216 King St Port Chester, NY 10573
- Commercial real estate
- 221,800 SF
Current Use by Public Records
- Commercial real estate
Property Details for 216 King St
- Year built
- 2026
- Property size
- 221,800 SF
- Property type
- Commercial real estate
Description
This exceptional development opportunity presents a fully approved, 185-unit luxury apartment building in Port Chester, New York. Located on a 0.57-acre site (25,719 sq ft) in the desirable Port Chester-Rye Union Free School District, this 12-story building boasts 221,800 square feet of living space, including studios to three-bedroom units averaging 865 sq ft. The project features 152 off-street parking spaces and 47 interior bicycle parking spaces. Residents will enjoy expansive luxury amenities totaling 13,087 square feet, encompassing a top-floor clubroom/lounge, co-working area, fitness center, yoga room, conference center, and dog run, complemented by a rooftop amenity deck and pool. Situated just 30 minutes from New York City, this pedestrian-friendly location offers easy access to Metro-North suburban trains, major bus stops, and highways. The project benefits from its designation as a Qualified Opportunity Zone, offering significant tax advantages. Municipal approval, secured in September 2022, ensures a streamlined construction process with minimal environmental impact. The projected occupancy date is July 1, 2026, with a pro-forma NOI of $6,410,954 and a pro-forma cap rate of 7.04%. The land value is estimated at $410-$560 per square foot. Nineteen units are designated as affordable housing. This development offers a rare blend of urban convenience and suburban tranquility, promising a strong return on investment.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Port Chester
- County
- Westchester
- State
- New York
- Longitude
- -73.6642212
- Latitude
- 41.0041578
