Building Details

Building Size 2,950 SF

Year Built 1923

Buildings 1

Units 3

Construction stucco

Listing Agency: eXp Realty

Listed By: Manuel Galan Show Phone

Source: Elliman

Added: Sep 15 Last Checked: Sep 16 at 4:49PM

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Investment Insights

Based on property information with market context.

Built in 1923, this legal three-family property offers a separate vacant apartment alongside two month-to-month occupied units, creating flexibility for an owner-user or rental operator. The all-stucco building includes a two-car garage, concrete garage ceiling, grassy rear yard, gazebo, and storage. Apartment 1N received a comprehensive renovation in 2023 with spray-foam insulation, soundproof ceilings, 100-amp electrical service, updated plumbing, kitchen, and bath. A new architectural roof was installed last year with a transferable 30-year warranty.

Utilities are separately configured across the apartments, with electric, gas, oil, and individual hot-water systems serving different units. The property is near the Fleetwood Metro-North station, with typical service to Grand Central taking about 28 minutes. Gramatan Avenue retail and dining are walkable, while Bee-Line buses, the Cross County Parkway, Bronx River Parkway, Hutchinson River Parkway, and I-95 provide additional transportation access.

Key Highlights

• Legal three‑family property with one physically separate vacant apartment
• Two‑car garage with solid concrete ceiling, rear yard, gazebo, and storage
• Apartment 1N renovated in 2023 with new plumbing, kitchen, bath, and 100‑amp electric service

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

$57,460

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

7.19%

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%

$1,149,200 $1.1M

Cap Rate 7%

$820,857 $820.9K

Cap Rate 9%

$638,444 $638.4K

Market Conditions

NOI Build-Up for 2,950 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

$87.8K $29.76/SF

− Vacancy

−$5.7K −$1.93/SF

EGI

$82.1K $27.83/SF

− OpEx

−$24.6K −$8.35/SF

NOI

$57.5K $19.48/SF

Area

Westchester County, NY

Vacancy

6.50%

Lease Rate

$29.76 /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%

$1,149,200

Cap Rate 7%

$820,857

Cap Rate 9%

$638,444

Alternative Uses

Best Use

Multifamily LT 5

$820.9K

$718.3K – $957.7K (±1% cap)

NOI $57,460 @ 7.0% cap · market cap 7.19%

Second Best

Apartment 5plus

$722.8K

$632.5K – $843.3K (±1% cap)

NOI $50,598 @ 7.0% cap · market cap 6.33%

Theoretical Best

Retail

$891.1K

$779.7K – $1.04M (±1% cap)

NOI $62,376 @ 7.0% cap · market cap 7.81%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Acupuncture Hotel & Motel (Bike/Boat/Book/etc) Store Nursing Home

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

1,418

Businesses Nearby

Explore this area Business Placement

Demographics for 10552, NY

21,296

Population

10,143

Households

2.1

Avg Household Size

44

Median Age

52%

College-Educated

90%

High-School Grad

1.7 sq mi

ZIP Area

12,527

Density / Sq Mi

$97,105

Median Household Income

$60,329

Median Earnings

$1,770

Median Rent

$331,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Triplex - Legal three-family property with a separate vacant apartment, updated systems, garage parking, and access to Metro-North transportation.

Where is this triplex located?

The property is located at 529 Locust St Fleetwood, NY.

What is the asking price?

The asking price for this property is $799,000.

What are key features of this property?

This property features: Legal three‑family property with one physically separate vacant apartment; Two‑car garage with solid concrete ceiling, rear yard, gazebo, and storage; Apartment 1N renovated in 2023 with new plumbing, kitchen, bath, and 100‑amp electric service