Three-Unit Multifamily
For Sale
$949,999
249 Centre Avenue, New Rochelle, NY 10805
Multifamily property with separately metered units and flexible layouts near downtown New Rochelle.
Property Size3,441 SF
Days on Market25
Property Features for 249 Centre Avenue
General Information
Standard status
Active
Size
3,441 SF
Property subtype
Triplex
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$22,780
Building Details
Building Size
3,441 SF
Year Built
1900
Listing Agency:
Real Broker NY LLC
Listed By:
Emanuel Ochoa · License #10301223673
(914) 247-2632
Source:
Cottiemaxwellrealestate
Added: Aug 13
Changed: Aug 31
Last Checked: Sep 5 at 7:50AM
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 Real Broker NY LLC
Investment Insights
Based on property information with market context.
This three-unit multifamily property, built in 1900, includes a first-floor one-bedroom unit connected to a finished basement with two additional bedrooms. The second residence has two bedrooms, while the third offers one bedroom, creating a varied unit mix across the building.
Each apartment has its own gas and electric meter, and occupants are responsible for those individual utility bills. A separate meter serves shared areas, including the foyer and stairwell. The property is near the New Rochelle waterfront, Hudson Park and Beach, Glen Island Park, downtown New Rochelle, local shops and restaurants, and the New Rochelle Metro-North station.
Each apartment has its own gas and electric meter, and occupants are responsible for those individual utility bills. A separate meter serves shared areas, including the foyer and stairwell. The property is near the New Rochelle waterfront, Hudson Park and Beach, Glen Island Park, downtown New Rochelle, local shops and restaurants, and the New Rochelle Metro-North station.
Key Highlights
- Three separate residential units with a one‑bedroom, two‑bedroom, and expanded first‑floor layout
- First‑floor unit includes a finished basement with two additional bedrooms
- Individual gas and electric meters serve 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
$67,024
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
7.06%
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%
$1,340,480
$1.3M
Cap Rate 7%
$957,486
$957.5K
Cap Rate 9%
$744,711
$744.7K
Market Conditions
NOI Build-Up for 3,441 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
$102.4K $29.76/SF
− Vacancy
−$6.7K −$1.93/SF
EGI
$95.7K $27.83/SF
− OpEx
−$28.7K −$8.35/SF
NOI
$67.0K $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%
$1,340,480
Cap Rate 7%
$957,486
Cap Rate 9%
$744,711
Alternative Uses
Best Use
Multifamily LT 5
$957.5K
$837.8K – $1.12M
NOI $67,024 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$843.1K
$737.7K – $983.7K
NOI $59,019 @ 7.0% cap · market cap 6.21%
Theoretical Best
Retail
$1.04M
$909.5K – $1.21M
NOI $72,758 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,860
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?
Triplex - Multifamily property with separately metered units and flexible layouts near downtown New Rochelle.
Where is this triplex located?
The property is located at 249 Centre Avenue New Rochelle, NY.
What is the asking price?
The asking price for this property is $949,999.
What are key features of this property?
This property features: Three separate residential units with a one‑bedroom, two‑bedroom, and expanded first‑floor layout; First‑floor unit includes a finished basement with two additional bedrooms; Individual gas and electric meters serve each unit
