Harrison Multifamily Investment
For Sale
$3,750,000
Pending
26 Purdy St, Harrison, NY 10528
15-unit multifamily property in Harrison, NY with stable rental income.
Property Size13,410 SF
Lot Size0.21 Acres
Days on Market163
Property Features for 26 Purdy St
General Information
Standard status
Pending
Size
13,410 SF
Lot size
0.21 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$58,273
Building Details
Building Size
13,410 SF
Year Built
1969
Units
15
Listing Agency:
Houlihan Lawrence Inc.
(914) 548-7061
Listed By:
Laura Olivier-Leva · License #30LA0928313
(914) 548-7061
Source:
Elliman
Added: Mar 12
Changed: Aug 16
Last Checked: Aug 20 at 7:32AM
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 15-unit multifamily investment property is located in Harrison, NY. The property contains 6 two-bedroom, two-bathroom apartments, 6 one-bedroom, one-bathroom apartments, and 3 studio apartments with one bathroom. All apartments feature a balcony. The property is ETPA regulated, ensuring a stable rental income. Residents have access to a common laundry area equipped with two coin-operated washer/dryer units. There are 12 indoor parking garage spaces, with additional street parking available. The property is located close to the Harrison train station and downtown Harrison, which offers a variety of dining and shopping options.
Key Highlights
- Prime 15‑unit multi‑family investment property in Harrison, NY.
- All apartments have a balcony.
- ETPA regulated, ensuring stable rental income.
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
$230,005
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
6.13%
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%
$4,600,100
$4.6M
Cap Rate 7%
$3,285,786
$3.3M
Cap Rate 9%
$2,555,611
$2.6M
Market Conditions
NOI Build-Up for 13,410 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
$442.5K $33.00/SF
− Vacancy
−$24.3K −$1.82/SF
EGI
$418.2K $31.19/SF
− OpEx
−$188.2K −$14.03/SF
NOI
$230.0K $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%
$4,600,100
Cap Rate 7%
$3,285,786
Cap Rate 9%
$2,555,611
Alternative Uses
Best Use
Apartment 5plus
$3.29M
$2.88M – $3.83M
NOI $230,005 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$4.05M
$3.54M – $4.73M
NOI $283,547 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
872
Businesses Nearby
Explore this area
Business Placement
Demographics for 10528, NY
13,108
Population
5,101
Households
2.6
Avg Household Size
40
Median Age
58%
College-Educated
94%
High-School Grad
3.8 sq mi
ZIP Area
3,449
Density / Sq Mi
$151,193
Median Household Income
$73,327
Median Earnings
$2,683
Median Rent
$934,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 15-unit multifamily property in Harrison, NY with stable rental income.
Where is this apartment building located?
The property is located at 26 Purdy St Harrison, NY.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Prime 15‑unit multi‑family investment property in Harrison, NY.; All apartments have a balcony.; ETPA regulated, ensuring stable rental income.
