Prime Development Site in
451 Old Nepperhan Ave Yonkers, NY 10703
451 Old Nepperhan Ave, Yonkers, NY, 10703
Contact for pricing
For Sale
Contact for pricing
Rare 2.5-acre site with potential for various development projects.
Property Size110,000 SF
Lot Size2.50 Acres
Price / SF$181.82
Days on Market670
Property Features for 451 Old Nepperhan Ave
General Information
- Standard status
- Active
- Size
- 110,000 SF
- Lot size
- 2.50 Acres
- Property subtype
- Industrial, Land, Multifamily, Self Storage, Senior Living
Building Details
- Year Built
- 1950
Listing agency
Corporate Realty Services
Listed by
bill cianelli · License #NY -37CI0249273
Source
Crexi
Added: Sep 20, 2024 Updated: Jul 6 at 7:35AM Checked: Jul 19 at 5:48AM
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 Corporate Realty Services
Investment Insights
Based on property information with market context.
This 2.5-acre property in Lower Westchester presents a development opportunity with potential for various projects, including self-storage, low-income housing, or assisted living. The site may qualify for government grants and incentives and is located minutes from New York City, with access to major highways and public transportation. Architectural approvals are approaching completion, with potential for over 200 residential units. Its elevated position provides river views, suitable for luxury or mixed-use residential development. The absence of affordable housing mandates offers developers design and pricing flexibility. Currently a construction yard, the property includes a 30,000 square foot building and a separate office structure. It is located near major highways and roads. Potential uses include senior housing, retirement facilities, retail development, multi-family units, or automotive uses such as a car preparation facility, dealership, wholesale auto sales, or an auction yard for cars and equipment. The property size is approximately 110,000 square feet.
Key Highlights
- Rare 2.5‑acre development site in Lower Westchester.
- Potential for over 200 residential units.
- Convenient access to major highways and public transportation; minutes from New York City.
Local Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.72M | $15.60 |
| − Vacancy | −$111.5k | −$1.01 |
| EGI | $1.60M | $14.59 |
| − OpEx | −$481.3k | −$4.38 |
| NOI | $1.12M | $10.21 |
110,000 SF · lease $15.60/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Apartment 5plus
$34.92M
$30.56M – $40.74M
NOI $2,444,442 @ 7.0% cap · market cap 12.22%
Second Best
Industrial
$16.04M
$14.04M – $18.72M
NOI $1,123,122 @ 7.0% cap · market cap 5.62%
Theoretical Best
Multifamily LT 5
$38.02M
$33.27M – $44.36M
NOI $2,661,744 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Gentile Construction Corp
Construction Company
All County Mobile ...
Building Supply
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FAQs
What type of property is this?
Commercial land - Rare 2.5-acre site with potential for various development projects.
Where is this commercial land located?
The property is located at 451 Old Nepperhan Ave Yonkers, NY.
What is the asking price?
The asking price for this property is $20,000,000.
What are key features of this property?
This property features: Rare 2.5‑acre development site in Lower Westchester.; Potential for over 200 residential units.; Convenient access to major highways and public transportation; minutes from New York City.
