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    44 Ny-303 Tappan, NY 10983
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    44 Ny-303 Tappan, NY 10983

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    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 44 Ny-303

    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    This exceptional 850-square-foot retail space is ideally situated in the vibrant business district straddling the New York/New Jersey border in Tappan, NY. Located within Stateline Plaza II, this single-tenant property offers immediate access to a thriving commercial area featuring national retailers and service providers. Across the street, a significant new development is underway, including a large Lidl Supermarket (25,000+ square feet), promising increased foot traffic and visibility. The property's co-tenants include a diverse mix of established businesses, such as an Italian restaurant, laundromat, hair salon, and foot spa, creating a synergistic and attractive retail environment. The asking base rent is $18.00 per square foot, with estimated net charges of approximately $9.82 per square foot (as of May 2023). These net charges encompass a pro-rata share of property taxes, common area maintenance (CAM), and insurance, providing transparent and predictable operating costs. The property's address is 44 NY-303, Tappan, NY 10983, in Rockland County. This prime retail location presents a unique opportunity for businesses seeking high visibility and a strong customer base in a rapidly developing commercial hub. The property is classified as Retail, Office, and Service and is suitable for a variety of uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Tappan
    County
    Rockland
    State
    New York
    Longitude
    -73.9439
    Latitude
    41.0178

    Comparable in this City

    • Value Estimation by Request
      7,390 SF

      419 Western Hwy

      Retail properties & Spaces • 7,390 SF
      419 Western Hwy, Tappan, NY 10983
      View Details
    • Value Estimation by Request

      40-42 Ny-303

      Retail properties & Spaces
      40-42 Ny-303, Tappan, NY 10983
      View Details
    • Value Estimation by Request

      125 Oak Tree Rd

      Office Units
      125 Oak Tree Rd, Tappan, NY 10983
      View Details
    • Value Estimation
      $545,000
      1,217 SF

      97 Rte 303

      PROFESSIONAL BUILDING • 1,217 SF
      97 Rte 303, Tappan, NY 10983-2514
      View Details
    • Value Estimation
      $530,000
      1,179 SF

      93 Rte 303

      PROFESSIONAL BUILDING • 1,179 SF
      93 Rte 303, Tappan, NY 10983-2514
      View Details
    • Value Estimation
      $1,180,000
      2,880 SF

      118 Main St

      OFFICE BUILDING • 2,880 SF
      118 Main St, Tappan, NY 10983-2427
      View Details

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    Similar Nearby for Lease

    • $22 SF/Yr

      Retail Space in Stateline Plaza

      850 RSF retail space in high-traffic business district.
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    Tappan, NY 10983
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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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