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    306 Main St, Unit 10 New City, NY 10956-3327

    • Strip malls
    • 6,853 SF
    • 0.59 lot acres
    OFF-MARKET
    Last Sale
    May 15, 2023
    $1,100,000
    Value Estimations
    $1,840,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1383580
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Back To Earth Natural Foods / Supermarket

    Property Details for 306 Main St

    Year built
    1970
    Lot size
    0.59 lot acres
    Property size
    6,853 SF
    Zone code
    CS
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    392089 51.7-1-15
    APU
    392089517115

    Description

    This exceptional retail property, located at 306 South Main Street in New City, Rockland County, NY, offers a total of 12,492 square feet of vacant space, currently available for lease. The property is ideally suited for multiple tenants, with a minimum divisible space of 3,123 square feet and a maximum contiguous space of 6,246 square feet. The building's former use as a health food market provides a strong foundation for a variety of retail businesses. The property is situated on Main Street, ensuring high visibility and accessibility for customers. The current owner is actively pursuing a plan to revitalize the building's façade, enhancing its curb appeal and attracting potential tenants. This presents a unique opportunity for businesses seeking a prominent location in a thriving community. The lease structure is a triple net (NNN) lease, providing tenants with predictable and manageable operating costs. With its prime location, flexible space options, and planned improvements, this property represents a compelling investment opportunity for discerning retail businesses. The property's zip code is 10956. The building is situated at latitude 41.1368222 and longitude -73.9902112. This is a rare chance to secure a significant retail presence in the heart of New City.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,700,000
      ML approach
      $1,630,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,261,000
      Market price range: $1.12M - $3.12M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,115,000
      Current use
      COMMERCIAL (GENERAL)
      $2,655,000
      Change: +25% Conversion: Easy
      WAREHOUSE, STORAGE
      $2,465,000
      Change: +16% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $2,040,000
      Change: -4% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New City
    County
    Rockland
    State
    New York
    Longitude
    -73.9904
    Latitude
    41.1368
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $60,400
    $188,800
    $249,200
    -
    $55,795
    $174,405
    $230,200

    Comparable in this City

    • Value Estimation by Request
      1,097 SF

      85 Maple Ave, Unit 93

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      View Details
    • Value Estimation
      $1,190,000
      23,040 SF

      170 Main St

      SHOPPING CENTER, STRIP CENTER • 23,040 SF
      170 Main St, New City, NY 10956-3751
      View Details
    • Value Estimation
      $520,000
      9,580 SF

      29 3rd St

      SHOPPING CENTER, STRIP CENTER • 9,580 SF
      29 3rd St, New City, NY 10956-4929
      View Details
    • Value Estimation
      $1,960,000
      118,539 SF

      180 Main St, Unit 186

      SHOPPING CENTER, STRIP CENTER • 118,539 SF
      180 Main St, New City, NY 10956-3716
      View Details
    • Value Estimation
      $850,000
      15,980 SF

      191-195 Main St

      SHOPPING CENTER, STRIP CENTER • 15,980 SF
      191-195 Main St, New City, NY 10956
      View Details
    • Value Estimation
      $550,000
      9,000 SF

      373 Main St, Unit 385

      SHOPPING CENTER, STRIP CENTER • 9,000 SF
      373 Main St, New City, NY 10956-3001
      View Details

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    New City, NY 10956-3327
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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