Mixed-Use Investment Opportunity in
For Sale
$2,050,000
86 McLean and 2 - 6 Cornell Ave, Yonkers, NY 10705
Mixed-use property with commercial spaces, residential units, and parking.
Property Size6,360 SF
Lot Size0.30 Acres
Price / SF$322.33
Days on Market163
Property Features for 86 McLean and 2 - 6 Cornell Ave
General Information
Standard status
Active
Size
6,360 SF
Lot size
0.30 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$28,600
Building Details
Building Size
6,360 SF
Year Built
1965
Units
6
Listing Agency:
Keller Williams Realty Group
(914) 830-2087
Listed By:
Marina Suh · License #10401315312
(914) 830-2087
Source:
Elliman
Added: Mar 11
Changed: Aug 20
Last Checked: Aug 20 at 8:39AM
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 Keller Williams Realty Group
Investment Insights
Based on property information with market context.
This mixed-use investment opportunity includes three tax lots sold as a package, featuring two mixed-use buildings and a large adjacent gated parking lot. Located at 86 McLean Avenue, 2 Cornell Avenue, and 6 Cornell Avenue in Yonkers, NY, the property totals 6,360 square feet on 0.30 acres. The parking lot accommodates approximately 30 vehicles and is secured with a fence and security system. The property includes four commercial spaces and two residential apartments: a one-bedroom unit with a small office and a two-bedroom unit. Both residential units are modern and updated, and currently owner-occupied. Three long-term tenants occupy the property, including an auto repair shop and a laundromat, which has a formal lease. Other tenants operate month-to-month, offering flexibility for lease renegotiation or renewal. All tenants are reliable and pay rent on time. One commercial space is vacant and suitable for various businesses, such as a hair or nail salon, cafe, office, or other neighborhood enterprise. Situated in a high-traffic, established area with residential buildings, single-family homes, and commercial businesses, the property is well-maintained. There are no violations, open permits, or unpaid taxes.
Key Highlights
- Rare mixed‑use investment opportunity with 3 tax lots sold as a package.
- Benefit from a large, gated parking lot that accommodates approximately 30 vehicles, secured with a high‑quality fence and security system.
- Includes 4 commercial spaces and 2 updated residential apartments (1‑bedroom with office, 2‑bedroom).
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
$124,211
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
6.06%
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%
$2,484,220
$2.5M
Cap Rate 7%
$1,774,443
$1.8M
Cap Rate 9%
$1,380,122
$1.4M
Market Conditions
NOI Build-Up for 6,360 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
$190.8K $30.00/SF
− Vacancy
−$13.4K −$2.10/SF
EGI
$177.4K $27.90/SF
− OpEx
−$53.2K −$8.37/SF
NOI
$124.2K $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%
$2,484,220
Cap Rate 7%
$1,774,443
Cap Rate 9%
$1,380,122
Alternative Uses
Best Use
Retail
$1.77M
$1.55M – $2.07M
NOI $124,211 @ 7.0% cap · market cap 6.06%
Second Best
Mixed Use
$1.72M
$1.50M – $2.00M
NOI $120,204 @ 7.0% cap · market cap 5.86%
Theoretical Best
Multifamily LT 5
$2.20M
$1.92M – $2.56M
NOI $153,897 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,539
Businesses Nearby
32k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 85%
Apparel 8%
Home Improvements & Furnishings 7%
Family Dollar
Shops & Services
11,078 visits/mo
0.2 miles
Mobil
Shops & Services
5,942 visits/mo
0.4 miles
Citizens Bank
Shops & Services
5,293 visits/mo
0.4 miles
BP
Shops & Services
3,495 visits/mo
0.2 miles
Snipes
Apparel
2,550 visits/mo
0.4 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with commercial spaces, residential units, and parking.
Where is this mixed-use property located?
The property is located at 86 McLean and 2 - 6 Cornell Ave Yonkers, NY.
What is the asking price?
The asking price for this property is $2,050,000.
What are key features of this property?
This property features: Rare mixed‑use investment opportunity with 3 tax lots sold as a package.; Benefit from a large, gated parking lot that accommodates approximately 30 vehicles, secured with a high‑quality fence and security system.; Includes 4 commercial spaces and **2 updated residential apartments (1‑bedroom with office, 2‑bedroom)**.
