418 Mamaroneck Ave 24 Mamaroneck, NY 10543-2613

This exceptional investment opportunity presents a 20-unit apartment building (Class B) in prime downtown Mamaroneck, NY. Located just one block from the Mamaroneck Train Station, the property boasts a substantial 9,920 square foot lot with frontage on both Mamaroneck Avenue and Mt. Pleasant Avenue. The existing three-story frame building, built circa 1920, offers approximately 6,325 square feet, including 2,663 square feet of retail space (currently vacant), 18 single-room occupancy units, and one one-bedroom apartment. Current rents are below market value, presenting significant upside potential. The C-2 General Commercial zoning allows for a wide range of uses, including retail, residential, and mixed-use development. A feasibility study indicates the potential to develop a second building on the rear portion of the lot bordering Mt. Pleasant Avenue, and potentially add a fourth story to the existing structure. The property offers a stabilized net operating income (NOI) of $238,605, resulting in a compelling 10.85% cap rate. This is a value-add opportunity with significant potential for increased revenue through rent increases and additional development. The property's location and zoning provide exceptional flexibility for future development and expansion. All information should be verified with the appropriate architectural and building department professionals.