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    2975 Westchester Ave Purchase, NY 10577
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    Property profile & analytics

    2975 Westchester Ave, Purchase, NY 10577

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    • Office buildings
    • 3,477 SF
    • 8.41 lot acres
    For Lease
    $9,555,000
    View Listing →
    Class A Office Building For Lease
    $9,555,000
    120,000 SF

    Class A Office Building

    Four-story commercial office building near I-287 and Metro-North.

    Purchase, NY 10577
    View Listing
    Property ID
    US63-1980187
    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.
    Value Estimations
    $9,555,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Amalgamated Mortgage Corporation / Loan Service / Bank
    • Harfenist Kraut & Perlstein LLP / Law Firm
    • Meyers Tersigni Feldman & Gray / Law Firm
    • Symmetry Wealth Advisory Group / Financial Advisor
    • Michael J Greco Law Offices / Law Firm

    Property Details for 2975 Westchester Ave

    Year built
    1939
    Lot size
    8.41 lot acres
    Property type
    Office buildings
    APN
    552801 0603.-3
    APU
    55280106033

    Description

    This exceptional Class A office building at 2975 Westchester Avenue in Harrison, New York, offers 120,000 square feet of prime executive office space. The building features ten suites, with a minimum divisible space of 1,385 square feet and a maximum contiguous space of 5,637 square feet. Currently, 31,760 square feet are available for lease. The four-story building provides a park-like setting and boasts convenient access to I-287, serving the greater Westchester and Fairfield County areas. An on-site cafe offers healthy breakfast, lunch, and snack options, along with comfortable seating areas for relaxation. Tenants also enjoy access to a fitness center located at 399 Knowllwood Road, less than ten minutes away via the Cross Westchester Expressway. Ample parking is available, with a ratio of four spaces per 1,000 square feet. The building's location in Westchester County, zip code 10577, provides an ideal blend of suburban tranquility and convenient access to major transportation routes. This is a unique opportunity to secure high-quality office space in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $9,760,000
      ML approach
      $9,455,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Purchase
    County
    Westchester
    State
    New York
    Longitude
    -73.695
    Latitude
    41.0065
    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
    2020
    $0.00
    $84,100
    $135,300
    $219,400
    -
    $7,188,034
    $11,564,103
    $18,752,137

    Comparable in this City

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      12 Manhattanville Rd

      OFFICE BUILDING
      12 Manhattanville Rd, Purchase, NY 10577-2107
      View Details
    • Value Estimation
      $615,000
      3,791 SF

      2500 Westchester Ave, Unit 2700

      OFFICE BUILDING
      2500 Westchester Ave, Purchase, NY 10577-2540
      View Details
    • Value Estimation
      $870,000
      5,470 SF

      700 Anderson Hl Rd

      OFFICE BUILDING
      700 Anderson Hl Rd, Purchase, NY 10577-1401
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    • Value Estimation
      $595,000
      3,913 SF

      287 Bowman Ave

      OFFICE BUILDING
      287 Bowman Ave, Purchase, NY 10577-2568
      View Details
    • Value Estimation by Request
      2,969 SF

      3003 Purchase St

      OFFICE BUILDING
      3003 Purchase St, Purchase, NY 10577-7555
      View Details

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      8,579 SF

      Class A Office Space Available

      Four-story office building with flexible terms and convenient commuting options.
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      3,149 SF

      Two-Story Office Building For Rent

      30,000 SF office building in Harrison Executive Park.
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      Class A Office Building

      Four-story commercial office building near I-287 and Metro-North.
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      6,451 SF

      Class A Corporate Campus

      Office complex with amenities and easy access in Westchester County.
      1-4 Manhattanville Rd, Purchase, NY 10577
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      Versatile Workspace Solutions Available

      Global network of workspaces with flexible options for rent.
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      19,183 SF

      Renovated Office Space in Purchase

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    View Listing
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    Purchase, NY 10577
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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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