Side-by-Side Duplex with Private
For Sale
$1,495,000
220-222 Carol Avenue, Pelham, NY 10803
Two legal residences offer separate utilities, full basements, and landscaped rear outdoor areas.
Property Size3,204 SF
Days on Market40
Property Features for 220-222 Carol Avenue
General Information
Standard status
Active
Size
3,204 SF
Total Parking Spaces
4
Property subtype
Residential Income
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$34,962
Amenities
fireplace
laundry areas
rear yards
attic access
Building Details
Building Size
3,204 SF
Year Built
1929
Units
2
Listing Agency:
ERA Insite Realty Services
(914) 523-2833
Listed By:
Donna Materasso · License #10301210562
(914) 523-2833
Source:
Mydreamhomerealty
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 28 at 8:57PM
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 ERA Insite Realty Services
Investment Insights
Based on property information with market context.
Built in 1929, this legal side-by-side duplex is arranged as two distinct residences. Each unit includes an eat-in kitchen, formal dining room, living room with fireplace, den or flex space, three bedrooms, a full hall bathroom, and substantial closet storage. Unit #222 also has a powder room and pull-down attic access. Full basements provide laundry areas and additional storage.
The property includes separate rear yards with level, landscaped outdoor space. Each residence has its own furnace, hot water heater, gas meter, and electric meter. The front area was recently paved, and the roof was replaced approximately eight years ago. The home is within walking distance of Pelham Metro-North, shops, restaurants, parks, and neighborhood amenities, supporting convenient commuter access and nearby daily services.
The property includes separate rear yards with level, landscaped outdoor space. Each residence has its own furnace, hot water heater, gas meter, and electric meter. The front area was recently paved, and the roof was replaced approximately eight years ago. The home is within walking distance of Pelham Metro-North, shops, restaurants, parks, and neighborhood amenities, supporting convenient commuter access and nearby daily services.
Key Highlights
- Legal side‑by‑side duplex with two separate residences
- Three bedrooms and a full hall bathroom in each unit
- Separate furnaces, hot water heaters, gas meters, and electric meters
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
$62,407
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
4.17%
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%
$1,248,140
$1.2M
Cap Rate 7%
$891,529
$891.5K
Cap Rate 9%
$693,411
$693.4K
Market Conditions
NOI Build-Up for 3,204 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
$95.4K $29.76/SF
− Vacancy
−$6.2K −$1.93/SF
EGI
$89.2K $27.83/SF
− OpEx
−$26.7K −$8.35/SF
NOI
$62.4K $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%
$1,248,140
Cap Rate 7%
$891,529
Cap Rate 9%
$693,411
Alternative Uses
Best Use
Multifamily LT 5
$891.5K
$780.1K – $1.04M
NOI $62,407 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$785.1K
$686.9K – $915.9K
NOI $54,954 @ 7.0% cap · market cap 3.68%
Theoretical Best
Retail
$967.8K
$846.8K – $1.13M
NOI $67,747 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
935
Businesses Nearby
Explore this area
Business Placement
Demographics for 10803, NY
13,255
Population
4,360
Households
3
Avg Household Size
40
Median Age
74%
College-Educated
97%
High-School Grad
2.2 sq mi
ZIP Area
6,025
Density / Sq Mi
$212,288
Median Household Income
$97,447
Median Earnings
$2,242
Median Rent
$961,300
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?
Duplex - Two legal residences offer separate utilities, full basements, and landscaped rear outdoor areas.
Where is this duplex located?
The property is located at 220-222 Carol Avenue Pelham, NY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Legal side‑by‑side duplex with two separate residences; Three bedrooms and a full hall bathroom in each unit; Separate furnaces, hot water heaters, gas meters, and electric meters
