Mixed-Use Investment Property For
For Sale
$879,000
93-95 Windermere Ave, Greenwood Lake, NY 10925
Four-unit mixed-use property with retail, spa, and apartments.
Property Size3,174 SF
Lot Size0.23 Acres
Days on Market164
Property Features for 93-95 Windermere Ave
General Information
Standard status
Active
Size
3,174 SF
Lot size
0.23 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,959
Building Details
Building Size
3,174 SF
Year Built
1986
Units
4
Listing Agency:
RAND COMMERCIAL
(201) 522-1912
Listed By:
Charles Benjamin Emanuel
(201) 522-1912
Source:
Elliman
Added: Mar 11
Changed: Aug 16
Last Checked: Aug 20 at 8:06AM
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 RAND COMMERCIAL
Investment Insights
Based on property information with market context.
This four-unit mixed-use property is available for investment or owner-occupancy. It features a large, recently renovated retail space suitable for a bagel store, a day spa, and two apartments. The property benefits from a corner location on a highly visible main street, with a traffic count of approximately 3,460 cars per day. There are approximately 14 private parking spaces located in the rear. The property utilizes natural gas, municipal water, and a septic system. Each tenant has separate, individually metered utilities. The large retail space is currently available and could be reopened as a bagel store; business assets are available under a separate listing. The two apartments and the day spa have been renovated and are fully rented. The property is zoned CS Central Shopping. It is located blocks from the lake and close to new commercial development, ski slopes, wineries, breweries, and apple orchards. The property is located in Greenwood Lake, which straddles the border of New York and New Jersey.
Key Highlights
- Large, recently renovated retail space, potential bagel store (assets separate).
- Two beautifully renovated and fully rented apartments, plus a rented day spa.
- Highly visible corner location on a main street with high traffic count.
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
$38,633
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
4.40%
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%
$772,660
$772.7K
Cap Rate 7%
$551,900
$551.9K
Cap Rate 9%
$429,256
$429.3K
Market Conditions
NOI Build-Up for 3,174 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
$57.1K $18.00/SF
− Vacancy
−$1.9K −$0.61/SF
EGI
$55.2K $17.39/SF
− OpEx
−$16.6K −$5.22/SF
NOI
$38.6K $12.17/SF
Area
Orange County, NY
Vacancy
3.40%
Lease Rate
$18.00 /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%
$772,660
Cap Rate 7%
$551,900
Cap Rate 9%
$429,256
Alternative Uses
Best Use
Retail
$551.9K
$482.9K – $643.9K
NOI $38,633 @ 7.0% cap · market cap 4.40%
Second Best
Mixed Use
$394.8K
$345.5K – $460.6K
NOI $27,638 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$1.08M
$940.6K – $1.25M
NOI $75,250 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
288
Businesses Nearby
Explore this area
Business Placement
Demographics for 10925, NY
4,341
Population
2,220
Households
2
Avg Household Size
48
Median Age
35%
College-Educated
92%
High-School Grad
9.2 sq mi
ZIP Area
472
Density / Sq Mi
$89,313
Median Household Income
$42,193
Median Earnings
$1,620
Median Rent
$342,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-unit mixed-use property with retail, spa, and apartments.
Where is this mixed-use property located?
The property is located at 93-95 Windermere Ave Greenwood Lake, NY.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: Large, recently renovated retail space, potential bagel store (assets separate).; Two beautifully renovated and fully rented apartments, plus a rented day spa.; Highly visible corner location on a main street with high traffic count.
