Yonkers Multifamily Property with
For Sale
$7,999,000
490 S Broadway, Yonkers, NY 10705
22 residential units and 2 commercial storefronts in Yonkers.
Property Size34,074 SF
Lot Size0.16 Acres
Days on Market164
Property Features for 490 S Broadway
General Information
Standard status
Active
Size
34,074 SF
Lot size
0.16 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$69,499
Building Details
Building Size
34,074 SF
Year Built
1939
Units
22
Listing Agency:
ERA Insite Realty
(914) 433-8903
Listed By:
Sonia Velasco · License #10301206957
(914) 433-8903
Source:
Elliman
Added: Mar 11
Changed: Aug 14
Last Checked: Aug 20 at 8:06AM
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 ERA Insite Realty
Investment Insights
Based on property information with market context.
Located in the Yonkers business area, this property is situated close to the city line and approximately 5 minutes from Train #1 via Broadway. The well-maintained building features 22 units and an elevator, along with 2 storefronts. The residential units comprise 18 units with 4 bedrooms and 1.5 baths, 2 units with 2 bedrooms and 1 bath, and 2 units with 1 bedroom and 1 bath. The property also includes 2 commercial storefronts, offering potential for various business uses.
Key Highlights
- Prime location near the city line and 5 minutes from Train #1 on Broadway.
- Substantial rental income potential with 22 units and 2 store fronts.
- Well‑maintained building with an elevator.
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
$665,465
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
8.32%
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%
$13,309,300
$13.3M
Cap Rate 7%
$9,506,643
$9.5M
Cap Rate 9%
$7,394,056
$7.4M
Market Conditions
NOI Build-Up for 34,074 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
$1.02M $30.00/SF
− Vacancy
−$71.6K −$2.10/SF
EGI
$950.7K $27.90/SF
− OpEx
−$285.2K −$8.37/SF
NOI
$665.5K $19.53/SF
Area
Yonkers, NY
Vacancy
7.00%
Lease Rate
$30.00 /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%
$13,309,300
Cap Rate 7%
$9,506,643
Cap Rate 9%
$7,394,056
Alternative Uses
Best Use
Apartment 5plus
$10.82M
$9.46M – $12.62M
NOI $757,199 @ 7.0% cap · market cap 9.47%
Second Best
Retail
$9.51M
$8.32M – $11.09M
NOI $665,465 @ 7.0% cap · market cap 8.32%
Theoretical Best
Multifamily LT 5
$11.78M
$10.31M – $13.74M
NOI $824,511 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
863
Businesses Nearby
Explore this area
Business Placement
Demographics for 10705, NY
41,785
Population
15,620
Households
2.7
Avg Household Size
36
Median Age
30%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
18,993
Density / Sq Mi
$68,616
Median Household Income
$40,717
Median Earnings
$1,602
Median Rent
$445,600
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?
Apartment building - 22 residential units and 2 commercial storefronts in Yonkers.
Where is this apartment building located?
The property is located at 490 S Broadway Yonkers, NY.
What is the asking price?
The asking price for this property is $7,999,000.
What are key features of this property?
This property features: Prime location near the city line and 5 minutes from Train #1 on Broadway.; Substantial rental income potential with 22 units and 2 store fronts.; Well‑maintained building with an elevator.
