Renovated Multifamily
For Sale
$1,375,000
492 Main Street E, West Harrison, NY 10604
Open-concept residences feature stainless steel appliances, quartz countertops, center islands, and private laundry facilities.
Property Size4,001 SF
Days on Market32
Property Features for 492 Main Street E
General Information
Standard status
Active
Size
4,001 SF
Total Parking Spaces
4
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$19,409
Building Details
Building Size
4,001 SF
Year Built
1983
Units
2
Listing Agency:
Redfin Real Estate
(914) 473-9453
Listed By:
Ken Wile
(914) 473-9453
Source:
Alexandermadisonhomes
Added: Jul 30
Changed: Aug 29
Last Checked: Aug 25 at 9:09AM
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 Redfin Real Estate
Investment Insights
Based on property information with market context.
Located at 492 Main Street E in West Harrison, this multifamily property was built in 1983 and has been comprehensively renovated with contemporary finishes throughout its residences. Unit features include open-concept layouts, stainless steel appliances, quartz countertops, center islands, and private in-unit laundry.
The first-floor residence adds a walkout kitchen with sliding glass doors opening to a patio and garden. A finished walkout basement provides updated cabinetry, new appliances, a separate laundry area with a new washer and dryer, and flexible additional space.
The property is near White Plains shopping, major highways and parkways, public transportation, and nearby parks.
The first-floor residence adds a walkout kitchen with sliding glass doors opening to a patio and garden. A finished walkout basement provides updated cabinetry, new appliances, a separate laundry area with a new washer and dryer, and flexible additional space.
The property is near White Plains shopping, major highways and parkways, public transportation, and nearby parks.
Key Highlights
- Comprehensively renovated multifamily property with modern finishes throughout
- Open‑concept residences with stainless steel appliances, quartz countertops, and center islands
- Private in‑unit laundry provided in each residence
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
$68,624
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
4.99%
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%
$1,372,480
$1.4M
Cap Rate 7%
$980,343
$980.3K
Cap Rate 9%
$762,489
$762.5K
Market Conditions
NOI Build-Up for 4,001 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
$132.0K $33.00/SF
− Vacancy
−$7.3K −$1.82/SF
EGI
$124.8K $31.19/SF
− OpEx
−$56.1K −$14.03/SF
NOI
$68.6K $17.15/SF
Area
Westchester County, NY
Vacancy
5.50%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,372,480
Cap Rate 7%
$980,343
Cap Rate 9%
$762,489
Alternative Uses
Best Use
Apartment 5plus
$980.3K
$857.8K – $1.14M
NOI $68,624 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.21M
$1.06M – $1.41M
NOI $84,599 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,957
Businesses Nearby
Explore this area
Business Placement
Demographics for 10604, NY
11,526
Population
4,436
Households
2.6
Avg Household Size
41
Median Age
51%
College-Educated
88%
High-School Grad
6.8 sq mi
ZIP Area
1,695
Density / Sq Mi
$111,131
Median Household Income
$59,291
Median Earnings
$1,968
Median Rent
$814,600
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?
Multifamily property - Open-concept residences feature stainless steel appliances, quartz countertops, center islands, and private laundry facilities.
Where is this multifamily property located?
The property is located at 492 Main Street E West Harrison, NY.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Comprehensively renovated multifamily property with modern finishes throughout; Open‑concept residences with stainless steel appliances, quartz countertops, and center islands; Private in‑unit laundry provided in each residence
