Mixed-Use Property with
For Sale
$1,995,000
86 McLean And 2 - 6 Cornell Avenue, Yonkers, NY 10705
Package combines commercial units, updated apartments, and a gated parking area serving multiple occupants.
Property Size6,360 SF
Lot Size0.30 Acres
Price / SF$313.68
Days on Market176
Property Features for 86 McLean And 2 - 6 Cornell Avenue
General Information
Standard status
Active
Size
6,360 SF
Total Parking Spaces
30
Lot size
0.30 Acres
Property subtype
Commercial
Zoning
A
Units
Unit Mix
1 x 1BR+office, 1 x 2BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$28,600
Amenities
security system
Building Details
Building Size
6,360 SF
Year Built
1965
Buildings
6
Units
6
Listing Agency:
Keller Williams Realty Group
(914) 830-2087
Listed By:
Marina Suh · License #10401315312
(914) 830-2087
Source:
Cornerstonemyhome
Added: Mar 9
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 package comprises three tax lots with two buildings and an adjacent parcel, totaling approximately 6,360 square feet on 0.30 acres. The improvements contain four commercial units and two residential apartments, configured as a one-bedroom unit with an office and a two-bedroom unit. Both apartments are updated and maintained. The property was built in 1965 and is zoned A.
A gated parking area accommodates approximately 30 vehicles and is supported by perimeter fencing and a security system. Separate utility service includes six electric meters and two water meters. The property is positioned in Yonkers near single-family and multifamily housing as well as an active commercial corridor. Existing occupants include established businesses, with some operating at the property for more than 30 years. The property has no violations, open permits, or unpaid taxes.
A gated parking area accommodates approximately 30 vehicles and is supported by perimeter fencing and a security system. Separate utility service includes six electric meters and two water meters. The property is positioned in Yonkers near single-family and multifamily housing as well as an active commercial corridor. Existing occupants include established businesses, with some operating at the property for more than 30 years. The property has no violations, open permits, or unpaid taxes.
Key Highlights
- Three tax lots offered together at 86 McLean Avenue and 2–6 Cornell Avenue
- Approximately 6,360 SF of mixed‑use improvements on 0.30 acres
- Four commercial units and two residential apartments, including 1BR plus office and 2BR layouts
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
$141,333
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
7.08%
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%
$2,826,660
$2.8M
Cap Rate 7%
$2,019,043
$2.0M
Cap Rate 9%
$1,570,367
$1.6M
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
$282.4K $44.40/SF
− Vacancy
−$25.4K −$4.00/SF
EGI
$257.0K $40.40/SF
− OpEx
−$115.6K −$18.18/SF
NOI
$141.3K $22.22/SF
Area
Yonkers, NY
Vacancy
9.00%
Lease Rate
$44.40 /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%
$2,826,660
Cap Rate 7%
$2,019,043
Cap Rate 9%
$1,570,367
Alternative Uses
Best Use
Apartment 5plus
$2.02M
$1.77M – $2.36M
NOI $141,333 @ 7.0% cap · market cap 7.08%
Second Best
Mixed Use
$1.72M
$1.50M – $2.00M
NOI $120,204 @ 7.0% cap · market cap 6.03%
Theoretical Best
Multifamily LT 5
$2.20M
$1.92M – $2.56M
NOI $153,897 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,539
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?
Mixed-use property - Package combines commercial units, updated apartments, and a gated parking area serving multiple occupants.
Where is this mixed-use property located?
The property is located at 86 McLean And 2 - 6 Cornell Avenue Yonkers, NY.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Three tax lots offered together at 86 McLean Avenue and 2–6 Cornell Avenue; Approximately 6,360 SF of mixed‑use improvements on 0.30 acres; Four commercial units and two residential apartments, including 1BR plus office and 2BR layouts
