Income Property in Prime
For Sale
$899,000
Pending
147 Union Ave, Peekskill, NY 10566
Income-producing 3-family property near downtown Peekskill.
Property Size2,900 SF
Lot Size0.14 Acres
Days on Market144
Property Features for 147 Union Ave
General Information
Standard status
Pending
Size
2,900 SF
Lot size
0.14 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$20,134
Building Details
Building Size
2,900 SF
Year Built
1880
Units
3
Listing Agency:
(914) 315-4053
Listed By:
Gary Sanguino
(914) 315-4053
Source:
Elliman
Added: Mar 26
Changed: Aug 16
Last Checked: Aug 16 at 6:28AM
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 Gary Sanguino
Investment Insights
Based on property information with market context.
This income-producing 3-family property is located in Peekskill, within walking distance of downtown, restaurants, shops, the bus, and the Metro-North train station. The well-maintained multifamily property presents an opportunity for an owner-occupant or investor. It features a spacious 3-bedroom unit and two 1-bedroom units. A full walk-up attic offers flexible space for an office, studio, or storage. The property also includes a 3-car garage with additional off-street parking. Separate utilities for most units and a recently replaced roof add to the property's value. The property offers solid rental income, ample parking, and a walkable location, presenting an opportunity for long-term investment or owner-occupied living with rental income to offset expenses.
Key Highlights
- Prime Peekskill location: Walking distance to downtown, restaurants, shops, bus, and Metro‑North train station.
- Income‑producing 3‑family property with strong rental income and additional upside.
- Spacious 3‑bedroom unit plus two 1‑bedroom units.
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
$56,486
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
6.28%
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%
$1,129,720
$1.1M
Cap Rate 7%
$806,943
$806.9K
Cap Rate 9%
$627,622
$627.6K
Market Conditions
NOI Build-Up for 2,900 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
$86.3K $29.76/SF
− Vacancy
−$5.6K −$1.93/SF
EGI
$80.7K $27.83/SF
− OpEx
−$24.2K −$8.35/SF
NOI
$56.5K $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%
$1,129,720
Cap Rate 7%
$806,943
Cap Rate 9%
$627,622
Alternative Uses
Best Use
Multifamily LT 5
$806.9K
$706.1K – $941.4K
NOI $56,486 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$710.6K
$621.8K – $829.0K
NOI $49,740 @ 7.0% cap · market cap 5.53%
Theoretical Best
Retail
$876.0K
$766.5K – $1.02M
NOI $61,319 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,388
Businesses Nearby
Explore this area
Business Placement
Demographics for 10566, NY
25,384
Population
11,752
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
86%
High-School Grad
4.3 sq mi
ZIP Area
5,903
Density / Sq Mi
$91,042
Median Household Income
$49,844
Median Earnings
$1,895
Median Rent
$376,800
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 - Income-producing 3-family property near downtown Peekskill.
Where is this triplex located?
The property is located at 147 Union Ave Peekskill, NY.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Prime Peekskill location: Walking distance to downtown, restaurants, shops, bus, and Metro‑North train station.; Income‑producing 3‑family property with strong rental income and additional upside.; Spacious 3‑bedroom unit plus two 1‑bedroom units.
