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    208-216 King Street Port Chester, NY 10573

    View on Map
    Sponsored
    Source: https://caprijetrealty.com
    For Sale
    $14,000,000

    A fully approved 185-unit apartment building

    Property size:
    221,800 SF

    Property Features for 208-216 King Street

    General Information

    Property type
    Residential land & home lots
    Square Feet
    221,800 SF
    Total Parking Spaces
    152
    Elevators
    N/A
    Lot Size
    24,829 SF

    Building Details

    Stories
    12

    Overview

    Approved Apartment Building Development Opportunity

    This is an opportunity to construct a fully approved 185-unit apartment building in Westchester County, New York, approximately 30 minutes north of New York City. The site is near a vibrant downtown area and a short walk (391 feet) from Metro-North suburban trains and major bus stops, with convenient access to highways and Westchester County Airport. The property is located in an Opportunity Zone. Municipal approval has been secured, including certification of no adverse environmental impact from construction. The final site plan approval is for a Class-A building with 185 residential apartments: 36 studios, 58 one-bedroom units, 80 two-bedroom units, and 11 three-bedroom units. The building is planned to be 12 stories high, encompassing 221,000 square feet. Parking will include 152 spaces for vehicles and 47 interior bicycle parking spaces. Luxury amenities are planned, totaling 13,087 square feet, and include a top-floor clubroom/lounge, co-working area, fitness area, yoga room, conference center, dog run, and a rooftop amenity deck and pool. There are currently three multi-family buildings on the site that generate cash flow.

    We can help!

    Listing Contact
    Rajeevkumar Chennattu

    Learn more

    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Port Chester
    State
    New York
    Longitude
    -74.0060152
    Latitude
    40.7127281

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    • Contact for pricing
      221,800 SF

      Luxury Port Chester Apartments

      185-unit luxury development, prime location.
      216 King St, Port Chester, NY 10573
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - A fully approved 185-unit apartment building
    Where is this residential land & home lot located?
    The property is located at 208-216 King Street Port Chester, NY.
    What is the asking price?
    The asking price for this property is $14,000,000.
    (914) 713-8800
    Request Owner's contact information
    208-216 King Street Port Chester, NY 10573
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    Port Chester, NY 10573
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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
    208-216 King Street Port Chester, NY 10573
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    We can help!
    Listing Contact
    Rajeevkumar Chennattu
    (914) 713-8800
    Learn more
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