Historic Theater with Retail
For Sale
Contact for pricing
Pending
39 Cedar St, Dobbs Ferry, NY 10522
Unique property with theater, retail, and development potential.
Property Size13,000 SF
Days on Market854
Property Features for 39 Cedar St
General Information
Standard status
Pending
Size
13,000 SF
Property subtype
Retail
Lease Type
Modified Gross
Listing Agency:
The Agency
(914) 262-2598
Listed By:
Bryan Lanza · License #NY 10401287317
Source:
Crexi
Added: May 1, 2024
Changed: Aug 21
Last Checked: Aug 31 at 2:15PM
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 The Agency
Investment Insights
Based on property information with market context.
This historical theater includes five leased retail stores. Once a venue for vaudeville performances and a movie theater, it is currently used as a music store, warehouse, and recording studio designed by John Storyk, featuring several private rooms for music lessons. The 13,000 square foot property is located in a busy traffic area of a river town, near the train station, fine restaurants and bars. The property could be utilized as its original intentions or a great site for real estate developers or investors. Other possible uses include a dinner and movie theater with rooftop dining, apartments, condominiums, or a sports and gym facility. Previous plans include the restoration of the existing theater to its original use, with a proposed occupancy of 360 patrons, allowing for the continued use of the four storefronts.
Key Highlights
- Historical theater with potential for restoration, proposed occupancy of 360 patrons.
- Includes 5 leased retail stores providing immediate income.
- Versatile property suitable for apartments/condominiums, sports/gym, or dinner/movie theater with rooftop dining.
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
$274,878
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
8.87%
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%
$5,497,560
$5.5M
Cap Rate 7%
$3,926,829
$3.9M
Cap Rate 9%
$3,054,200
$3.1M
Market Conditions
NOI Build-Up for 13,000 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
$452.4K $34.80/SF
− Vacancy
−$59.7K −$4.59/SF
EGI
$392.7K $30.21/SF
− OpEx
−$117.8K −$9.06/SF
NOI
$274.9K $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%
$5,497,560
Cap Rate 7%
$3,926,829
Cap Rate 9%
$3,054,200
Alternative Uses
Best Use
Retail
$3.93M
$3.44M – $4.58M
NOI $274,878 @ 7.0% cap · market cap 8.87%
Second Best
Specialty Retail
$3.19M
$2.79M – $3.72M
NOI $223,470 @ 7.0% cap · market cap 7.21%
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
967
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10522, NY
11,587
Population
4,074
Households
2.8
Avg Household Size
42
Median Age
67%
College-Educated
94%
High-School Grad
2.4 sq mi
ZIP Area
4,828
Density / Sq Mi
$167,927
Median Household Income
$74,988
Median Earnings
$2,346
Median Rent
$719,300
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Unique property with theater, retail, and development potential.
Where is this storefront property located?
The property is located at 39 Cedar St Dobbs Ferry, NY.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Historical theater with potential for restoration, proposed occupancy of 360 patrons.; Includes 5 leased retail stores providing immediate income.; Versatile property suitable for apartments/condominiums, sports/gym, or dinner/movie theater with rooftop dining.
