Historic Mixed-Use Loft
For Sale
$7,700,000
2 Mill Street, Yonkers, NY 10701
Two historic loft conversions with ground-floor commercial and tenant-forward residential amenities, offering strong income upside.
Property Size36,251 SF
Days on Market71
Property Features for 2 Mill Street
General Information
Standard status
Active
Size
36,251 SF
Property subtype
Mixed-Use
Additional Details
Multifamily Units
33
Building Details
Building Size
36,251 SF
Year Built
1914
Units
1
Tenancy
Multi
Listing Agency:
Lee & Associates | New York City
(201) 615-8557
Listed By:
Chris Varjan · License #10401285671
(201) 615-8557
Source:
Lee-associates
Added: Jun 2
Changed: Aug 8
Last Checked: Aug 11 at 5:32AM
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 Lee & Associates | New York City
Investment Insights
Based on property information with market context.
Lee & Associates NYC is pleased to offer, exclusively for sale, a mixed-use loft portfolio featuring two buildings at 2 Mill Street and 12-14 North Broadway in Yonkers, NY. SOYO Lofts is housed in a historic structure dating to about 1914 and now provides 25 residential lofts alongside ground-floor commercial space. The loft conversion highlights high ceilings, large windows, in-unit laundry, and tenant-controlled HVAC, with shared resident amenities including a lounge, conference area, and fitness room.
Mercantile Lofts at 12-14 North Broadway is a mixed-use loft conversion of a former commercial building originally built around 1965, with approximately eight residential loft units above a ground-floor commercial component. The portfolio also includes 16 vacant storage units within a basement portion, and presents an opportunity for rent growth through a voucher lease-up strategy. From a transportation standpoint, the property is about three blocks to Metro North and is under 30 minutes to Grand Central.
This offering is well suited to buyers seeking a mixed-use income stream combining residential lofts with active ground-floor commercial space, along with operational levers tied to storage revenues and voucher-based leasing. The portfolio may be sold together with the associated 12-14 North Broadway property as part of the same opportunity.
Mercantile Lofts at 12-14 North Broadway is a mixed-use loft conversion of a former commercial building originally built around 1965, with approximately eight residential loft units above a ground-floor commercial component. The portfolio also includes 16 vacant storage units within a basement portion, and presents an opportunity for rent growth through a voucher lease-up strategy. From a transportation standpoint, the property is about three blocks to Metro North and is under 30 minutes to Grand Central.
This offering is well suited to buyers seeking a mixed-use income stream combining residential lofts with active ground-floor commercial space, along with operational levers tied to storage revenues and voucher-based leasing. The portfolio may be sold together with the associated 12-14 North Broadway property as part of the same opportunity.
Key Highlights
- Two mixed‑use loft buildings in Yonkers: 2 Mill Street and 12–14 North Broadway (historic Statesman and McCann buildings)
- SOYO Lofts: 25 residential lofts plus ground‑floor commercial space in a structure dating to about 1914
- Mercantile Lofts: mixed‑use loft conversion originally built around 1965, with approximately eight residential loft units over ground‑floor commercial
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
$707,982
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
9.19%
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%
$14,159,640
$14.2M
Cap Rate 7%
$10,114,029
$10.1M
Cap Rate 9%
$7,866,467
$7.9M
Market Conditions
NOI Build-Up for 36,251 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
$1.09M $30.00/SF
− Vacancy
−$76.1K −$2.10/SF
EGI
$1.01M $27.90/SF
− OpEx
−$303.4K −$8.37/SF
NOI
$708.0K $19.53/SF
Area
Yonkers, NY
Vacancy
7.00%
Lease Rate
$30.00 /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%
$14,159,640
Cap Rate 7%
$10,114,029
Cap Rate 9%
$7,866,467
Alternative Uses
Best Use
Apartment 5plus
$11.51M
$10.07M – $13.43M
NOI $805,577 @ 7.0% cap · market cap 10.46%
Second Best
Retail
$10.11M
$8.85M – $11.80M
NOI $707,982 @ 7.0% cap · market cap 9.19%
Theoretical Best
Multifamily LT 5
$12.53M
$10.96M – $14.62M
NOI $877,190 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
33
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,737
Businesses Nearby
Explore this area
Business Placement
Demographics for 10701, NY
68,704
Population
28,252
Households
2.4
Avg Household Size
36
Median Age
30%
College-Educated
79%
High-School Grad
4.4 sq mi
ZIP Area
15,615
Density / Sq Mi
$63,310
Median Household Income
$42,702
Median Earnings
$1,694
Median Rent
$412,900
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?
Mixed-use property - Two historic loft conversions with ground-floor commercial and tenant-forward residential amenities, offering strong income upside.
Where is this mixed-use property located?
The property is located at 2 Mill Street Yonkers, NY.
What is the asking price?
The asking price for this property is $7,700,000.
What are key features of this property?
This property features: Two mixed‑use loft buildings in Yonkers: 2 Mill Street and 12–14 North Broadway (historic Statesman and McCann buildings); SOYO Lofts: 25 residential lofts plus ground‑floor commercial space in a structure dating to about 1914; Mercantile Lofts: mixed‑use loft conversion originally built around 1965, with approximately eight residential loft units over ground‑floor commercial
