Multifamily Property with Accessory
For Sale
$899,000
Pending
128 Terrace Avenue, Portchester, NY 10573
Early-20th-century residential income property with storage, an eat-in kitchen, and assigned exterior space.
Property Size2,037 SF
Days on Market128
Property Features for 128 Terrace Avenue
General Information
Standard status
Pending
Size
2,037 SF
Total Parking Spaces
3
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$18,239
Amenities
Oil
Storage Space
Refrigerator
Eat-in Kitchen
Assigned
Includes Legal Accessory Apartment
Building Details
Building Size
2,037 SF
Year Built
1900
Listing Agency:
West-Green & Assoc RE Brokers
Listed By:
Beatriz E. Alvarez
(914) 882-1531
Source:
Evrealestate
Added: Apr 29
Changed: Aug 31
Last Checked: Sep 2 at 3:08PM
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 West-Green & Assoc RE Brokers
Investment Insights
Based on property information with market context.
This multifamily property at 128 Terrace Avenue in Port Chester, New York, was built in 1900. The residence includes storage space, a refrigerator, and an eat-in kitchen, along with oil service identified among the interior features.
The property also includes a legal accessory apartment and assigned exterior space. Access is from Main Street to Terrace Avenue, with the property located in Westchester County.
The property also includes a legal accessory apartment and assigned exterior space. Access is from Main Street to Terrace Avenue, with the property located in Westchester County.
Key Highlights
- Legal accessory apartment included
- Built in 1900
- Assigned exterior space
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
$34,938
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
3.89%
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%
$698,760
$698.8K
Cap Rate 7%
$499,114
$499.1K
Cap Rate 9%
$388,200
$388.2K
Market Conditions
NOI Build-Up for 2,037 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
$67.2K $33.00/SF
− Vacancy
−$3.7K −$1.82/SF
EGI
$63.5K $31.19/SF
− OpEx
−$28.6K −$14.03/SF
NOI
$34.9K $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%
$698,760
Cap Rate 7%
$499,114
Cap Rate 9%
$388,200
Alternative Uses
Best Use
Apartment 5plus
$499.1K
$436.7K – $582.3K
NOI $34,938 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$615.3K
$538.4K – $717.9K
NOI $43,071 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,471
Businesses Nearby
Explore this area
Business Placement
Demographics for 10573, NY
41,758
Population
14,592
Households
2.9
Avg Household Size
39
Median Age
44%
College-Educated
83%
High-School Grad
5.5 sq mi
ZIP Area
7,592
Density / Sq Mi
$110,612
Median Household Income
$48,263
Median Earnings
$1,940
Median Rent
$649,900
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?
Multifamily property - Early-20th-century residential income property with storage, an eat-in kitchen, and assigned exterior space.
Where is this multifamily property located?
The property is located at 128 Terrace Avenue Portchester, NY.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Legal accessory apartment included; Built in 1900; Assigned exterior space
