Four-Unit
For Sale
$1,749,000
165 Summit Avenue, Mount Vernon, NY 10550
Renovated multifamily property with hardwood floors, high ceilings, and large windows throughout.
Property Size6,255 SF
Price / SF$279.62
Days on Market430
Property Features for 165 Summit Avenue
General Information
Standard status
Active
Size
6,255 SF
Property subtype
Quadruplex
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$26,500
Building Details
Building Size
6,255 SF
Year Built
1890
Listing Agency:
RE/MAX In The City
(917) 637-0161
Listed By:
Chintan Trivedi · License #996433
Source:
Shawmetro
Added: Jun 17, 2025
Changed: Aug 20
Last Checked: Aug 20 at 12:07PM
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 RE/MAX In The City
Investment Insights
Based on property information with market context.
Built in 1890, this 6,255 SF quadplex includes four residential units with a combined total of 10 bedrooms and eight bathrooms. The property retains original architectural elements alongside renovations, with spacious rooms, high ceilings, large windows, abundant natural light, and hardwood floors throughout.
Located on Summit Avenue in Mount Vernon, the property is near parks, shops, and restaurants. Metro-North access provides a connection to New York City. The unit count, bedroom and bathroom configuration, and substantial interior layout support a multifamily residential use profile.
Located on Summit Avenue in Mount Vernon, the property is near parks, shops, and restaurants. Metro-North access provides a connection to New York City. The unit count, bedroom and bathroom configuration, and substantial interior layout support a multifamily residential use profile.
Key Highlights
- Four residential units with 10 bedrooms and eight bathrooms
- 6,255 SF property built in 1890
- Renovated interiors retain original architectural elements
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
$121,834
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
6.97%
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%
$2,436,680
$2.4M
Cap Rate 7%
$1,740,486
$1.7M
Cap Rate 9%
$1,353,711
$1.4M
Market Conditions
NOI Build-Up for 6,255 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
$186.1K $29.76/SF
− Vacancy
−$12.1K −$1.93/SF
EGI
$174.0K $27.83/SF
− OpEx
−$52.2K −$8.35/SF
NOI
$121.8K $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%
$2,436,680
Cap Rate 7%
$1,740,486
Cap Rate 9%
$1,353,711
Alternative Uses
Best Use
Multifamily LT 5
$1.74M
$1.52M – $2.03M
NOI $121,834 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$1.53M
$1.34M – $1.79M
NOI $107,284 @ 7.0% cap · market cap 6.13%
Theoretical Best
Retail
$1.89M
$1.65M – $2.20M
NOI $132,259 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,941
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?
Quadplex - Renovated multifamily property with hardwood floors, high ceilings, and large windows throughout.
Where is this quadplex located?
The property is located at 165 Summit Avenue Mount Vernon, NY.
What is the asking price?
The asking price for this property is $1,749,000.
What are key features of this property?
This property features: Four residential units with 10 bedrooms and eight bathrooms; 6,255 SF property built in 1890; Renovated interiors retain original architectural elements
