Updated Two-Family
For Sale
$1,100,000
118 Pershing Avenue, New Rochelle, NY 10801
Two-unit home with finished basement, updated kitchens, private rear yard, and stainless-steel appliances.
Property Size2,188 SF
Days on Market42
Property Features for 118 Pershing Avenue
General Information
Standard status
Active
Size
2,188 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,992
Amenities
finished basement
private rear yard
laundry area
attic
Building Details
Building Size
2,188 SF
Year Built
1921
Buildings
1
Units
2
Listing Agency:
Century 21 Marciano
(914) 707-1026
Listed By:
Anthony F. Marciano
(914) 707-1026
Source:
Cohenandcohenrealty
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 Century 21 Marciano
Investment Insights
Based on property information with market context.
This two-family residence at 118 Pershing Avenue in New Rochelle, NY, has been substantially updated while retaining a practical layout for separate households. The first-floor apartment includes two bedrooms, one full bathroom, an updated kitchen, and an open living and dining area. Its finished basement adds another full bathroom, laundry space, and access to the private rear yard.
The second-floor apartment provides three bedrooms, one full bathroom, an updated kitchen, and a generously sized living and dining area. Walk-up access leads to an approximately 800-square-foot unfinished attic that provides storage or possible future expansion with proper permits. Improvements include updated plumbing and electrical systems, three renovated bathrooms, fresh interior and exterior paint, refinished hardwood floors, updated trim and interior doors, and new stainless-steel appliances in both kitchens. The home was built in 1921.
The second-floor apartment provides three bedrooms, one full bathroom, an updated kitchen, and a generously sized living and dining area. Walk-up access leads to an approximately 800-square-foot unfinished attic that provides storage or possible future expansion with proper permits. Improvements include updated plumbing and electrical systems, three renovated bathrooms, fresh interior and exterior paint, refinished hardwood floors, updated trim and interior doors, and new stainless-steel appliances in both kitchens. The home was built in 1921.
Key Highlights
- Two‑family layout with a 2‑bedroom first‑floor apartment and 3‑bedroom second‑floor apartment
- Finished basement with an additional full bathroom, laundry area, and rear‑yard access
- Approximately 800‑square‑foot unfinished attic with walk‑up access
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
$42,618
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
3.87%
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%
$852,360
$852.4K
Cap Rate 7%
$608,829
$608.8K
Cap Rate 9%
$473,533
$473.5K
Market Conditions
NOI Build-Up for 2,188 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
$65.1K $29.76/SF
− Vacancy
−$4.2K −$1.93/SF
EGI
$60.9K $27.83/SF
− OpEx
−$18.3K −$8.35/SF
NOI
$42.6K $19.48/SF
Area
Westchester County, NY
Vacancy
6.50%
Lease Rate
$29.76 /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%
$852,360
Cap Rate 7%
$608,829
Cap Rate 9%
$473,533
Alternative Uses
Best Use
Multifamily LT 5
$608.8K
$532.7K – $710.3K
NOI $42,618 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$536.1K
$469.1K – $625.5K
NOI $37,528 @ 7.0% cap · market cap 3.41%
Theoretical Best
Retail
$660.9K
$578.3K – $771.1K
NOI $46,264 @ 7.0% cap · market cap 4.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
Explore this area
Business Placement
Demographics for 10801, NY
42,949
Population
16,912
Households
2.5
Avg Household Size
37
Median Age
43%
College-Educated
85%
High-School Grad
3.4 sq mi
ZIP Area
12,632
Density / Sq Mi
$83,534
Median Household Income
$50,274
Median Earnings
$1,742
Median Rent
$555,000
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?
Duplex - Two-unit home with finished basement, updated kitchens, private rear yard, and stainless-steel appliances.
Where is this duplex located?
The property is located at 118 Pershing Avenue New Rochelle, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two‑family layout with a 2‑bedroom first‑floor apartment and 3‑bedroom second‑floor apartment; Finished basement with an additional full bathroom, laundry area, and rear‑yard access; Approximately 800‑square‑foot unfinished attic with walk‑up access
