Five-Unit Mixed-Use Commercial
For Sale
$1,375,222
911 South Street, Peekskill, NY 10566
Fully leased property combines restaurant, ice cream, office, and artist loft uses.
Property Size6,650 SF
Days on Market74
Property Features for 911 South Street
General Information
Standard status
Active
Size
6,650 SF
Property subtype
Commercial
Zoning
C2
Occupancy
100%
Additional Details
Cap Rate
7.9%
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$20,894
Building Details
Building Size
6,650 SF
Year Built
1900
Stories
2
Units
5
Tenancy
Multi
Listing Agency:
Howard Hanna Rand Realty
(914) 762-2500
Listed By:
Mark J. Seiden
(914) 762-2200
Source:
Callexitfirst
Added: Jun 24
Changed: Sep 4
Last Checked: Sep 3 at 2:01AM
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 Howard Hanna Rand Realty
Investment Insights
Based on property information with market context.
Built in 1900, this mixed-use commercial complex contains five independently operated units with separate utility meters. The configuration includes a restaurant with seating for 74, an ice cream parlor with a lounge area, one professional office, and two artist lofts. The varied layout supports multiple commercial and live/work formats within one property.
Located at 911 South Street in downtown Peekskill’s Artist District, the property is surrounded by local businesses, dining, arts, and cultural destinations, including the Paramount Theater. The setting experiences pedestrian and vehicle traffic, and all five units are currently leased. A 7.9% cap rate is reported excluding a management fee and minor repairs.
Located at 911 South Street in downtown Peekskill’s Artist District, the property is surrounded by local businesses, dining, arts, and cultural destinations, including the Paramount Theater. The setting experiences pedestrian and vehicle traffic, and all five units are currently leased. A 7.9% cap rate is reported excluding a management fee and minor repairs.
Key Highlights
- Five fully leased units with separate utility meters
- Restaurant configured for 74 people
- Ice cream parlor includes an additional lounge
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
$114,314
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
8.31%
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%
$2,286,280
$2.3M
Cap Rate 7%
$1,633,057
$1.6M
Cap Rate 9%
$1,270,156
$1.3M
Market Conditions
NOI Build-Up for 6,650 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
$159.6K $24.00/SF
− Vacancy
−$7.2K −$1.08/SF
EGI
$152.4K $22.92/SF
− OpEx
−$38.1K −$5.73/SF
NOI
$114.3K $17.19/SF
Area
Westchester County, NY
Vacancy
4.50%
Lease Rate
$24.00 /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%
$2,286,280
Cap Rate 7%
$1,633,057
Cap Rate 9%
$1,270,156
Alternative Uses
Best Use
Retail
$2.01M
$1.76M – $2.34M
NOI $140,611 @ 7.0% cap · market cap 10.22%
Second Best
Specialty Retail
$1.63M
$1.43M – $1.91M
NOI $114,314 @ 7.0% cap · market cap 8.31%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,384
Businesses Nearby
Explore this area
Business Placement
Demographics for 10566, NY
25,384
Population
11,752
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
86%
High-School Grad
4.3 sq mi
ZIP Area
5,903
Density / Sq Mi
$91,042
Median Household Income
$49,844
Median Earnings
$1,895
Median Rent
$376,800
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?
Mixed-use property - Fully leased property combines restaurant, ice cream, office, and artist loft uses.
Where is this mixed-use property located?
The property is located at 911 South Street Peekskill, NY.
What is the asking price?
The asking price for this property is $1,375,222.
What are key features of this property?
This property features: Five fully leased units with separate utility meters; Restaurant configured for 74 people; Ice cream parlor includes an additional lounge
