5-Unit Apartment
For Sale
$1,399,000
124 Center Avenue, Mamaroneck, NY 10543
Two-building multifamily asset with varied unit layouts, private utilities, and off-street tenant parking.
Property Size3,664 SF
Days on Market38
Property Features for 124 Center Avenue
General Information
Standard status
Active
Size
3,664 SF
Total Parking Spaces
6
Property subtype
Commercial
Zoning
281
Taxes and HOA fees
Annual Taxes
$25,900
Building Details
Building Size
3,664 SF
Year Built
1892
Buildings
2
Stories
2
Units
5
Listing Agency:
Spadaro Real Estate, Ltd.
(914) 309-7786
Listed By:
Lawrence Duignan
(914) 309-7786
Source:
Professionalchoicerealty
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 30 at 5:31PM
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 five-unit multifamily property comprises two separate buildings in Mamaroneck. The front structure contains 2,052 square feet with a four-bedroom duplex featuring 1.5 baths, plus two two-bedroom apartments. The rear building provides 1,612 square feet and includes two three-bedroom apartments. Off-street parking is available for tenants.
Each building has its own gas boiler, while the owner pays for heat. Apartments are individually equipped with electric hot-water heaters, and tenants are responsible for the related electricity. The property was built in 1892, carries zoning designation 281, and currently has no written leases in place.
Each building has its own gas boiler, while the owner pays for heat. Apartments are individually equipped with electric hot-water heaters, and tenants are responsible for the related electricity. The property was built in 1892, carries zoning designation 281, and currently has no written leases in place.
Key Highlights
- Five apartments across two separate buildings
- Front building: 2,052 square feet with a four‑bedroom duplex and two two‑bedroom apartments
- Rear building: 1,612 square feet with two three‑bedroom apartments
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
$62,844
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
4.49%
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%
$1,256,880
$1.3M
Cap Rate 7%
$897,771
$897.8K
Cap Rate 9%
$698,267
$698.3K
Market Conditions
NOI Build-Up for 3,664 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
$120.9K $33.00/SF
− Vacancy
−$6.7K −$1.82/SF
EGI
$114.3K $31.19/SF
− OpEx
−$51.4K −$14.03/SF
NOI
$62.8K $17.15/SF
Area
Westchester County, NY
Vacancy
5.50%
Lease Rate
$33.00 /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%
$1,256,880
Cap Rate 7%
$897,771
Cap Rate 9%
$698,267
Alternative Uses
Best Use
Apartment 5plus
$897.8K
$785.6K – $1.05M
NOI $62,844 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.11M
$968.4K – $1.29M
NOI $77,473 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,788
Businesses Nearby
Explore this area
Business Placement
Demographics for 10543, NY
21,296
Population
8,141
Households
2.6
Avg Household Size
41
Median Age
57%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
4,953
Density / Sq Mi
$128,418
Median Household Income
$69,176
Median Earnings
$2,030
Median Rent
$710,000
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?
Apartment building - Two-building multifamily asset with varied unit layouts, private utilities, and off-street tenant parking.
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 $1,399,000.
What are key features of this property?
This property features: Five apartments across two separate buildings; Front building: 2,052 square feet with a four‑bedroom duplex and two two‑bedroom apartments; Rear building: 1,612 square feet with two three‑bedroom apartments
