216 King St Port Chester, NY 10573

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.