Two-Unit Colonial
For Sale
Contact for pricing
424 Willett Avenue, Portchester, NY 10573
Colonial-style duplex with two eat-in kitchens and garage parking.
Property Size2,815 SF
Days on Market9
Property Features for 424 Willett Avenue
General Information
Standard status
Active
Size
2,815 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$18,665
Building Details
Building Size
2,815 SF
Year Built
1910
Construction
Colonial
Listing Agency:
Island Advantage Realty LLC
Listed By:
Todd A. Yovino · License #49YO0956714
(631) 351-6000
Source:
Totallywestchester
Added: Sep 2
Changed: Sep 7
Last Checked: Sep 10 at 6:37AM
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 Island Advantage Realty LLC
Investment Insights
Based on property information with market context.
Built in 1910, this two-family Colonial-style residence provides six bedrooms, two full bathrooms, and two eat-in kitchens. The property also includes a two-car garage, adding on-site parking and storage capacity to the residential configuration.
The home is located at 424 Willett Avenue in Port Chester, NY 10573. Its two-family layout and existing household amenities offer a clearly defined setup for residential income use.
The home is located at 424 Willett Avenue in Port Chester, NY 10573. Its two-family layout and existing household amenities offer a clearly defined setup for residential income use.
Key Highlights
- Two‑family Colonial‑style home
- Six bedrooms and two full bathrooms
- Two eat‑in kitchens
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
$54,830
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
7.26%
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%
$1,096,600
$1.1M
Cap Rate 7%
$783,286
$783.3K
Cap Rate 9%
$609,222
$609.2K
Market Conditions
NOI Build-Up for 2,815 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
$83.8K $29.76/SF
− Vacancy
−$5.4K −$1.93/SF
EGI
$78.3K $27.83/SF
− OpEx
−$23.5K −$8.35/SF
NOI
$54.8K $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%
$1,096,600
Cap Rate 7%
$783,286
Cap Rate 9%
$609,222
Alternative Uses
Best Use
Multifamily LT 5
$783.3K
$685.4K – $913.8K
NOI $54,830 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$689.7K
$603.5K – $804.7K
NOI $48,282 @ 7.0% cap · market cap 6.39%
Theoretical Best
Retail
$850.3K
$744.0K – $992.0K
NOI $59,522 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,928
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
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 - Colonial-style duplex with two eat-in kitchens and garage parking.
Where is this duplex located?
The property is located at 424 Willett Avenue Portchester, NY.
What is the asking price?
The asking price for this property is $755,000.
What are key features of this property?
This property features: Two‑family Colonial‑style home; Six bedrooms and two full bathrooms; Two eat‑in kitchens
