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    Victorian Two-Family Home in Pelham Title is generated by Realmo AI

    46 First Avenue, Pelham, NY 10803

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    For Sale
    $949,000

    Turn-of-the-century Victorian in Pelham's sought-after 'Pelville' neighborhood.

    Type:Multi Family
    Property size:
    1,380 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $687/SF
    Added:
    Mar 24, 2026
    Days on Market:
    51
    Last Refresh:
    Apr 5 at 10:07 pm

    Property Features for 46 First Avenue

    General Information

    Standard status
    Active
    Size
    1,380 SF
    Lot size
    0.12 Acres
    Property subtype
    Multi Family

    Building Details

    Year Built
    1890

    We can help!

    Listing Contact
    Kathleen Spadaro
    Kathleen Spadaro

    Listing agent Kathleen Spadaro License #31SP0262259

    Listing office Spadaro Real Estate, Ltd.

    Listing date Mar 24, 2026

    Source Exitrealty

    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 Spadaro Real Estate, Ltd.

    HighLights

    • Highly sought‑after "Pelville" neighborhood in Pelham, offering affordable suburban living.
    • Income‑producing two‑family Victorian with flexible layouts (1135 SF and 1380 SF units).
    • Close proximity to Pelham Train Station, restaurants, shops, parks, and award‑winning Pelham School District.
    • Original turn‑of‑the‑century details intact, enhancing the home's timeless appeal.
    • Inviting wrap‑around porch, perfect for relaxation.
    • One‑car garage with driveway space for 3 cars, plus a full walk‑out basement with workshop.

    Overview

    This turn-of-the-century two-family Victorian features high ceilings and large windows that allow ample natural light. An inviting wrap-around porch provides space for relaxation. Many original details remain intact. The property offers possibilities to restore it as a single-family residence or utilize it as an income-producing property. The first floor consists of 5 rooms with a flexible layout and 1135 square feet. The unit combining the second and third floors also has 5 rooms, totaling 1380 square feet. There is a one-car garage with driveway space for three cars, and a full walk-out basement with a workshop. Located in the 'Pelville' neighborhood in Pelham, the property offers suburban living. It is in close proximity to the Pelham Train Station, restaurants, shops, parks, and the Pelham School District, including the Hutchinson Elementary School.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    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
    Pelham
    County
    Westchester
    State
    New York
    Longitude
    -73.8124242
    Latitude
    40.9130255

    Nearby Similar for Sale

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      Pelham Two-Family Home on Corner

      Classic two-family home in Pelham, ideal for various uses.
      503 Second Avenue, Pelham, NY 10803
      View Details
    • $1,098,000
      1,915 SF

      Pelham Commercial Space For Sale

      Commercial space in Pelham with established tenant and development potential.
      504 Fifth Avenue, Pelham, NY 10803
      View Details

    FAQs

    What type of property is this?
    Duplex - Turn-of-the-century Victorian in Pelham's sought-after 'Pelville' neighborhood.
    Where is this duplex located?
    The property is located at 46 First Avenue Pelham, NY.
    What is the asking price?
    The asking price for this property is $949,000.
    What are key features of this property?
    This property features: Highly sought‑after "Pelville" neighborhood in Pelham, offering affordable suburban living.; Income‑producing two‑family Victorian with flexible layouts (1135 SF and 1380 SF units).; Close proximity to Pelham Train Station, restaurants, shops, parks, and award‑winning Pelham School District.
    (914) 698-1017
    We can help!
    Listing Contact
    Kathleen Spadaro
    Kathleen Spadaro
    Real Estate License ID: 31SP0262259
    Learn More
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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
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