Mixed-Use Building with
For Sale
$1,149,000
94 Union Avenue, New Rochelle, NY 10801
Mixed-use property includes a restaurant level and two separate residential units with individual utility metering.
Property Size4,600 SF
Days on Market144
Property Features for 94 Union Avenue
General Information
Standard status
Active
Size
4,600 SF
Property subtype
Triplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,476
Building Details
Building Size
4,600 SF
Year Built
1965
Tenancy
Multi
Listing Agency:
Realmart Realty LLC
(888) 362-6543
Listed By:
Shuai Zheng
Source:
Cottiemaxwellrealestate
Added: Apr 3
Changed: Aug 24
Last Checked: Aug 23 at 5:33AM
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 Realmart Realty LLC
Investment Insights
Based on property information with market context.
This mixed-use building offers ground-floor restaurant space and two residential apartments on the second floor. The restaurant is approximately 2,800 square feet and is currently operating as a Cocina Mexicana & Tequila Bar, with seating approved for 84 guests and a 14-seat bar. The spacious dining layout is also suitable for hosting events.
The building includes one 1-bedroom apartment and one 2-bedroom apartment above the restaurant. All units have separate utility meters, and tenants are responsible for their own heating and electricity. The restaurant lease is in place through 2029, and tenants cover 50% of any property tax increase over the 2021 base year.
The combined setup provides an income-producing configuration with independent living units and an operating food-and-beverage component under a current long-term lease.
The building includes one 1-bedroom apartment and one 2-bedroom apartment above the restaurant. All units have separate utility meters, and tenants are responsible for their own heating and electricity. The restaurant lease is in place through 2029, and tenants cover 50% of any property tax increase over the 2021 base year.
The combined setup provides an income-producing configuration with independent living units and an operating food-and-beverage component under a current long-term lease.
Key Highlights
- 1965 mixed‑use building with ground‑floor restaurant plus two residential units (1BR and 2BR)
- Restaurant space: approx. 2,800 sq ft with seating approved for 84 guests and a 14‑seat bar
- Restaurant lease rent is $3,311/month with lease term through 2029; tenants cover 50% of property tax increases over the 2021 base year
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
$89,598
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
7.80%
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%
$1,791,960
$1.8M
Cap Rate 7%
$1,279,971
$1.3M
Cap Rate 9%
$995,533
$995.5K
Market Conditions
NOI Build-Up for 4,600 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
$136.9K $29.76/SF
− Vacancy
−$8.9K −$1.93/SF
EGI
$128.0K $27.83/SF
− OpEx
−$38.4K −$8.35/SF
NOI
$89.6K $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%
$1,791,960
Cap Rate 7%
$1,279,971
Cap Rate 9%
$995,533
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,598 @ 7.0% cap · market cap 7.80%
Second Best
Specialty Retail
$1.13M
$988.4K – $1.32M
NOI $79,074 @ 7.0% cap · market cap 6.88%
Theoretical Best
Retail
$1.39M
$1.22M – $1.62M
NOI $97,265 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,877
Businesses Nearby
Explore this area
Business Placement
Demographics for 10801, NY
42,949
Population
16,912
Households
2.5
Avg Household Size
37
Median Age
43%
College-Educated
85%
High-School Grad
3.4 sq mi
ZIP Area
12,632
Density / Sq Mi
$83,534
Median Household Income
$50,274
Median Earnings
$1,742
Median Rent
$555,000
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?
Mixed-use property - Mixed-use property includes a restaurant level and two separate residential units with individual utility metering.
Where is this mixed-use property located?
The property is located at 94 Union Avenue New Rochelle, NY.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: 1965 mixed‑use building with ground‑floor restaurant plus two residential units (1BR and 2BR); Restaurant space: approx. 2,800 sq ft with seating approved for 84 guests and a 14‑seat bar; Restaurant lease rent is $3,311/month with lease term through 2029; tenants cover 50% of property tax increases over the 2021 base year
