40-50 1St St Mount Vernon, NY 10550

Property Details for 40-50 1St St

Property size

14,404 SF

Property type

Retail properties

Property subtype

Land

Description

This exceptional investment opportunity presents a 31,035 square foot development site located at 40-50 First Street in Mount Vernon, New York. The property, encompassing three distinct tax lots (1, 2, and 26 on Block 3123), offers a full block front on East First Street. Currently, the site includes a two-story commercial building housing a long-term retail bank tenant, a vacant retail strip requiring significant maintenance, and a parking lot. The site's strategic location is within walking distance of the Mount Vernon East Metro-North train station, making it an ideal Transit-Oriented Development (TOD) opportunity. Further enhancing its appeal, this property is situated within a Qualified Opportunity Zone (QOZ), offering significant tax advantages for investors. The city of Mount Vernon has identified the surrounding area as a high-density development zone, with a recent rezoning allowing for 1,285,500 buildable square feet as of right, utilizing a Form-Based Zoning code. The city is actively reviewing the revitalization of the Mount Vernon East Metro-North area, presenting further development potential. The asking price for this remarkable 14,404 square foot property is $4,950,000, translating to $343.65 per square foot. The permitted zoning is DB (Downtown Business). This presents a unique chance to capitalize on the growth and revitalization efforts in Mount Vernon.