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Yonkers,NY 10701
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,500 sqft
Price per Sqft $342
MLS Listing ID 3581507
Style Store+Dwell
Bedrooms 6
Full Baths 3
Year Built 1905
Annual Tax Amount $11,028
Lot Size 2,178 Sqft
Property Description
Investment Opportunity with Stable Income and Upside Potential This well-maintained mixed-use property in Yonkers, New York, offers a unique opportunity for an investor seeking both residential and commercial income streams. The property consists of two spacious three-bedroom apartments and a ground-floor deli, along with a leased garage. It is located in a desirable area with strong demand from both residential and commercial tenants. Property Breakdown: Residential Units: Second Floor: Section 8 program tenant paying $2,002 per month, providing guaranteed rental income. Third Floor: Month-to-month tenant paying $1,950 per month, allowing flexibility for future rental increases or repositioning. Commercial Unit (Ground-Floor Deli): Commercial tenant paying $3,600 per month with two years remaining on a 10-year lease. The lease includes a 6% annual rent increase, ensuring growing income. This tenant provides a reliable income stream with long-term stability. Garage: Leased at $1,210 per month, adding an additional revenue source to the property. Financial Overview: Total Monthly Gross Income: $8,762 Total Annual Gross Income: $105,144 Expenses: Taxes: $11,028.66 annually Heating and Electric Bills: $12,000 annually Water Expenses: $1,200 annually Recent Improvements: The roof was replaced in 2024 and is insured for 15 years, reducing future capital expenditures. Net Operating Income (NOI): With total annual expenses of $24,228.66, the property generates a net operating income (NOI) of approximately $80,915.34. Summary: This Yonkers mixed-use property presents a balanced combination of residential and commercial tenants, guaranteed income from a Section 8 lease, and a long-term commercial tenant with built-in rent escalations. With minimal deferred maintenance due to recent roof work and manageable expenses, this asset is positioned to provide solid returns and potential upside through rental increases. For investors seeking a well-located property with diverse income streams, this is a compelling opportunity to add a high-performing asset to your portfolio.
Location
State NY
County Westchester
Rooms
Kitchen 3
Interior
Heating Oil,Hot Water
Cooling Wall Unit(s)
Exterior
Garage Attached,2 Car Attached,Covered,Garage
Garage Spaces 2.0
Building
Sewer Public Sewer
Water Public
Structure Type Other
New Construction No
Schools
Elementary Schools Yonkers Early Childhood Academy
Middle Schools Yonkers Middle School
High Schools Yonkers High School
School District Yonkers
Others
Special Listing Condition None