Two-Unit Colonial
New
For Sale
$1,395,000
227-229 S Ridge St, Portchester, NY 10573
Separate utility meters and private basements support independent operation for each residence.
Property Size3,400 SF
Price / SF$410.29
Days on Market2
Property Features for 227-229 S Ridge St
General Information
Standard status
Active
Size
3,400 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
hardwood floors
gourmet kitchen
granite countertops
stainless steel appliances
first-floor full bathroom
walk-out basement
dedicated storage
laundry setup
Building Details
Year Built
1920
Buildings
1
Construction
Colonial
Listing Agency:
Houlihan Lawrence Inc.
Listed By:
Heidi Oliver
(914) 328-8400
Source:
Amodiorealestate
Added: Sep 26
Changed: Sep 27
Last Checked: Sep 27 at 2:01AM
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 side-by-side Colonial duplex contains 3,400 square feet total, with 1,700 square feet in each unit. Both residences have an open main level with hardwood floors, granite kitchen countertops, and stainless steel appliances. A full bathroom is located on the first floor; the upper floors include three bedrooms, another full bath, and two third-floor bonus rooms. Each unit also has a walk-out basement with storage and a washer and dryer.
The property was built in 1920 and connects to public water and sewer. Gas and electric service are separately metered, and heating is provided by natural gas. Each side includes one attached garage space and two assigned outdoor parking spaces. The property is near local transit, parks, and downtown shopping.
The property was built in 1920 and connects to public water and sewer. Gas and electric service are separately metered, and heating is provided by natural gas. Each side includes one attached garage space and two assigned outdoor parking spaces. The property is near local transit, parks, and downtown shopping.
Key Highlights
- 3,400 square feet total; 1,700 square feet per unit
- Two side‑by‑side units, each with three bedrooms and two full bathrooms
- Two third‑floor bonus rooms in each unit
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
$66,225
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
4.75%
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%
$1,324,500
$1.3M
Cap Rate 7%
$946,071
$946.1K
Cap Rate 9%
$735,833
$735.8K
Market Conditions
NOI Build-Up for 3,400 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
$101.2K $29.76/SF
− Vacancy
−$6.6K −$1.93/SF
EGI
$94.6K $27.83/SF
− OpEx
−$28.4K −$8.35/SF
NOI
$66.2K $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%
$1,324,500
Cap Rate 7%
$946,071
Cap Rate 9%
$735,833
Alternative Uses
Best Use
Multifamily LT 5
$946.1K
$827.8K – $1.10M
NOI $66,225 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$833.1K
$729.0K – $971.9K
NOI $58,316 @ 7.0% cap · market cap 4.18%
Theoretical Best
Retail
$1.03M
$898.6K – $1.20M
NOI $71,891 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Explore this area
Business Placement
Demographics for 10573, NY
41,758
Population
14,592
Households
2.9
Avg Household Size
39
Median Age
44%
College-Educated
83%
High-School Grad
5.5 sq mi
ZIP Area
7,592
Density / Sq Mi
$110,612
Median Household Income
$48,263
Median Earnings
$1,940
Median Rent
$649,900
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 - Separate utility meters and private basements support independent operation for each residence.
Where is this duplex located?
The property is located at 227-229 S Ridge St Portchester, NY.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 3,400 square feet total; 1,700 square feet per unit; Two side‑by‑side units, each with three bedrooms and two full bathrooms; Two third‑floor bonus rooms in each unit
