Mixed-Use Property with Veterinary
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For Sale
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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 Market5
Property Features for 1621 Harrison Ave
General Information
Standard status
Active
Size
6,987 SF
Lot size
1.62 Acres
Property subtype
Mixed Use, Special Purpose, Multifamily
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Cleveland
Listed By:
William Skoch · License #OH #SAL.2021008491
(216) 264-2037
Source:
Crexi
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 18 at 2:12PM
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 Marcus & Millichap - Cleveland
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 = 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
$136,092
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
5.18%
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%
$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
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
$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 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%
$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
100%
Occupancy
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
Check the figures for this property
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
