Waterfront 6-Unit Apartment
For Sale
$4,500,000
240-250 Pelham Road, New Rochelle, NY 10805
Six townhouse-style residences offer four-level layouts, private garages, waterfront views, and tenant-paid utilities.
Property Size13,492 SF
Days on Market53
Property Features for 240-250 Pelham Road
General Information
Standard status
Active
Size
13,492 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 3BR/2.5BA
Multifamily Units
6
Parking per Unit
3
Taxes and HOA fees
Annual Taxes
$71,961
Building Details
Building Size
13,492 SF
Year Built
2006
Buildings
1
Stories
4
Units
6
Listing Agency:
Keller Williams NY Realty
(914) 329-8006
Listed By:
Robert Pape
(914) 329-8006
Source:
Maurafinnegan
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 29 at 10:17AM
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 Keller Williams NY Realty
Investment Insights
Based on property information with market context.
This 6-unit apartment property consists of townhouse-style residences arranged across four levels, with approximately 2,700 square feet in each unit. Every home includes three bedrooms, two and one-half baths, a garage, two parking spaces, a walkout basement, laundry room, family room, utility room, storage, and an attic area. Interior features include hardwood flooring, central air conditioning, updated kitchens, stainless steel appliances, terraces or balconies, and waterfront views of Long Island Sound. Each unit has an individual deed, allowing for potential individual resale subject to applicable zoning regulations and laws.
The property is situated along the waterfront in New Rochelle, with access to restaurants, stores, schools, a college, Metro-North service, New Roc City, I-95, and the Hutchinson River Parkway. Beach rights at Glen Island and Hudson Park are also noted. Recent property improvements include new Trex balcony decking, composite patios, garage doors and operating components, exterior wood trim, fencing, gates, and a new oversized refuse and recycling shed. Five of the six units have heating and cooling systems that are two years old, and water heaters were replaced within the past three years.
The property is situated along the waterfront in New Rochelle, with access to restaurants, stores, schools, a college, Metro-North service, New Roc City, I-95, and the Hutchinson River Parkway. Beach rights at Glen Island and Hudson Park are also noted. Recent property improvements include new Trex balcony decking, composite patios, garage doors and operating components, exterior wood trim, fencing, gates, and a new oversized refuse and recycling shed. Five of the six units have heating and cooling systems that are two years old, and water heaters were replaced within the past three years.
Key Highlights
- 6‑unit townhouse‑style apartment complex with 4 levels per residence
- Approximately 2,700 square feet in each unit, with 3 bedrooms and 2 1/2 baths
- Each unit includes a large garage plus 2 parking spaces
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
$231,411
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
5.14%
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%
$4,628,220
$4.6M
Cap Rate 7%
$3,305,871
$3.3M
Cap Rate 9%
$2,571,233
$2.6M
Market Conditions
NOI Build-Up for 13,492 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
$445.2K $33.00/SF
− Vacancy
−$24.5K −$1.82/SF
EGI
$420.7K $31.19/SF
− OpEx
−$189.3K −$14.03/SF
NOI
$231.4K $17.15/SF
Area
Westchester County, NY
Vacancy
5.50%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
45.00%
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%
$4,628,220
Cap Rate 7%
$3,305,871
Cap Rate 9%
$2,571,233
Alternative Uses
Best Use
Apartment 5plus
$3.31M
$2.89M – $3.86M
NOI $231,411 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$4.08M
$3.57M – $4.75M
NOI $285,281 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
983
Businesses Nearby
Explore this area
Business Placement
Demographics for 10805, NY
18,479
Population
8,731
Households
2.1
Avg Household Size
44
Median Age
35%
College-Educated
82%
High-School Grad
1.7 sq mi
ZIP Area
10,870
Density / Sq Mi
$89,964
Median Household Income
$53,513
Median Earnings
$2,018
Median Rent
$338,100
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 - Six townhouse-style residences offer four-level layouts, private garages, waterfront views, and tenant-paid utilities.
Where is this apartment building located?
The property is located at 240-250 Pelham Road New Rochelle, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 6‑unit townhouse‑style apartment complex with 4 levels per residence; Approximately 2,700 square feet in each unit, with 3 bedrooms and 2 1/2 baths; Each unit includes a large garage plus 2 parking spaces
