Renovated Mixed-Use
For Sale
$925,000
114-116 Ferris Avenue, White Plains, NY 10603
Includes two apartments and a leased retail storefront near Metro-North rail service and major parkways.
Property Size2,032 SF
Days on Market39
Property Features for 114-116 Ferris Avenue
General Information
Standard status
Active
Size
2,032 SF
Property subtype
Commercial
Zoning
RM-1.5
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
Building Details
Building Size
2,032 SF
Year Built
1925
Buildings
2
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
C. J. Pagano & Sons, Inc.
(914) 447-8768
Listed By:
Christopher Krzeminski · License #10301223659
(914) 447-8768
Source:
Callexitfirst
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 29 at 10:19AM
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 2-bedroom apartments with a leased retail storefront. The second-floor apartment is leased through February 2027, while the renovated first-floor residence is vacant and available for occupancy or a new lease. Heat is provided by the landlord throughout the property, and the retail tenant separately pays electric service.
The storefront is committed under a 5-year lease through February 2031 with annual rent escalations. Rear and driveway parking serve the property, with additional street parking available for retail customers. The property is located near I-287 and the Bronx River Parkway, approximately 0.4 miles from the White Plains Metro-North Station, with rail service offering access to New York City in under 35 minutes. RM-1.5 zoning supports the recorded mixed-use configuration.
The storefront is committed under a 5-year lease through February 2031 with annual rent escalations. Rear and driveway parking serve the property, with additional street parking available for retail customers. The property is located near I-287 and the Bronx River Parkway, approximately 0.4 miles from the White Plains Metro-North Station, with rail service offering access to New York City in under 35 minutes. RM-1.5 zoning supports the recorded mixed-use configuration.
Key Highlights
- Two fully renovated 2‑bedroom apartments
- Retail storefront leased through February 2031 on a 5‑year term
- Second‑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 - Includes two apartments and a leased retail storefront near Metro-North rail service and major parkways.
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; Retail storefront leased through February 2031 on a 5‑year term; Second‑floor apartment leased through February 2027
