use

Top Pick Real Estate Agency Law Firm Auto Parts Store Garden Center Storage Facility HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

795

Businesses Nearby

315k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Apparel 42% Superstores 24% Electronics 20% Dining 6%

Macy's Apparel

131,456 visits/mo 0.2 miles

BJ's Wholesale Club Superstores

76,825 visits/mo 0.4 miles

Best Buy Electronics

59,618 visits/mo 0.4 miles

Dunkin' Donuts Dining

19,288 visits/mo 0.3 miles

Harbor Freight Tools Home Improvements & Furnishings

11,562 visits/mo 0.3 miles

Demographics for 10994, NY

7,242

Population

2,178

Households

3.3

Avg Household Size

44

Median Age

59%

College-Educated

94%

High-School Grad

6.2 sq mi

ZIP Area

1,168

Density / Sq Mi

$166,838

Median Household Income

$72,457

Median Earnings

$1,622

Median Rent

$618,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - Freestanding building on Route 303 with redevelopment potential.

Where is this retail space located?

The property is located at 78 N Rte 303 West Nyack, NY.

What is the asking price?

The asking price for this property is $1,825,000.

What are key features of this property?

This property features: Fully leased to Herc Rentals through June 2029, providing stable income.; Significant rent growth potential upon lease expiration due to below‑market rents.; Prime location on Route 303 with exceptional frontage, visibility, and signage.