Historic Mixed-Use Loft
For Sale
$7,700,000
2 Mill Street, Yonkers, NY 10701
Two historic loft conversions with ground-floor commercial and tenant-forward residential amenities, offering strong income upside.
Property Size36,251 SF
Days on Market128
Property Features for 2 Mill Street
General Information
Standard status
Active
Size
36,251 SF
Property subtype
Mixed-Use
Additional Details
Multifamily Units
33
Building Details
Building Size
36,251 SF
Year Built
1914
Units
1
Tenancy
Multi
Listing Agency:
Lee & Associates - New York
Listed By:
Chris Varjan
(201) 615-8557
Source:
Lee-associates
Added: Jun 2
Changed: Sep 10
Last Checked: Oct 7 at 10:00AM
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 Lee & Associates - New York
Investment Insights
Based on property information with market context.
Lee & Associates NYC is pleased to offer, exclusively for sale, a mixed-use loft portfolio featuring two buildings at 2 Mill Street and 12-14 North Broadway in Yonkers, NY. SOYO Lofts is housed in a historic structure dating to about 1914 and now provides 25 residential lofts alongside ground-floor commercial space. The loft conversion highlights high ceilings, large windows, in-unit laundry, and tenant-controlled HVAC, with shared resident amenities including a lounge, conference area, and fitness room.
Mercantile Lofts at 12-14 North Broadway is a mixed-use loft conversion of a former commercial building originally built around 1965, with approximately eight residential loft units above a ground-floor commercial component. The portfolio also includes 16 vacant storage units within a basement portion, and presents an opportunity for rent growth through a voucher lease-up strategy. From a transportation standpoint, the property is about three blocks to Metro North and is under 30 minutes to Grand Central.
This offering is well suited to buyers seeking a mixed-use income stream combining residential lofts with active ground-floor commercial space, along with operational levers tied to storage revenues and voucher-based leasing. The portfolio may be sold together with the associated 12-14 North Broadway property as part of the same opportunity.
Mercantile Lofts at 12-14 North Broadway is a mixed-use loft conversion of a former commercial building originally built around 1965, with approximately eight residential loft units above a ground-floor commercial component. The portfolio also includes 16 vacant storage units within a basement portion, and presents an opportunity for rent growth through a voucher lease-up strategy. From a transportation standpoint, the property is about three blocks to Metro North and is under 30 minutes to Grand Central.
This offering is well suited to buyers seeking a mixed-use income stream combining residential lofts with active ground-floor commercial space, along with operational levers tied to storage revenues and voucher-based leasing. The portfolio may be sold together with the associated 12-14 North Broadway property as part of the same opportunity.
Key Highlights
- Two mixed‑use loft buildings in Yonkers: 2 Mill Street and 12–14 North Broadway (historic Statesman and McCann buildings)
- SOYO Lofts: 25 residential lofts plus ground‑floor commercial space in a structure dating to about 1914
- Mercantile Lofts: mixed‑use loft conversion originally built around 1965, with approximately eight residential loft units over ground‑floor commercial
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$685,144
Cap Rate
8.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,702,880
$13.7M
Cap Rate 7%
$9,787,771
$9.8M
Cap Rate 9%
$7,612,711
$7.6M
Market Conditions
NOI Build-Up for 36,251 SF
Gross rent
$1.22M $33.60/SF
− Vacancy
−$121.8K −$3.36/SF
EGI
$1.10M $30.24/SF
− OpEx
−$411.1K −$11.34/SF
NOI
$685.1K $18.90/SF
Area
Yonkers, NY
Vacancy
10.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,702,880
Cap Rate 7%
$9,787,771
Cap Rate 9%
$7,612,711
Alternative Uses
Best Use
Apartment 5plus
$11.51M
$10.07M – $13.43M
NOI $805,577 @ 7.0% cap · market cap 10.46%
Second Best
Mixed Use
$9.79M
$8.56M – $11.42M
NOI $685,144 @ 7.0% cap · market cap 8.90%
Theoretical Best
Multifamily LT 5
$12.53M
$10.96M – $14.62M
NOI $877,190 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
33
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,737
Businesses Nearby
Explore this area
Business Placement
Demographics for 10701, NY
68,704
Population
28,252
Households
2.4
Avg Household Size
36
Median Age
30%
College-Educated
79%
High-School Grad
4.4 sq mi
ZIP Area
15,615
Density / Sq Mi
$63,310
Median Household Income
$42,702
Median Earnings
$1,694
Median Rent
$412,900
Median Home Value
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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 - Two historic loft conversions with ground-floor commercial and tenant-forward residential amenities, offering strong income upside.
Where is this mixed-use property located?
The property is located at 2 Mill Street Yonkers, NY.
What is the asking price?
The asking price for this property is $7,700,000.
What are key features of this property?
This property features: Two mixed‑use loft buildings in Yonkers: 2 Mill Street and 12–14 North Broadway (historic Statesman and McCann buildings); SOYO Lofts: 25 residential lofts plus ground‑floor commercial space in a structure dating to about 1914; Mercantile Lofts: mixed‑use loft conversion originally built around 1965, with approximately eight residential loft units over ground‑floor commercial
