Attached Brick Two-Family
For Sale
$660,000
409 S 3rd Ave, Mount Vernon, NY 10550
Three-story attached brick two-family home with a vacant upper three-bedroom duplex and an occupied one-bedroom apartment.
Property Size1,300 SF
Days on Market25
Property Features for 409 S 3rd Ave
General Information
Standard status
Active
Size
1,300 SF
Total Parking Spaces
1
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$13,807
Building Details
Building Size
1,300 SF
Year Built
1958
Buildings
1
Stories
3
Units
2
Construction
brick
Tenancy
Multi
Listing Agency:
Cohen And Cohen Consulting Realty Inc
(917) 962-4962
Listed By:
Noel P. Cohen
(917) 962-4962
Source:
Elliman
Added: Jul 29
Changed: Aug 16
Last Checked: Aug 22 at 9:21AM
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 Cohen And Cohen Consulting Realty Inc
Investment Insights
Based on property information with market context.
Three-story attached brick two-family duplex with a vacant upper three-bedroom unit and an occupied first-floor one-bedroom apartment. The upper duplex features hardwood floors, a full bath, and an extra-large open-concept living room with dining area and kitchen, plus access to a walkout porch. Additional interior and outdoor amenities include modern appliances, a private backyard, and an attached one-car garage.
Convenient to Metro-North and Bee-Line buses, with nearby parks, shopping, and community amenities.
Built in 1958, the property is well suited for an owner-occupant who wants rental income, a buyer seeking separate living accommodations, or an investor looking to add residential income units to a portfolio.
Convenient to Metro-North and Bee-Line buses, with nearby parks, shopping, and community amenities.
Built in 1958, the property is well suited for an owner-occupant who wants rental income, a buyer seeking separate living accommodations, or an investor looking to add residential income units to a portfolio.
Key Highlights
- Three‑story attached brick two‑family duplex with a vacant upper three‑bedroom unit
- Occupied first‑floor one‑bedroom apartment
- Hardwood floors and an extra‑large open‑concept living room with dining area and kitchen
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
$25,321
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
3.84%
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%
$506,420
$506.4K
Cap Rate 7%
$361,729
$361.7K
Cap Rate 9%
$281,344
$281.3K
Market Conditions
NOI Build-Up for 1,300 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
$38.7K $29.76/SF
− Vacancy
−$2.5K −$1.93/SF
EGI
$36.2K $27.83/SF
− OpEx
−$10.9K −$8.35/SF
NOI
$25.3K $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%
$506,420
Cap Rate 7%
$361,729
Cap Rate 9%
$281,344
Alternative Uses
Best Use
Multifamily LT 5
$361.7K
$316.5K – $422.0K
NOI $25,321 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$318.5K
$278.7K – $371.6K
NOI $22,297 @ 7.0% cap · market cap 3.38%
Theoretical Best
Retail
$392.7K
$343.6K – $458.1K
NOI $27,488 @ 7.0% cap · market cap 4.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,900
Businesses Nearby
Explore this area
Business Placement
Demographics for 10550, NY
41,137
Population
16,865
Households
2.4
Avg Household Size
38
Median Age
23%
College-Educated
82%
High-School Grad
2.0 sq mi
ZIP Area
20,569
Density / Sq Mi
$56,903
Median Household Income
$43,733
Median Earnings
$1,451
Median Rent
$482,600
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?
Duplex - Three-story attached brick two-family home with a vacant upper three-bedroom duplex and an occupied one-bedroom apartment.
Where is this duplex located?
The property is located at 409 S 3rd Ave Mount Vernon, NY.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Three‑story attached brick two‑family duplex with a vacant upper three‑bedroom unit; Occupied first‑floor one‑bedroom apartment; Hardwood floors and an extra‑large open‑concept living room with dining area and kitchen
