Mixed-Use Building with
For Sale
$925,000
114-116 Ferris Avenue, White Plains, NY 10603
Two renovated apartments accompany an occupied storefront and rear driveway parking.
Property Size2,032 SF
Days on Market26
Property Features for 114-116 Ferris Avenue
General Information
Standard status
Active
Size
2,032 SF
Total Parking Spaces
5
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,617
Amenities
on-site parking
Building Details
Building Size
2,032 SF
Year Built
1925
Units
3
Tenancy
Multi
Listing Agency:
C. J. Pagano & Sons, Inc.
(914) 447-8768
Listed By:
Christopher Krzeminski · License #10301223659
(914) 447-8768
Source:
Cohenandcohenrealty
Added: Jul 26
Changed: Aug 14
Last Checked: Aug 19 at 2:13PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of C. J. Pagano & Sons, Inc.
Investment Insights
Based on property information with market context.
Built in 1925, this mixed-use property combines two fully renovated two-bedroom apartments with a leased retail storefront. The second-floor apartment is leased through February 2027, while the renovated first-floor apartment is vacant and available for a new lease or owner occupancy. Heat is provided by the landlord throughout the property, and the retail tenant pays its own electric service.
The storefront lease runs for five years through February 2031 and includes annual rent escalations. Parking is available at the rear and in the driveway, with additional street parking serving retail customers. The property is approximately 0.4 miles from the White Plains Metro-North Station and is near I-287 and the Bronx River Parkway.
The storefront lease runs for five years through February 2031 and includes annual rent escalations. Parking is available at the rear and in the driveway, with additional street parking serving retail customers. The property is approximately 0.4 miles from the White Plains Metro-North Station and is near I-287 and the Bronx River Parkway.
Key Highlights
- Two fully renovated 2‑bedroom apartments
- Leased retail storefront with a 5‑year term through February 2031
- 2nd‑floor apartment leased through February 2027
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
$42,966
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
4.64%
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%
$859,320
$859.3K
Cap Rate 7%
$613,800
$613.8K
Cap Rate 9%
$477,400
$477.4K
Market Conditions
NOI Build-Up for 2,032 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
$70.7K $34.80/SF
− Vacancy
−$9.3K −$4.59/SF
EGI
$61.4K $30.21/SF
− OpEx
−$18.4K −$9.06/SF
NOI
$43.0K $21.14/SF
Area
Westchester County, NY
Vacancy
13.20%
Lease Rate
$34.80 /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%
$859,320
Cap Rate 7%
$613,800
Cap Rate 9%
$477,400
Alternative Uses
Best Use
Retail
$613.8K
$537.1K – $716.1K
NOI $42,966 @ 7.0% cap · market cap 4.64%
Second Best
Apartment 5plus
$497.9K
$435.7K – $580.9K
NOI $34,852 @ 7.0% cap · market cap 3.77%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,086
Businesses Nearby
Explore this area
Business Placement
Demographics for 10603, NY
18,033
Population
7,624
Households
2.4
Avg Household Size
41
Median Age
47%
College-Educated
88%
High-School Grad
3.4 sq mi
ZIP Area
5,304
Density / Sq Mi
$121,450
Median Household Income
$56,466
Median Earnings
$1,905
Median Rent
$499,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two renovated apartments accompany an occupied storefront and rear driveway parking.
Where is this mixed-use property located?
The property is located at 114-116 Ferris Avenue White Plains, NY.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Two fully renovated 2‑bedroom apartments; Leased retail storefront with a 5‑year term through February 2031; 2nd‑floor apartment leased through February 2027
