Mixed-Use Apartment Building with
For Sale
$1,599,999
Pending
98 Main Street, Nyack, NY 10960
MULTI_FAMILY - Nyack, NY
Property Size9,456 SF
Lot Size0.08 Acres
Days on Market126
Property Features for 98 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C-1
Rooms
Basement
Parking features
Off Street
Basement
Unfinished
Appliances
Dryer, Oven, Refrigerator, Washer
View
River, Water
Elementary school
Upper Nyack
Middle school
Nyack Middle School
High school
Nyack Senior High School
Elementary school district
Nyack
Middle school district
Nyack
High school district
Nyack
Standard status
Pending
APN
392403-066-038-0001-022-000-0000
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
38876
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1900
Number of units
5
Flooring type
Hardwood
Building materials
Brick
Listing Agency:
Ellis Sotheby's Intl Realty · Sotheby's International Realty
(845) 353-4250
Listed By:
Alex A Vursta · License #40VU0892886
(845) 641-2525
Added: Apr 14
Changed: Aug 3
Last Checked: Aug 17 at 3:06AM
MLS# 980396
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5-unit mixed-use apartment building includes four residential units and one ground-floor retail space. The property is 100% occupied with long-term tenants, and the asset is presented as fully stabilized. The building measures 9,456 square feet and sits on a 0.08-acre lot.
The retail tenant operates under a 5-year lease with interest in extending, and the residential units are on 12-month leases. The property features brick construction, hardwood flooring, baseboard heating, and window or wall/window cooling. In-unit amenities listed for residences include washers and dryers, along with appliances such as ovens, refrigerators, and dishwashers.
Operationally, the layout includes rear access, off-street parking, and a full basement. The offering is also described as having an in-place cap rate of 6%.
The retail tenant operates under a 5-year lease with interest in extending, and the residential units are on 12-month leases. The property features brick construction, hardwood flooring, baseboard heating, and window or wall/window cooling. In-unit amenities listed for residences include washers and dryers, along with appliances such as ovens, refrigerators, and dishwashers.
Operationally, the layout includes rear access, off-street parking, and a full basement. The offering is also described as having an in-place cap rate of 6%.
Key Highlights
- 5‑unit mixed‑use building with 4 residential units and 1 ground‑floor retail space
- 100% occupied with long‑term tenants
- Retail is on a 5‑year lease with interest in extending
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
$133,165
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
8.32%
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%
$2,663,300
$2.7M
Cap Rate 7%
$1,902,357
$1.9M
Cap Rate 9%
$1,479,611
$1.5M
Market Conditions
NOI Build-Up for 9,456 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
$198.6K $21.00/SF
− Vacancy
−$8.3K −$0.88/SF
EGI
$190.2K $20.12/SF
− OpEx
−$57.1K −$6.04/SF
NOI
$133.2K $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%
$2,663,300
Cap Rate 7%
$1,902,357
Cap Rate 9%
$1,479,611
Alternative Uses
Best Use
Apartment 5plus
$2.21M
$1.94M – $2.58M
NOI $154,966 @ 7.0% cap · market cap 9.69%
Second Best
Retail
$1.90M
$1.66M – $2.22M
NOI $133,165 @ 7.0% cap · market cap 8.32%
Theoretical Best
Specialty Retail
$6.25M
$5.47M – $7.29M
NOI $437,647 @ 7.0% cap · market cap 27.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,848
Businesses Nearby
Explore this area
Business Placement
Demographics for 10960, NY
14,680
Population
6,680
Households
2.2
Avg Household Size
44
Median Age
63%
College-Educated
95%
High-School Grad
4.7 sq mi
ZIP Area
3,123
Density / Sq Mi
$126,404
Median Household Income
$69,067
Median Earnings
$2,148
Median Rent
$662,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - C-1 zoned 5-unit mixed-use building with 100% occupancy, retail on a 5-year lease and residences on 12-month leases.
Where is this apartment building located?
The property is located at 98 Main Street Nyack, NY.
What is the asking price?
The asking price for this property is $1,599,999.
What are key features of this property?
This property features: 5‑unit mixed‑use building with 4 residential units and 1 ground‑floor retail space; 100% occupied with long‑term tenants; Retail is on a 5‑year lease with interest in extending
