Duplex With Attached
For Sale
$649,888
409 S 3rd Avenue, Mount Vernon, NY 10550
Two separate residences include a vacant upper-level duplex and an occupied one-bedroom apartment.
Property Size1,300 SF
Price / SF$499.91
Days on Market70
Property Features for 409 S 3rd Avenue
General Information
Standard status
Active
Size
1,300 SF
Total Parking Spaces
1
Property subtype
Triplex
Units
Unit Mix
1 x 3BR duplex, 1 x 1BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$13,807
Amenities
hardwood floors
modern appliances
walkout porch
private backyard
Building Details
Building Size
1,300 SF
Year Built
1958
Buildings
1
Stories
3
Construction
brick
Listing Agency:
Cohen and Cohen Consulting
Listed By:
Noel P. Cohen · License #10311205279
(917) 553-9212
Source:
Shawmetro
Added: Jul 28
Changed: Oct 3
Last Checked: Oct 4 at 2:45PM
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 Cohen and Cohen Consulting
Investment Insights
Based on property information with market context.
Built in 1958, this three-story brick duplex at 409 S 3rd Avenue in Mount Vernon contains two residences. The upper home is a vacant three-bedroom duplex, while the first-floor apartment has one bedroom and is occupied. Hardwood floors, a full bath, an open living and dining area, and a kitchen with modern appliances are among the upper unit’s features. A walkout porch, private backyard, and attached one-car garage complete the property.
Metro-North, Bee-Line bus service, parks, shopping, and community amenities are nearby.
Metro-North, Bee-Line bus service, parks, shopping, and community amenities are nearby.
Key Highlights
- Three‑story brick, two‑family property built in 1958
- Vacant upper‑level duplex has three bedrooms
- Occupied first‑floor apartment has one bedroom
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
$25,321
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
3.90%
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%
$506,420
$506.4K
Cap Rate 7%
$361,729
$361.7K
Cap Rate 9%
$281,344
$281.3K
Market Conditions
NOI Build-Up for 1,300 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
$38.7K $29.76/SF
− Vacancy
−$2.5K −$1.93/SF
EGI
$36.2K $27.83/SF
− OpEx
−$10.9K −$8.35/SF
NOI
$25.3K $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%
$506,420
Cap Rate 7%
$361,729
Cap Rate 9%
$281,344
Alternative Uses
Best Use
Multifamily LT 5
$361.7K
$316.5K – $422.0K
NOI $25,321 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$318.5K
$278.7K – $371.6K
NOI $22,297 @ 7.0% cap · market cap 3.43%
Theoretical Best
Retail
$392.7K
$343.6K – $458.1K
NOI $27,488 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,900
Businesses Nearby
Explore this area
Business Placement
Demographics for 10550, NY
41,137
Population
16,865
Households
2.4
Avg Household Size
38
Median Age
23%
College-Educated
82%
High-School Grad
2.0 sq mi
ZIP Area
20,569
Density / Sq Mi
$56,903
Median Household Income
$43,733
Median Earnings
$1,451
Median Rent
$482,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences include a vacant upper-level duplex and an occupied one-bedroom apartment.
Where is this duplex located?
The property is located at 409 S 3rd Avenue Mount Vernon, NY.
What is the asking price?
The asking price for this property is $649,888.
What are key features of this property?
This property features: Three‑story brick, two‑family property built in 1958; Vacant upper‑level duplex has three bedrooms; Occupied first‑floor apartment has one bedroom
