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1860 E Main St Mohegan Lake, NY 10547

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For Sale
$4,250,000

17-unit multifamily property with expansion potential on 4.36 acres.

Lot size:
4.36 Acres

Property Features for 1860 E Main St

General Information

Standard status
Active
Lot size
4.36 Acres

Building Details

Year built
1904

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Listing Contact
Kenneth Lefkowitz
Source: Corcoran

Listing Agency: HOULIHAN LAWRENCE INC. Listing Agent: Kenneth Lefkowitz

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

Lakefront Multifamily Investment Opportunity

This 17-unit multifamily property is situated on 4.36 acres of land with lake frontage. The R-3 Multifamily zoning supports the expansion of 30 additional units, although verification by the buyer is recommended. The property generates a strong in-place cash flow, with a net operating income (NOI) of $216,064. The as-is value is estimated between $2.7 million and $3.0 million based on the current income. There is development upside with the potential for 30 new units. Assuming a rental rate of $1,500 per month, these units could generate an incremental NOI of $378,000. The stabilized NOI of $594,000 supports a total value between $7.9 million and $8.5 million at market capitalization rates. This property offers flexible execution strategies, including holding for cash flow, phased development, or full build-out. It represents a combination of income and lakefront development opportunity in Westchester County.
Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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City
Mohegan Lake
County
Westchester
State
New York
Longitude
-73.8524746
Latitude
41.3213139

FAQs

What type of property is this?
Apartment building - 17-unit multifamily property with expansion potential on 4.36 acres.
Where is this apartment building located?
The property is located at 1860 E Main St Mohegan Lake, NY.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: - Significant development potential: R-3 zoning allows for expansion with 30 additional units; - Strong in-place cash flow: Current NOI of $216,064 supports acquisition financing; - Lakefront property: Rare opportunity in Westchester County
More about this property
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