Two-Building Five-Unit
124 Center Avenue Mamaroneck, NY 10543
New
For Sale
$1,495,000
Two separate buildings totaling five apartments feature off-street tenant parking and individual electric hot-water heaters.
Property Size3,664 SF
Price / SF$408.02
Days on Market5
Property Features for 124 Center Avenue
General Information
Standard status
Active
Size
3,664 SF
Property subtype
Commercial
Building Details
Year Built
1892
Listing Agency:
Spadaro Real Estate, Ltd.
(914) 309-7786
Listed By:
Lawrence Duignan
(914) 309-7786
Source:
Cohenandcohenrealty
Added: Jul 25
Changed: Jul 28
Last Checked: Jul 28 at 7:42AM
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.
Investment Insights
Based on property information with market context.
This rare five-unit multifamily investment includes two separate buildings with off-street tenant parking. The front building provides three units in approximately 2,052 square feet, including a spacious four-bedroom duplex with 1.5 baths plus two additional two-bedroom apartments. The rear building contains two three-bedroom apartments in approximately 1,612 square feet.
Both buildings are served by one gas boiler, with heat paid by the owner. Each apartment also has its own electric hot-water heater, with electricity paid by the tenant. The property is currently described as having rents below market, and there are presently no written leases in place, providing flexibility for future rent adjustments subject to applicable laws and regulations.
The offering is positioned as a value-add opportunity for investors seeking income growth, with current annual income noted as approximately $135,000 and projected annual income noted as approximately $220,000 based on anticipated market rents.
Both buildings are served by one gas boiler, with heat paid by the owner. Each apartment also has its own electric hot-water heater, with electricity paid by the tenant. The property is currently described as having rents below market, and there are presently no written leases in place, providing flexibility for future rent adjustments subject to applicable laws and regulations.
The offering is positioned as a value-add opportunity for investors seeking income growth, with current annual income noted as approximately $135,000 and projected annual income noted as approximately $220,000 based on anticipated market rents.
Key Highlights
- Two separate buildings totaling five apartments in a 1892‑built property
- Front building (2,052 SF) has three units: a 4‑bedroom duplex (1.5 baths) plus two 2‑bedroom apartments
- Rear building (1,612 SF) has two units: two 3‑bedroom apartments
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $120.9k | $33.00 |
| − Vacancy | −$6.7k | −$1.82 |
| EGI | $114.3k | $31.19 |
| − OpEx | −$51.4k | −$14.03 |
| NOI | $62.8k | $17.15 |
3,664 SF · lease $33.00/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$897.8K
$785.6K – $1.05M
NOI $62,844 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.11M
$968.4K – $1.29M
NOI $77,473 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Two separate buildings totaling five apartments feature off-street tenant parking and individual electric hot-water heaters.
Where is this apartment building located?
The property is located at 124 Center Avenue Mamaroneck, NY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Two separate buildings totaling five apartments in a 1892‑built property; Front building (2,052 SF) has three units: a 4‑bedroom duplex (1.5 baths) plus two 2‑bedroom apartments; Rear building (1,612 SF) has two units: two 3‑bedroom apartments
