Prime Development Site in
For Sale
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451 Old Nepperhan Ave, Yonkers, NY 10703
Rare 2.5-acre site with potential for various development projects.
Property Size110,000 SF
Lot Size2.50 Acres
Price / SF$181.82
Days on Market761
Property Features for 451 Old Nepperhan Ave
General Information
Standard status
Active
Size
110,000 SF
Class
B
Lot size
2.50 Acres
Property subtype
Industrial, Land, Multifamily, Self Storage, Senior Living
Zoning
Industrial
Occupancy
100%
Lease Type
Net
Investment Type
Redevelopment
Building Details
Year Built
1950
Year Renovated
2011
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Corporate Realty Services
Listed By:
bill cianelli · License #NY -37CI0249273
Source:
Crexi
Added: Sep 20, 2024
Changed: Oct 12
Last Checked: Oct 19 at 6:33AM
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 Corporate Realty Services
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Investment Insights
Based on property information with market context.
This 2.5-acre property in Lower Westchester presents a development opportunity with potential for various projects, including self-storage, low-income housing, or assisted living. The site may qualify for government grants and incentives and is located minutes from New York City, with access to major highways and public transportation. Architectural approvals are approaching completion, with potential for over 200 residential units. Its elevated position provides river views, suitable for luxury or mixed-use residential development. The absence of affordable housing mandates offers developers design and pricing flexibility. Currently a construction yard, the property includes a 30,000 square foot building and a separate office structure. It is located near major highways and roads. Potential uses include senior housing, retirement facilities, retail development, multi-family units, or automotive uses such as a car preparation facility, dealership, wholesale auto sales, or an auction yard for cars and equipment. The property size is approximately 110,000 square feet.
Key Highlights
- Rare 2.5‑acre development site in Lower Westchester.
- Potential for over 200 residential units.
- Convenient access to major highways and public transportation; minutes from New York City.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,123,122
Cap Rate
5.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$22,462,440
$22.5M
Cap Rate 7%
$16,044,600
$16.0M
Cap Rate 9%
$12,479,133
$12.5M
Market Conditions
NOI Build-Up for 110,000 SF
Gross rent
$1.72M $15.60/SF
− Vacancy
−$111.5K −$1.01/SF
EGI
$1.60M $14.59/SF
− OpEx
−$481.3K −$4.38/SF
NOI
$1.12M $10.21/SF
Area
Yonkers, NY
Vacancy
6.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$22,462,440
Cap Rate 7%
$16,044,600
Cap Rate 9%
$12,479,133
Alternative Uses
Best Use
Apartment 5plus
$34.92M
$30.56M – $40.74M
NOI $2,444,442 @ 7.0% cap · market cap 12.22%
Second Best
Industrial
$16.04M
$14.04M – $18.72M
NOI $1,123,122 @ 7.0% cap · market cap 5.62%
Theoretical Best
Multifamily LT 5
$38.02M
$33.27M – $44.36M
NOI $2,661,744 @ 7.0% cap · market cap 13.31%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
894
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Northeast region
Frequently Asked Questions
What type of property is this?
Commercial land - Rare 2.5-acre site with potential for various development projects.
Where is this commercial land located?
The property is located at 451 Old Nepperhan Ave Yonkers, NY.
What is the asking price?
The asking price for this property is $20,000,000.
What are key features of this property?
This property features: Rare 2.5‑acre development site in Lower Westchester.; Potential for over 200 residential units.; Convenient access to major highways and public transportation; minutes from New York City.
