Current Use by Public Records
- Apartment buildings
Property Details for 218 Mclean Ave
- Property type
- Apartment buildings
Description
This exceptional 29-unit apartment building in Yonkers, New York, presents a compelling investment opportunity. Located at 218 McLean Avenue, this well-maintained property boasts 20,000 square feet and offers a diverse unit mix: four studios, twenty-four one-bedroom, and one two-bedroom apartment. Adding to the income stream is a commercial billboard leased to Lamar Advertising Company, generating $2,580 annually. The building is situated in the desirable Park Hill submarket, conveniently located near Van Courtlandt Park Avenue, the McLean Ave @ Coyle Pl bus station, and close to Northern Riverdale and the University of Mount Saint Vincent. The asking price is $3,400,000, translating to $117,241 per unit. Nine apartments have higher legal registered rents, offering significant potential for increased cash flow, estimated at approximately $6,000 annually. This property offers a 6.9% cap rate and an 8.0x gross rent multiplier (GRM), making it an attractive investment with strong potential for appreciation. The property's location and unit mix contribute to its high occupancy rate and consistent rental income. This is a rare opportunity to acquire a well-positioned multifamily asset in a thriving Yonkers neighborhood. The building's strong financial performance and potential for further growth make it an ideal addition to any investment portfolio. The property is located in Westchester County, NY, zip code 10705.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Yonkers
- County
- Westchester
- State
- New York
- Longitude
- -73.8895
- Latitude
- 40.913
