Three-Unit Multifamily
New
For Sale
$699,000
Pending
124 Union Ave, Mount Vernon, NY 10550
Legal three-family home with updated kitchens, flexible layouts, separate utility metering, and a partially finished basement.
Property Size2,420 SF
Days on Market2
Property Features for 124 Union Ave
General Information
Standard status
Pending
Size
2,420 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR + office, 1 x 1BR + office, 1 x 1BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$17,211
Amenities
laundry
side yard
partially finished basement
Building Details
Building Size
2,420 SF
Year Built
1900
Buildings
1
Stories
3
Units
3
Listed By:
Jerges Santana
(646) 630-6908
Source:
Elliman
Added: Sep 4
Last Checked: Sep 5 at 9:59AM
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 Jerges Santana
Investment Insights
Based on property information with market context.
This legal three-family home at 124 Union Ave in Mount Vernon offers approximately 2,420 square feet across three levels. The unit mix includes a two-bedroom residence with an office on the first floor, a one-bedroom residence with an office on the second floor, and a one-bedroom residence on the third floor. Interior details include white shaker cabinetry, tile backsplashes, gas ranges, crown molding, cast-iron radiators, and hardwood or wood-style floors. Select apartments add dishwashers, walk-in pantry space, and dedicated offices.
A full partially finished basement provides laundry, utility areas, and additional rooms adaptable for storage, recreation, work space, or other ancillary use. The property is served by four electric meters and three gas meters and includes a large side yard. All three units are on month-to-month occupancy. Transit access includes Metro-North service to Grand Central and the Wakefield–241st Street 2 train, with connections to the Cross County and Hutchinson River Parkways. Walk Score is 74, Transit Score is 65, and Bike Score is 53.
A full partially finished basement provides laundry, utility areas, and additional rooms adaptable for storage, recreation, work space, or other ancillary use. The property is served by four electric meters and three gas meters and includes a large side yard. All three units are on month-to-month occupancy. Transit access includes Metro-North service to Grand Central and the Wakefield–241st Street 2 train, with connections to the Cross County and Hutchinson River Parkways. Walk Score is 74, Transit Score is 65, and Bike Score is 53.
Key Highlights
- Approximately 2,420 square feet across three levels
- Three‑unit layout: two‑bedroom plus office, one‑bedroom plus office, and one‑bedroom residences
- Four electric meters and three gas meters
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
$47,137
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
6.74%
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%
$942,740
$942.7K
Cap Rate 7%
$673,386
$673.4K
Cap Rate 9%
$523,744
$523.7K
Market Conditions
NOI Build-Up for 2,420 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
$72.0K $29.76/SF
− Vacancy
−$4.7K −$1.93/SF
EGI
$67.3K $27.83/SF
− OpEx
−$20.2K −$8.35/SF
NOI
$47.1K $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%
$942,740
Cap Rate 7%
$673,386
Cap Rate 9%
$523,744
Alternative Uses
Best Use
Multifamily LT 5
$673.4K
$589.2K – $785.6K
NOI $47,137 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$593.0K
$518.8K – $691.8K
NOI $41,507 @ 7.0% cap · market cap 5.94%
Theoretical Best
Retail
$731.0K
$639.6K – $852.8K
NOI $51,170 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,885
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
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Frequently Asked Questions
What type of property is this?
Triplex - Legal three-family home with updated kitchens, flexible layouts, separate utility metering, and a partially finished basement.
Where is this triplex located?
The property is located at 124 Union Ave Mount Vernon, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Approximately 2,420 square feet across three levels; Three‑unit layout: two‑bedroom plus office, one‑bedroom plus office, and one‑bedroom residences; Four electric meters and three gas meters
