Prime Development Site in
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451 Old Nepperhan Ave, Yonkers, NY 10703
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 Market716
Property Features for 451 Old Nepperhan Ave
General Information
Standard status
Active
Size
110,000 SF
Class
B
Lot size
2.50 Acres
Property subtype
Industrial, Land, Multifamily, Self Storage, Senior Living
Zoning
Industrial
Occupancy
100%
Lease Type
Net
Investment Type
Redevelopment
Building Details
Year Built
1950
Year Renovated
2011
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Corporate Realty Services
Listed By:
bill cianelli · License #NY -37CI0249273
Source:
Crexi
Added: Sep 20, 2024
Changed: Aug 25
Last Checked: Sep 2 at 11:34AM
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.
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
$1,123,122
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
5.62%
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%
$22,462,440
$22.5M
Cap Rate 7%
$16,044,600
$16.0M
Cap Rate 9%
$12,479,133
$12.5M
Market Conditions
NOI Build-Up for 110,000 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
$1.72M $15.60/SF
− Vacancy
−$111.5K −$1.01/SF
EGI
$1.60M $14.59/SF
− OpEx
−$481.3K −$4.38/SF
NOI
$1.12M $10.21/SF
Area
Yonkers, NY
Vacancy
6.50%
Lease Rate
$15.60 /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%
$22,462,440
Cap Rate 7%
$16,044,600
Cap Rate 9%
$12,479,133
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
Explore this area
Business Placement
Demographics for 10703, NY
22,571
Population
7,925
Households
2.8
Avg Household Size
39
Median Age
26%
College-Educated
80%
High-School Grad
1.6 sq mi
ZIP Area
14,107
Density / Sq Mi
$74,940
Median Household Income
$42,972
Median Earnings
$1,702
Median Rent
$477,500
Median Home Value
Market
Vacancy Rate% for Industrial 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?
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.
