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    214 Fifth Ave Pelham Manor, NY 10803
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    214 Fifth Ave Pelham Manor, NY 10803

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    • Mixed-use properties
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Voice Control Systems / Industrial Manufacturer / Production Facility

    Property Details for 214 Fifth Ave

    Year built
    1980
    Property type
    Mixed-use properties
    Property subtype
    Apartment buildings

    Description

    This exceptional multifamily investment opportunity presents a 16-unit apartment building located at 214 Fifth Avenue in the desirable Pelham Manor, New York. This four-story, 1980-built brick building boasts a classic design with a double-door entry and marble steps. The property features fourteen residential apartments – nine two-bedroom units and five one-bedroom units – many with wood floors and gas stoves. Two ground-level commercial units are also included, each with its own private entrance and bathroom, offering high ceilings and significant potential. Currently, there are two vacant apartments available for immediate occupancy. The building benefits from a strong NOI of $215,819 and a compelling 5.76% cap rate, making it an attractive value-add investment. The property sits on a 5,176 square foot lot and is zoned for multiple uses. The building is heated by oil, with an above-ground storage tank in the basement. The extensive basement offers various rooms and areas, including plumbing for multiple washer/dryer hookups, and houses the electrical and gas meter rooms. The property's prime location is an eight-minute walk from the Pelham Train Station, providing convenient access to Grand Central Terminal. It's situated in the heart of Pelham Manor, close to parks, restaurants, shops, and the DeCicco & Sons gourmet market. The potential for adding an elevator should be explored with the Village of Pelham and a qualified architect. This property is being offered for sale in conjunction with a separate parking lot at 231 6th Avenue, Pelham, NY 10803, which is available for an additional purchase price of $1,000,000 and includes approximately 13-14 parking spaces. All information should be independently verified.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Pelham Manor
    County
    Westchester
    State
    New York
    Longitude
    -73.8035
    Latitude
    40.8997

    Comparable in this City

    • Value Estimation
      $1,150,000
      6,448 SF

      138-144 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,448 SF
      138-144 5th Ave, Pelham, NY 10803
      View Details
    • Value Estimation
      $660,000
      3,046 SF

      530 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,046 SF
      530 5th Ave, Pelham, NY 10803-1273
      View Details
    • Value Estimation
      $980,000
      6,755 SF

      299 Wolfs Ln

      OFFICE/RESIDENTIAL (MIXED USE) • 6,755 SF
      299 Wolfs Ln, Pelham, NY 10803-2150
      View Details
    • Value Estimation
      $2,035,000
      15,400 SF

      89 Wolfs Ln

      OFFICE/RESIDENTIAL (MIXED USE) • 15,400 SF
      89 Wolfs Ln, Pelham, NY 10803-1852
      View Details
    • Value Estimation
      $1,320,000
      3,500 SF

      146 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,500 SF
      146 5th Ave, Pelham, NY 10803-1504
      View Details
    • Value Estimation
      $1,715,000
      12,332 SF

      309-315 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 12,332 SF
      309-315 5th Ave, Pelham, NY 10803
      View Details

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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

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