Legal Six-Family Apartment
For Sale
$1,600,000
255 S Lexington Ave, White Plains, NY 10606
Legal six-family building with six two-bedroom units and separate electrical meters, plus three parking spaces.
Property Size4,725 SF
Days on Market51
Property Features for 255 S Lexington Ave
General Information
Standard status
Active
Size
4,725 SF
Total Parking Spaces
3
Property subtype
Commercial
Additional Details
Highway Access
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$17,117
Building Details
Building Size
4,725 SF
Year Built
1924
Units
6
Tenancy
Multi
Listing Agency:
(914) 403-0382
Listed By:
Daniel L. Luckner
(914) 403-0382
Source:
Elliman
Added: Jul 11
Changed: Aug 13
Last Checked: Aug 29 at 9:54AM
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 Daniel L. Luckner
Investment Insights
Based on property information with market context.
This legal six-family apartment building offers six two-bedroom units, with each unit served by separate electrical meters. The property includes three parking spaces for residents or guests. The lower level also presents potential to be finished into an additional unit.
Located in the heart of White Plains, the building provides easy access to major shopping, highways, and train service, with local restaurants nearby.
Additional reported details include that the owner would like to consider holding a mortgage for 10 to 15 years if the buyer needs financing.
Located in the heart of White Plains, the building provides easy access to major shopping, highways, and train service, with local restaurants nearby.
Additional reported details include that the owner would like to consider holding a mortgage for 10 to 15 years if the buyer needs financing.
Key Highlights
- Legal 6‑family property with six 2‑bedroom units (Year built: 1924).
- Each unit has separate electrical meters.
- Includes 3 parking spaces.
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
$81,042
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
5.07%
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%
$1,620,840
$1.6M
Cap Rate 7%
$1,157,743
$1.2M
Cap Rate 9%
$900,467
$900.5K
Market Conditions
NOI Build-Up for 4,725 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
$155.9K $33.00/SF
− Vacancy
−$8.6K −$1.82/SF
EGI
$147.3K $31.19/SF
− OpEx
−$66.3K −$14.03/SF
NOI
$81.0K $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%
$1,620,840
Cap Rate 7%
$1,157,743
Cap Rate 9%
$900,467
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $81,042 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.43M
$1.25M – $1.67M
NOI $99,908 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,969
Businesses Nearby
Explore this area
Business Placement
Demographics for 10606, NY
16,929
Population
6,920
Households
2.4
Avg Household Size
38
Median Age
45%
College-Educated
85%
High-School Grad
1.5 sq mi
ZIP Area
11,286
Density / Sq Mi
$114,956
Median Household Income
$56,651
Median Earnings
$2,452
Median Rent
$667,900
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?
Apartment building - Legal six-family building with six two-bedroom units and separate electrical meters, plus three parking spaces.
Where is this apartment building located?
The property is located at 255 S Lexington Ave White Plains, NY.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Legal 6‑family property with six 2‑bedroom units (Year built: 1924).; Each unit has separate electrical meters.; Includes 3 parking spaces.
