Mixed-Use Property with Veterinary
For Sale
$2,625,000
1621 Harrison Ave, Mamaroneck, NY 10543
Fully occupied property combining a veterinary facility with four leased residential apartments.
Property Size6,987 SF
Lot Size1.62 Acres
Price / SF$375.70
Days on Market20
Property Features for 1621 Harrison Ave
General Information
Standard status
Active
Size
6,987 SF
Lot size
1.62 Acres
Property subtype
Mixed-Use
Occupancy
100%
Additional Details
Multifamily Units
4
Amenities
Well-Positioned in a High-Barrier-to-Entry Westchester County Market with Strong Rental Demand and Attractive Prevailing Rents for One- and Two-Bedroom Apartments
In-Place Rents are Approximately 30 Percent Below Market, Offering Significant Upside through a Light Value-Add Program and Mark-to-Market Rent Growth
Animal Hospital Lease Features a Corporate Guarantee from Petvet Management, LLC. PetVet is Owned by Leading Global Investment Firm, KKR, who has Over $796 Billion Aum
Mamaroneck Offers Limited Opportunities for Residential Development, with R-6 Zoning Allowing for Smaller Residential Lots than Many of the Town's Other Single-Family Zoning Districts
PetVet Care Centers Recently Extended their Lease for 10 Years, Reinforcing their Long-Term Commitment in Mamaroneck, Strengthening the Cash Flow Profile
Building Details
Buildings
1
Units
4
Tenancy
Multi
Listed By:
Billy Skoch · License #License(s): OH: SAL.2021008491
(216) 264-2037
Source:
Marcusmillichap
Added: Sep 18
Changed: Oct 1
Last Checked: Oct 5 at 2:59PM
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 Billy Skoch
Investment Insights
Based on property information with market context.
Located at 1621 Harrison Ave in Mamaroneck, New York, this 6,987-square-foot mixed-use property occupies 1.62 acres and is fully occupied. The improvements include a 4,275-square-foot veterinary hospital and a four-unit apartment component, creating a combination of commercial and residential uses within one property.
The veterinary facility is leased to PetVet under a 10-year lease extension. All four apartments are leased as well, providing a residential component alongside the established veterinary operation. The property is situated in Westchester County, offering a mixed-use configuration with both medical-service and multifamily elements.
The veterinary facility is leased to PetVet under a 10-year lease extension. All four apartments are leased as well, providing a residential component alongside the established veterinary operation. The property is situated in Westchester County, offering a mixed-use configuration with both medical-service and multifamily elements.
Key Highlights
- 6,987‑square‑foot mixed‑use property on 1.62 acres
- 4,275‑square‑foot veterinary hospital leased to PetVet
- Four‑unit apartment component with all units leased
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$136,092
Cap Rate
5.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,721,840
$2.7M
Cap Rate 7%
$1,944,171
$1.9M
Cap Rate 9%
$1,512,133
$1.5M
Market Conditions
NOI Build-Up for 6,987 SF
Gross rent
$207.9K $29.76/SF
− Vacancy
−$13.5K −$1.93/SF
EGI
$194.4K $27.83/SF
− OpEx
−$58.3K −$8.35/SF
NOI
$136.1K $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 Rate 5%
$2,721,840
Cap Rate 7%
$1,944,171
Cap Rate 9%
$1,512,133
Alternative Uses
Best Use
Multifamily LT 5
$1.94M
$1.70M – $2.27M
NOI $136,092 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$1.71M
$1.50M – $2.00M
NOI $119,839 @ 7.0% cap · market cap 4.57%
Theoretical Best
Retail
$2.11M
$1.85M – $2.46M
NOI $147,736 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Explore this area
Business Placement
Demographics for 10543, NY
21,296
Population
8,141
Households
2.6
Avg Household Size
41
Median Age
57%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
4,953
Density / Sq Mi
$128,418
Median Household Income
$69,176
Median Earnings
$2,030
Median Rent
$710,000
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied property combining a veterinary facility with four leased residential apartments.
Where is this mixed-use property located?
The property is located at 1621 Harrison Ave Mamaroneck, NY.
What is the asking price?
The asking price for this property is $2,625,000.
What are key features of this property?
This property features: 6,987‑square‑foot mixed‑use property on 1.62 acres; 4,275‑square‑foot veterinary hospital leased to PetVet; Four‑unit apartment component with all units leased
