Lakefront Multifamily Investment
For Sale
$4,250,000
Pending
1860 E Main Street, Mohegan Lake, NY 10547
17-unit multifamily property with expansion potential on 4.36 acres.
Property SizeContact for details
Lot Size4.36 Acres
Days on Market326
Property Features for 1860 E Main Street
General Information
Standard status
Pending
Lot size
4.36 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$44,355
Amenities
Oil Heating
Unassigned
Building Details
Year Built
1904
Listing Agency:
HOULIHAN LAWRENCE INC.
(914) 962-4900
Listed By:
KENNETH LEFKOWITZ · License #31ME0873322
Source:
Corcoran
Added: Sep 29, 2025
Changed: Aug 8
Last Checked: Jul 23 at 9:22AM
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 HOULIHAN LAWRENCE INC.
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 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
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
278
Businesses Nearby
Explore this area
Business Placement
Demographics for 10547, NY
7,293
Population
2,956
Households
2.5
Avg Household Size
44
Median Age
52%
College-Educated
92%
High-School Grad
4.9 sq mi
ZIP Area
1,488
Density / Sq Mi
$155,295
Median Household Income
$69,058
Median Earnings
$2,363
Median Rent
$479,200
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?
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 Street 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
