Three-Family Residential
For Sale
$1,175,000
Pending
51 Tower Pl, Yonkers, NY 10703
Well-maintained three-unit home with private backyard and 2-car detached garage, offering multiple income-generating layouts.
Property Size2,748 SF
Days on Market94
Property Features for 51 Tower Pl
General Information
Standard status
Pending
Size
2,748 SF
Total Parking Spaces
2
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$14,800
Building Details
Building Size
2,748 SF
Year Built
1913
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
RE/MAX Town & Country
Listed By:
James D'Amato · License #30DA0896039
(914) 414-4663
Source:
Elliman
Added: Jun 3
Changed: Aug 28
Last Checked: Sep 4 at 2:43PM
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 RE/MAX Town & Country
Investment Insights
Based on property information with market context.
Introducing 51 Tower Place, a three-family residential property arranged as three separate floors. Each unit is described as having approximately 900–1,000 square feet, with three bedrooms and one bathroom, along with a formal dining room and living room. The top floor is noted for views toward East Yonkers. The property also includes a private backyard and a 2-car detached garage.
The home is positioned on one of the highest points in Northwest Yonkers, and the public remarks indicate it is close to public transportation, with an approximately 8–10 minute ride to Metro North. Walkability and transit accessibility are also highlighted in the provided scores.
For tenants, this setup provides three similarly configured homes within one building, each offering three-bedroom layouts with common living and dining space. For buyers or operators, the property’s three separate units and attached/adjacent garage and outdoor area may support a straightforward, multi-unit residential operation. The last time the home was on the market was over 40 years ago, according to the remarks.
The home is positioned on one of the highest points in Northwest Yonkers, and the public remarks indicate it is close to public transportation, with an approximately 8–10 minute ride to Metro North. Walkability and transit accessibility are also highlighted in the provided scores.
For tenants, this setup provides three similarly configured homes within one building, each offering three-bedroom layouts with common living and dining space. For buyers or operators, the property’s three separate units and attached/adjacent garage and outdoor area may support a straightforward, multi-unit residential operation. The last time the home was on the market was over 40 years ago, according to the remarks.
Key Highlights
- Three‑family home built in 1913 with three units, each offering 3 bedrooms and 1 bathroom
- Approx. 900–1,000 SF per floor, with each unit including a formal dining room and living room
- Private backyard plus a 2‑car detached garage
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
$72,593
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
6.18%
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%
$1,451,860
$1.5M
Cap Rate 7%
$1,037,043
$1.0M
Cap Rate 9%
$806,589
$806.6K
Market Conditions
NOI Build-Up for 3,000 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
$113.4K $37.80/SF
− Vacancy
−$9.7K −$3.23/SF
EGI
$103.7K $34.57/SF
− OpEx
−$31.1K −$10.37/SF
NOI
$72.6K $24.20/SF
Area
Yonkers, NY
Vacancy
8.55%
Lease Rate
$37.80 /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%
$1,451,860
Cap Rate 7%
$1,037,043
Cap Rate 9%
$806,589
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$907.4K – $1.21M
NOI $72,593 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$952.4K
$833.3K – $1.11M
NOI $66,667 @ 7.0% cap · market cap 5.67%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,052
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Well-maintained three-unit home with private backyard and 2-car detached garage, offering multiple income-generating layouts.
Where is this triplex located?
The property is located at 51 Tower Pl Yonkers, NY.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Three‑family home built in 1913 with three units, each offering 3 bedrooms and 1 bathroom; Approx. 900–1,000 SF per floor, with each unit including a formal dining room and living room; Private backyard plus a 2‑car detached garage
