Renovated Two-Family
For Sale
Contact for pricing
203 E Prospect Avenue, Mount Vernon, NY 10550
Renovated two-family duplex with 10-foot ceilings, stainless appliances, ductless HVAC, and separate utilities for each unit.
Property Size2,345 SF
Days on Market119
Property Features for 203 E Prospect Avenue
General Information
Standard status
Active
Size
2,345 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$21,385
Building Details
Building Size
2,345 SF
Year Built
1930
Construction
brick
Tenancy
Multi
Listing Agency:
Annkey Realty, Inc.
Listed By:
Thinley Yangkyi
(347) 553-2661
Source:
Totallywestchester
Added: May 20
Changed: Aug 31
Last Checked: Sep 15 at 11:29AM
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 Annkey Realty, Inc.
Investment Insights
Based on property information with market context.
Renovated limestone brick two-family duplex offering a flexible layout with distinct living areas and independent unit operations. Both units include high-end washer and dryer, stainless steel appliances (stove, refrigerator, dishwasher, and microwave), and soaring 10-foot ceilings. Hardwood flooring features in the first-floor duplex, which provides three bedrooms and three full bathrooms. The upper duplex includes two bedrooms and one full bathroom, along with access to an expansive third floor that can be separated into two very spacious rooms, each with windows. Ductless heating and cooling systems support efficient year-round comfort.
The home was built in 1930 and includes separate hot water tanks and utilities for each unit, allowing tenants to pay their own heat and hot water expenses. Located at 203 E Prospect Avenue in Mount Vernon, the property is just a 5-minute walk to the Metro-North station, City Hall, shopping, and banking.
The home was built in 1930 and includes separate hot water tanks and utilities for each unit, allowing tenants to pay their own heat and hot water expenses. Located at 203 E Prospect Avenue in Mount Vernon, the property is just a 5-minute walk to the Metro-North station, City Hall, shopping, and banking.
Key Highlights
- Renovated limestone brick two‑family duplex with 10‑foot ceilings
- First‑floor duplex: three bedrooms and three full bathrooms with hardwood flooring
- Upper duplex: two bedrooms, one full bath, plus third‑floor access with two potential rooms
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
$45,676
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
5.54%
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%
$913,520
$913.5K
Cap Rate 7%
$652,514
$652.5K
Cap Rate 9%
$507,511
$507.5K
Market Conditions
NOI Build-Up for 2,345 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
$69.8K $29.76/SF
− Vacancy
−$4.5K −$1.93/SF
EGI
$65.3K $27.83/SF
− OpEx
−$19.6K −$8.35/SF
NOI
$45.7K $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%
$913,520
Cap Rate 7%
$652,514
Cap Rate 9%
$507,511
Alternative Uses
Best Use
Multifamily LT 5
$652.5K
$571.0K – $761.3K
NOI $45,676 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$574.6K
$502.8K – $670.4K
NOI $40,221 @ 7.0% cap · market cap 4.88%
Theoretical Best
Retail
$708.3K
$619.8K – $826.4K
NOI $49,584 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,593
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
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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?
Duplex - Renovated two-family duplex with 10-foot ceilings, stainless appliances, ductless HVAC, and separate utilities for each unit.
Where is this duplex located?
The property is located at 203 E Prospect Avenue Mount Vernon, NY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Renovated limestone brick two‑family duplex with 10‑foot ceilings; First‑floor duplex: three bedrooms and three full bathrooms with hardwood flooring; Upper duplex: two bedrooms, one full bath, plus third‑floor access with two potential rooms
