Two-Family Residence with Detached
For Sale
$839,000
384 Irving Avenue, Portchester, NY 10573
Updated duplex with separate living spaces, basement storage, private outdoor space, and flexible owner-occupant or rental use.
Property Size2,250 SF
Days on Market25
Property Features for 384 Irving Avenue
General Information
Standard status
Active
Size
2,250 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$15,541
Amenities
private fenced backyard
mature fruit trees
dedicated laundry facilities
Building Details
Building Size
2,250 SF
Year Built
1900
Buildings
1
Units
2
Listing Agency:
Coldwell Banker Realty
(914) 393-8361
Listed By:
Patricia Maiolo-Hinkley · License #10401335674
(914) 393-8361
Source:
Professionalchoicerealty
Added: Aug 7
Changed: Aug 28
Last Checked: Aug 29 at 10:23AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Built in 1900, this two-family residence provides two distinct apartments with practical layouts. The first-floor unit includes an eat-in kitchen with backyard access, living room, two bedrooms, den, full bath, and direct entry to the full basement. The lower level adds storage, laundry facilities, and flexible space. Upstairs, the second apartment offers an eat-in kitchen, living room, two bedrooms, and a full bath, while the full walk-up attic provides additional storage and expansion potential.
The property includes a detached two-car garage and a private fenced backyard. Mature persimmon, fig, and pawpaw trees add established landscaping to the outdoor setting. Located at 384 Irving Avenue in Port Chester, NY, the residence combines separate household accommodations with substantial storage and outdoor amenities.
The property includes a detached two-car garage and a private fenced backyard. Mature persimmon, fig, and pawpaw trees add established landscaping to the outdoor setting. Located at 384 Irving Avenue in Port Chester, NY, the residence combines separate household accommodations with substantial storage and outdoor amenities.
Key Highlights
- Two‑family residence built in 1900
- First‑floor apartment includes two bedrooms, a den, full bath, and direct basement access
- Second‑floor apartment offers two bedrooms, an eat‑in kitchen, living room, and full bath
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
$43,825
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
5.22%
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%
$876,500
$876.5K
Cap Rate 7%
$626,071
$626.1K
Cap Rate 9%
$486,944
$486.9K
Market Conditions
NOI Build-Up for 2,250 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
$67.0K $29.76/SF
− Vacancy
−$4.4K −$1.93/SF
EGI
$62.6K $27.83/SF
− OpEx
−$18.8K −$8.35/SF
NOI
$43.8K $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%
$876,500
Cap Rate 7%
$626,071
Cap Rate 9%
$486,944
Alternative Uses
Best Use
Multifamily LT 5
$626.1K
$547.8K – $730.4K
NOI $43,825 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$551.3K
$482.4K – $643.2K
NOI $38,591 @ 7.0% cap · market cap 4.60%
Theoretical Best
Retail
$679.6K
$594.7K – $792.9K
NOI $47,575 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,990
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 - Updated duplex with separate living spaces, basement storage, private outdoor space, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 384 Irving Avenue Portchester, NY.
What is the asking price?
The asking price for this property is $839,000.
What are key features of this property?
This property features: Two‑family residence built in 1900; First‑floor apartment includes two bedrooms, a den, full bath, and direct basement access; Second‑floor apartment offers two bedrooms, an eat‑in kitchen, living room, and full bath
