Three-Unit Multifamily
For Sale
$750,000
91 Ferris Avenue, White Plains, NY 10603
Multifamily property with individually heated units and tenant-paid utilities near rail service, shopping, dining, and major roadways.
Property Size2,376 SF
Days on Market64
Property Features for 91 Ferris Avenue
General Information
Standard status
Active
Size
2,376 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,048
Building Details
Building Size
2,376 SF
Year Built
1924
Units
3
Listing Agency:
Howard Hanna Rand Realty
(914) 629-6263
Listed By:
Donna Vieni
(914) 629-6263
Source:
Professionalchoicerealty
Added: Jun 29
Changed: Aug 29
Last Checked: Aug 30 at 5:45PM
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 Howard Hanna Rand Realty
Investment Insights
Based on property information with market context.
Built in 1924, this three-unit multifamily property includes two one-bedroom residences and one two-bedroom residence. Each unit is equipped with its own gas boiler, while occupants are responsible for their individual utilities. No current leases are in place, providing flexibility in structuring future occupancy.
The property is located on Ferris Avenue in White Plains, near Metro-North Railroad, downtown White Plains, shopping, restaurants, parkways, and highways. Its unit mix and separate heating systems provide a clear operating profile for a multifamily owner.
The property is located on Ferris Avenue in White Plains, near Metro-North Railroad, downtown White Plains, shopping, restaurants, parkways, and highways. Its unit mix and separate heating systems provide a clear operating profile for a multifamily owner.
Key Highlights
- Three‑unit property with two one‑bedroom units and one two‑bedroom unit
- Each residence has its own gas boiler
- Tenants pay their own utilities
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
$46,280
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
6.17%
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%
$925,600
$925.6K
Cap Rate 7%
$661,143
$661.1K
Cap Rate 9%
$514,222
$514.2K
Market Conditions
NOI Build-Up for 2,376 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
$70.7K $29.76/SF
− Vacancy
−$4.6K −$1.93/SF
EGI
$66.1K $27.83/SF
− OpEx
−$19.8K −$8.35/SF
NOI
$46.3K $19.48/SF
Area
Westchester County, NY
Vacancy
6.50%
Lease Rate
$29.76 /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%
$925,600
Cap Rate 7%
$661,143
Cap Rate 9%
$514,222
Alternative Uses
Best Use
Multifamily LT 5
$661.1K
$578.5K – $771.3K
NOI $46,280 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$582.2K
$509.4K – $679.2K
NOI $40,753 @ 7.0% cap · market cap 5.43%
Theoretical Best
Retail
$717.7K
$628.0K – $837.3K
NOI $50,239 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,180
Businesses Nearby
Explore this area
Business Placement
Demographics for 10603, NY
18,033
Population
7,624
Households
2.4
Avg Household Size
41
Median Age
47%
College-Educated
88%
High-School Grad
3.4 sq mi
ZIP Area
5,304
Density / Sq Mi
$121,450
Median Household Income
$56,466
Median Earnings
$1,905
Median Rent
$499,600
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?
Triplex - Multifamily property with individually heated units and tenant-paid utilities near rail service, shopping, dining, and major roadways.
Where is this triplex located?
The property is located at 91 Ferris Avenue White Plains, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Three‑unit property with two one‑bedroom units and one two‑bedroom unit; Each residence has its own gas boiler; Tenants pay their own utilities
