124 Chatsworth Ave, Larchmont, NY 10538

Building Details

Tenancy Single More

Listing Agency: Atlantic Retail Boston

Listed By: Justin Smith · License MA #9524556 Show Phone

Source: Crexi

Added: Sep 17 Changed: Nov 5 Last Checked: Nov 12 at 4:15AM

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Investment Insights

Based on property information with market context.

At 124 Chatsworth Ave, the 3,111-square-foot restaurant property is fully leased to Riko's Pizza. The tenant has 10 years remaining on its lease, with contractual rent increases during the term.

The property occupies the southeast corner of Chatsworth Ave and Palmer Ave in downtown Larchmont, New York. The surrounding area has a population of 129,043 within 3 miles and a median household income above $189,438.

Key Highlights

• 3,111 SF restaurant property
• 100% leased to Riko's Pizza
• 10 years of remaining lease term

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$143,985

Cap Rate

3.85%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,879,700 $2.9M

Cap Rate 7%

$2,056,929 $2.1M

Cap Rate 9%

$1,599,833 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,111 SF

Gross rent

$205.3K $66.00/SF

− Vacancy

−$13.3K −$4.29/SF

EGI

$192.0K $61.71/SF

− OpEx

−$48.0K −$15.43/SF

NOI

$144.0K $46.28/SF

Area

Westchester County, NY

Vacancy

6.50%

Lease Rate

$66.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,879,700

Cap Rate 7%

$2,056,929

Cap Rate 9%

$1,599,833

Alternative Uses

Best Use

Specialty Retail

$2.06M

$1.80M – $2.40M (±1% cap)

NOI $143,985 @ 7.0% cap · market cap 3.85%

Second Best

Retail

$939.7K

$822.3K – $1.10M (±1% cap)

NOI $65,780 @ 7.0% cap · market cap 1.76%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Larchmont Lock Master Locksmith Chase Mortgage Loan Service

Suggested Use

Top Pick Parking Lot & Garage Hair Salon Barber Shop (Bike/Boat/Book/etc) Store Grocery & Convenience Store Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,593

Businesses Nearby

28k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 56% Dining 39% Electronics 5%

Sunoco Shops & Services

6,581 visits/mo 0.4 miles

Bluestone Lane Dining

6,537 visits/mo 0.1 miles

TD Bank Shops & Services

4,758 visits/mo 0.1 miles

Starbucks Dining

4,698 visits/mo 0.1 miles

Corner Store Shops & Services

3,087 visits/mo 0.1 miles

Demographics for 10538, NY

18,318

Population

7,017

Households

2.6

Avg Household Size

41

Median Age

82%

College-Educated

98%

High-School Grad

3.5 sq mi

ZIP Area

5,234

Density / Sq Mi

$186,555

Median Household Income

$96,742

Median Earnings

$2,115

Median Rent

$1,185,300

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

NNN property - A fully leased restaurant investment carries a decade of remaining lease term and contractual rent increases.

Where is this nnn property located?

The property is located at 124 Chatsworth Ave Larchmont, NY.

What is the asking price?

The asking price for this property is $3,737,000.

What are key features of this property?

This property features: 3,111 SF restaurant property; 100% leased to Riko's Pizza; 10 years of remaining lease term