Multifamily Property with
For Sale
$2,200,000
177 East Lake Boulevard, Mahopac, NY 10541
Multifamily asset with separate cottage, level grounds, parking, and access to public transportation.
Property Size6,117 SF
Lot Size0.80 Acres
Price / SF$359.65
Days on Market1467
Property Features for 177 East Lake Boulevard
General Information
Standard status
Active
Size
6,117 SF
Lot size
0.80 Acres
Property subtype
Multi Family
Units
Unit Mix
7 x 1BR, 1 x 3BR
Multifamily Units
8
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$22,989
Amenities
Bilco Door(s), Unfinished
Park, Well
6117
No Common Walls
Square Feet
Public Maintained Road
No
Blown-In Insulation
Driveway, Parking Lot, Park, Level, Part Wooded, Near Public Transit
Building Details
Year Built
1955
Listing Agency:
Coldwell Banker Realty
Listed By:
Gary Margolis · License #31MA0149997
(845) 628-0566
Source:
Compass
Added: Oct 10, 2022
Changed: Oct 14
Last Checked: Oct 15 at 1:00AM
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 Coldwell Banker Realty
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Investment Insights
Based on property information with market context.
This multifamily property includes seven one-bedroom apartments along with a separate three-bedroom cottage. The building contains 6,117 square feet and was built in 1955. Interior features include an unfinished Bilco door area, while the grounds provide a level setting with lawns, trees, parking, and partially wooded areas. A front entrance with an ornamental stone fireplace adds a distinctive architectural feature. The property is situated on 0.8 acres and is served by a public-maintained road.
The address is near restaurants, a library, parks, a 50-mile bike path, and public transportation. The majority of rents are paid through the Government Section 8 program, with payments made directly into the owner’s account. The property was formerly known as the “Mayflower Hotel.”
The address is near restaurants, a library, parks, a 50-mile bike path, and public transportation. The majority of rents are paid through the Government Section 8 program, with payments made directly into the owner’s account. The property was formerly known as the “Mayflower Hotel.”
Key Highlights
- 7 one‑bedroom apartments plus a separate 3‑bedroom cottage
- 6,117.00 square feet on 0.8 ACRES
- Majority of rent paid through the Government Section 8 program
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$149,527
Cap Rate
6.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,990,540
$3.0M
Cap Rate 7%
$2,136,100
$2.1M
Cap Rate 9%
$1,661,411
$1.7M
Market Conditions
NOI Build-Up for 6,117 SF
Gross rent
$282.6K $46.20/SF
− Vacancy
−$10.7K −$1.76/SF
EGI
$271.9K $44.44/SF
− OpEx
−$122.3K −$20.00/SF
NOI
$149.5K $24.44/SF
Area
Putnam County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,990,540
Cap Rate 7%
$2,136,100
Cap Rate 9%
$1,661,411
Alternative Uses
Best Use
Apartment 5plus
$2.14M
$1.87M – $2.49M
NOI $149,527 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.04M
$3.54M – $4.72M
NOI $283,110 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Explore this area
Business Placement
Demographics for 10541, NY
25,651
Population
9,614
Households
2.7
Avg Household Size
43
Median Age
43%
College-Educated
93%
High-School Grad
24.8 sq mi
ZIP Area
1,034
Density / Sq Mi
$133,929
Median Household Income
$58,450
Median Earnings
$1,967
Median Rent
$472,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily asset with separate cottage, level grounds, parking, and access to public transportation.
Where is this apartment building located?
The property is located at 177 East Lake Boulevard Mahopac, NY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 7 one‑bedroom apartments plus a separate 3‑bedroom cottage; 6,117.00 square feet on 0.8 ACRES; Majority of rent paid through the Government Section 8 program
