Three-Unit Multifamily
New
For Sale
$1,100,000
124 Pelham St, Mamaroneck, NY 10543
Fully leased apartments with private terraces, updated windows, laundry features, and a detached garage near downtown Mamaroneck.
Property Size3,807 SF
Days on Market3
Property Features for 124 Pelham St
General Information
Standard status
Active
Size
3,807 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$85,800
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$15,607
Amenities
private terrace
in-unit washer/dryer
detached garage
Building Details
Building Size
3,807 SF
Year Built
1900
Buildings
1
Units
3
Tenancy
Multi
Listing Agency:
(914) 374-3116
Listed By:
Steven Weishaus
(914) 374-3116
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 6:03AM
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 Steven Weishaus
Investment Insights
Based on property information with market context.
This well-maintained triplex contains three apartments, with two units offering two bedrooms and one full bathroom each. Every apartment includes a private outdoor terrace. Unit 1 and Unit 2 have dedicated washers and dryers, while Unit 3 includes washer/dryer hookups. Recent property improvements include new windows throughout, a new above-ground oil tank, a three-year-old hot water tank, and new garage doors. A detached garage provides additional storage space.
All three apartments are rented with leases in place. The property is located at 124 Pelham St in Mamaroneck, approximately half a mile from the Mamaroneck Metro-North station and Mamaroneck Avenue. The surrounding area provides access to transportation, restaurants, shops, and downtown Mamaroneck. Built in 1900, the property has remained under the same family’s ownership for 50 years.
All three apartments are rented with leases in place. The property is located at 124 Pelham St in Mamaroneck, approximately half a mile from the Mamaroneck Metro-North station and Mamaroneck Avenue. The surrounding area provides access to transportation, restaurants, shops, and downtown Mamaroneck. Built in 1900, the property has remained under the same family’s ownership for 50 years.
Key Highlights
- Three apartments are fully rented with leases in place
- Private outdoor terrace for each apartment
- Unit 1 and Unit 2 include their own washers and dryers; Unit 3 has washer/dryer hookups
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
$74,152
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
6.74%
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%
$1,483,040
$1.5M
Cap Rate 7%
$1,059,314
$1.1M
Cap Rate 9%
$823,911
$823.9K
Market Conditions
NOI Build-Up for 3,807 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
$113.3K $29.76/SF
− Vacancy
−$7.4K −$1.93/SF
EGI
$105.9K $27.83/SF
− OpEx
−$31.8K −$8.35/SF
NOI
$74.2K $19.48/SF
Area
Westchester County, NY
Vacancy
6.50%
Lease Rate
$29.76 /SF/Yr
Expense Ratio
30.00%
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%
$1,483,040
Cap Rate 7%
$1,059,314
Cap Rate 9%
$823,911
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$926.9K – $1.24M
NOI $74,152 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$932.8K
$816.2K – $1.09M
NOI $65,297 @ 7.0% cap · market cap 5.94%
Theoretical Best
Retail
$1.15M
$1.01M – $1.34M
NOI $80,497 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,497
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully leased apartments with private terraces, updated windows, laundry features, and a detached garage near downtown Mamaroneck.
Where is this triplex located?
The property is located at 124 Pelham St Mamaroneck, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Three apartments are fully rented with leases in place; Private outdoor terrace for each apartment; Unit 1 and Unit 2 include their own washers and dryers; Unit 3 has washer/dryer hookups
