Mixed-Use Building with
New
For Sale
$1,349,000
994 McLean Ave, Yonkers, NY 10704
Two apartments accompany a rebuilt storefront, with month-to-month commercial occupancy supporting direct owner use after closing.
Property Size2,660 SF
Days on Market3
Property Features for 994 McLean Ave
General Information
Standard status
Active
Size
2,660 SF
Property subtype
Commercial
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Gross Income
$85,800
Taxes and HOA fees
Annual Taxes
$12,200
Building Details
Building Size
2,660 SF
Year Built
1927
Buildings
1
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
(914) 760-5757
Listed By:
John C. Pisa
(914) 760-5757
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 11:04AM
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 John C. Pisa
Investment Insights
Based on property information with market context.
This 1927 mixed-use building combines a commercial storefront with two residential apartments. The storefront was rebuilt to the studs about eight years ago and includes a new storefront, upgraded plumbing and electrical systems, updated sewer lines, forced-air heat, and central air conditioning. Its commercial occupant operates without a written lease on a month-to-month basis. The rear ground-floor apartment has a living room, kitchen, bedroom, bath, and access to an optional paver backyard. The upper apartment offers a front living room, separate eat-in kitchen, hardwood floors, three bedrooms, and one full bath. Residential units use high-efficiency electric baseboard heat with individual room thermostats, and tenants pay all utilities.
McLean Avenue provides direct access to the Major Deegan Expressway and Bronx River Parkway. The Nereid Avenue subway station is approximately 0.6 miles away, while Metro-North is 0.7 miles away. The property has public water and sewer service and sits within a dense retail and residential corridor with 10 late-night bars and restaurants.
McLean Avenue provides direct access to the Major Deegan Expressway and Bronx River Parkway. The Nereid Avenue subway station is approximately 0.6 miles away, while Metro-North is 0.7 miles away. The property has public water and sewer service and sits within a dense retail and residential corridor with 10 late-night bars and restaurants.
Key Highlights
- Mixed‑use building with one commercial storefront and 2 residential apartments
- Storefront rebuilt to the studs about eight years ago with updated plumbing, electrical, sewer, HVAC, and central air
- Commercial occupant has no written lease and operates month‑to‑month
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
$64,366
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
4.77%
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%
$1,287,320
$1.3M
Cap Rate 7%
$919,514
$919.5K
Cap Rate 9%
$715,178
$715.2K
Market Conditions
NOI Build-Up for 2,660 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
$100.5K $37.80/SF
− Vacancy
−$8.6K −$3.23/SF
EGI
$92.0K $34.57/SF
− OpEx
−$27.6K −$10.37/SF
NOI
$64.4K $24.20/SF
Area
Yonkers, NY
Vacancy
8.55%
Lease Rate
$37.80 /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%
$1,287,320
Cap Rate 7%
$919,514
Cap Rate 9%
$715,178
Alternative Uses
Best Use
Multifamily LT 5
$919.5K
$804.6K – $1.07M
NOI $64,366 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$844.4K
$738.9K – $985.2K
NOI $59,111 @ 7.0% cap · market cap 4.38%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,663
Businesses Nearby
Explore this area
Business Placement
Demographics for 10704, NY
32,426
Population
12,576
Households
2.6
Avg Household Size
42
Median Age
37%
College-Educated
88%
High-School Grad
2.7 sq mi
ZIP Area
12,010
Density / Sq Mi
$110,097
Median Household Income
$57,134
Median Earnings
$1,898
Median Rent
$508,100
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 apartments accompany a rebuilt storefront, with month-to-month commercial occupancy supporting direct owner use after closing.
Where is this mixed-use property located?
The property is located at 994 McLean Ave Yonkers, NY.
What is the asking price?
The asking price for this property is $1,349,000.
What are key features of this property?
This property features: Mixed‑use building with one commercial storefront and 2 residential apartments; Storefront rebuilt to the studs about eight years ago with updated plumbing, electrical, sewer, HVAC, and central air; Commercial occupant has no written lease and operates month‑to‑month
