Legal 6-Family Investment
For Sale
$1,200,000
45-47 Highland Avenue, Yonkers, NY 10705
Fully occupied 6-family home with parking and upgrade potential.
Property Size4,695 SF
Price / SF$255.59
Days on Market283
Property Features for 45-47 Highland Avenue
General Information
Standard status
Active
Size
4,695 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$16,060
Building Details
Building Size
4,695 SF
Year Built
1891
Listing Agency:
ERA Insite Realty Services
Listed By:
Michael D'Onofrio · License #30DO0491138
(914) 329-4559
Source:
Shawmetro
Added: Nov 26, 2025
Changed: Sep 2
Last Checked: Sep 5 at 6:08AM
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 ERA Insite Realty Services
Investment Insights
Based on property information with market context.
This is a legal 6-family home that is fully occupied. The units have been upgraded as needed. There are 5 paid parking spots and a 2-car garage, as well as off-street parking. The full basement can be utilized for storage or office space. The property is located very close to the Hudson, offering future possibilities. It has great potential. The property can be sold as a package with 153 Mclean Ave.
Key Highlights
- Legal 6‑family home, fully occupied, providing immediate rental income.
- Upgraded units, suggesting reduced maintenance and tenant appeal.
- 5 paid parking spots and a 2‑car garage, offering valuable tenant amenities and potential income.
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
$104,333
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
8.69%
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%
$2,086,660
$2.1M
Cap Rate 7%
$1,490,471
$1.5M
Cap Rate 9%
$1,159,256
$1.2M
Market Conditions
NOI Build-Up for 4,695 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
$208.5K $44.40/SF
− Vacancy
−$18.8K −$4.00/SF
EGI
$189.7K $40.40/SF
− OpEx
−$85.4K −$18.18/SF
NOI
$104.3K $22.22/SF
Area
Yonkers, NY
Vacancy
9.00%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$2,086,660
Cap Rate 7%
$1,490,471
Cap Rate 9%
$1,159,256
Alternative Uses
Best Use
Apartment 5plus
$1.49M
$1.30M – $1.74M
NOI $104,333 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.62M
$1.42M – $1.89M
NOI $113,608 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,169
Businesses Nearby
Explore this area
Business Placement
Demographics for 10705, NY
41,785
Population
15,620
Households
2.7
Avg Household Size
36
Median Age
30%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
18,993
Density / Sq Mi
$68,616
Median Household Income
$40,717
Median Earnings
$1,602
Median Rent
$445,600
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?
Apartment building - Fully occupied 6-family home with parking and upgrade potential.
Where is this apartment building located?
The property is located at 45-47 Highland Avenue Yonkers, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Legal 6‑family home, fully occupied, providing immediate rental income.; Upgraded units, suggesting reduced maintenance and tenant appeal.; 5 paid parking spots and a 2‑car garage, offering valuable tenant amenities and potential income.
