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    216 King St Port Chester, NY 10573

    Sponsored
    For Sale
    Contact for pricing

    185-unit luxury development, prime location.

    Property size:
    221,800 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional development opportunity presents a fully approved, 185-unit luxury apartment building in Port Chester, New York. Located on a 0.57-acre site (25,719 sq ft) in the desirable Port Chester-Rye Union Free School District, this 12-story building boasts 221,800 square feet of living space, including studios to three-bedroom units averaging 865 sq ft. The project features 152 off-street parking spaces and 47 interior bicycle parking spaces. Residents will enjoy expansive luxury amenities totaling 13,087 square feet, encompassing a top-floor clubroom/lounge, co-working area, fitness center, yoga room, conference center, and dog run, complemented by a rooftop amenity deck and pool. Situated just 30 minutes from New York City, this pedestrian-friendly location offers easy access to Metro-North suburban trains, major bus stops, and highways. The project benefits from its designation as a Qualified Opportunity Zone, offering significant tax advantages. Municipal approval, secured in September 2022, ensures a streamlined construction process with minimal environmental impact. The projected occupancy date is July 1, 2026, with a pro-forma NOI of $6,410,954 and a pro-forma cap rate of 7.04%. The land value is estimated at $410-$560 per square foot. Nineteen units are designated as affordable housing. This development offers a rare blend of urban convenience and suburban tranquility, promising a strong return on investment.

    Property Features for 216 King St

    General Information

    Property type
    Multifamily properties
    Square Feet
    221,800 SF
    Class
    A

    Building Details

    Year Built
    2026
    Buildings
    1
    Stories
    12
    Units
    185

    HighLights

    • Qualified Opportunity Zone designation.
    • 185 residential units ranging from studios to three‑bedroom apartments.
    • Twelve‑story building totaling 221,000 square feet.
    • 152 off‑street parking spaces.
    • 47 interior bicycle parking spaces.
    • 13,087 square feet of luxury amenities including a clubroom, co‑working space, fitness center, yoga room, conference center, dog run, rooftop deck, and pool.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Port Chester
    County
    Westchester
    State
    New York
    Longitude
    -73.6642212
    Latitude
    41.0041578

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    FAQs

    What type of property is this?
    Multifamily property - 185-unit luxury development, prime location.
    Where is this multifamily property located?
    The property is located at 216 King St Port Chester, NY.
    What are key features of this property?
    This property features: Qualified Opportunity Zone designation.; 185 residential units ranging from studios to three-bedroom apartments.; Twelve-story building totaling 221,000 square feet.
    Request Owner's contact information
    216 King St Port Chester, NY 10573
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    216 King St Port Chester, NY 10573
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