540 State Rd Briarcliff Manor, NY 10510-1598

This exceptional two-story, 11,800 square foot Class B medical office building in Briarcliff Manor, NY, presents a compelling investment opportunity. Boasting a 95% occupancy rate with six credit-rated tenants, including a property management company, pain management clinic, dental office, and chiropractic services, this stabilized investment property generates a current NOI of $151,720 and a 6.32% cap rate. The pro-forma NOI is projected at $178,720, representing a 7.45% cap rate. The building, situated on a 0.469-acre lot, features 28 parking spaces and underwent extensive renovations between 2021 and 2022, including a new roof, exterior paint, parking lot, drainage system, lobby, and landscaping. All common areas and five of the seven suites have been updated within the last 18 months. The lease type is NNN, and rents include annual 3.5% increases. A significant portion of the first floor (3200+ sq ft) is currently vacant and available for lease starting 4/15/24. The building's prime location in Briarcliff Manor's business district offers easy access to parkways, commuter routes, and public transportation. Owner financing is available. The net rentable square footage is 9,500 square feet, with an asking price of $2,399,000 ($203.31 per square foot).