Fire-Damaged Multifamily
For Sale
$998,000
912 Lester Avenue, Mamaroneck, NY 10543
Exterior-only inspections are permitted while demolition-removal permitting is in progress.
Property Size2,368 SF
Days on Market45
Property Features for 912 Lester Avenue
General Information
Standard status
Active
Size
2,368 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$17,686
Building Details
Building Size
2,368 SF
Year Built
1963
Units
2
Listing Agency:
R New York
(917) 257-6947
Listed By:
S. William Wang
(917) 257-6947
Source:
Cohenandcohenrealty
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 23 at 5:14AM
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 R New York
Investment Insights
Based on property information with market context.
This multifamily property was built in 1963 and sustained a recent interior fire. The property is being offered in its current condition and requires renovation. Interior access is not permitted at this time; evaluation is limited to an exterior viewing.
A demolition-removal permit is currently being pursued. Original drawings are available, and permitting may be reviewed for layouts of up to 4 bed / 2 bath per Unit using owner-designed drawings.
A demolition-removal permit is currently being pursued. Original drawings are available, and permitting may be reviewed for layouts of up to 4 bed / 2 bath per Unit using owner-designed drawings.
Key Highlights
- Recent interior fire; renovation required
- Built in 1963
- Exterior viewing only; no internal visits permitted
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
$40,615
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
4.07%
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%
$812,300
$812.3K
Cap Rate 7%
$580,214
$580.2K
Cap Rate 9%
$451,278
$451.3K
Market Conditions
NOI Build-Up for 2,368 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
$78.1K $33.00/SF
− Vacancy
−$4.3K −$1.82/SF
EGI
$73.8K $31.19/SF
− OpEx
−$33.2K −$14.03/SF
NOI
$40.6K $17.15/SF
Area
Westchester County, NY
Vacancy
5.50%
Lease Rate
$33.00 /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%
$812,300
Cap Rate 7%
$580,214
Cap Rate 9%
$451,278
Alternative Uses
Best Use
Apartment 5plus
$580.2K
$507.7K – $676.9K
NOI $40,615 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$715.3K
$625.9K – $834.5K
NOI $50,070 @ 7.0% cap · market cap 5.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
835
Businesses Nearby
Explore this area
Business Placement
Demographics for 10543, NY
21,296
Population
8,141
Households
2.6
Avg Household Size
41
Median Age
57%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
4,953
Density / Sq Mi
$128,418
Median Household Income
$69,176
Median Earnings
$2,030
Median Rent
$710,000
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?
Multifamily property - Exterior-only inspections are permitted while demolition-removal permitting is in progress.
Where is this multifamily property located?
The property is located at 912 Lester Avenue Mamaroneck, NY.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: Recent interior fire; renovation required; Built in 1963; Exterior viewing only; no internal visits permitted
