214 Fifth Ave Pelham Manor, NY 10803

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.

Location Insight

City

Pelham Manor

County

Westchester

State

New York

Longitude

-73.8035

Latitude

40.8997