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$ 1,299,999
Est. payment | /mo
5 Beds
3 Baths
$ 1,299,999
Est. payment | /mo
5 Beds
3 Baths
Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1008899
Bedrooms 5
Full Baths 3
Rental Info No
Year Built 1954
Annual Tax Amount $9,600
Property Sub-Type Duplex
Source onekey2
Property Description
Multi-Family Investment Property With Development Potential:
The existing multi-family home has approximately 2,476 sq. ft. of living space and includes two apartments plus a two-car garage. This 2-unit multi-family home sits on an oversized 8,276 sq. ft. lot with approximately 80 feet of frontage, located in a B Two-Family Residential District.
The property is currently used as a two-family investment property and offers multiple options: renovate and increase rents, owner-occupy with rental income, hold for future upside, or immediately explore redevelopment into a new two-family townhouse.
Apartment 1 includes the first floor, addition over the garage, and lower level. It is approximately 1,600 sq. ft. and features 3 bedrooms, 2 full baths, a living room, an eat-in kitchen, a dining area, a den or 4th bedroom, an office area, and a finished flexible lower-level space.
The lower level includes two rooms, plus kitchen infrastructure, a laundry area, and a former full bath that has been removed, but plumbing is capped for a potential full bath & laundry area restoration.
Apartment 2 is located on the second floor and is approximately 850 sq. ft., featuring 2 bedrooms and 1 full bath. The property has strong multi-family infrastructure, including two gas boilers, two gas meters, two hot water tanks, two electric meters, and one water main/meter.
Potential investment strategies include renovating both units to increase the total rent roll to approximately $8,500 to $11,000 per month depending on renovations, or immediately explore redevelopment into a side-by-side two-family townhouse of approximately 3200 sq ft per side (2 x 3200 sq ft = 6400 total sq ft) with 4 to 5 bedrooms and 3.5 to 4.5 baths per side.
New-construction 4- to 5-bedroom, 3200 square feet per side townhouse (3200 SqFt x 2 units = 6400 SqFt) rentals in the area rent for approximately $9,000 to $11,000 per side per month depending on location, finishings, and market conditions. This provides a Total Gross Rental Income of approximately $18,000 to $22,000 a month subject to finishes and market conditions. The Gross Development Value is approximately $3.617 million at a 6 percent cap rate, based on a Gross Rent Roll of $21,000 a month and approximately $30,000 to $35,000 in expenses (Taxes, Insurance, Etc.).
Conveniently located near the train for an effortless commute into NYC Grand Central; close to downtown Harrison, I-95, Hutchinson River Parkway, I-287, award-winning schools, golf courses, beach and tennis clubs, and the Sound Shore area.
The buyer, architect, attorney, and municipality should independently verify all zoning, rental projections, lower-level use, bedroom count, and redevelopment potential.
The existing multi-family home has approximately 2,476 sq. ft. of living space and includes two apartments plus a two-car garage. This 2-unit multi-family home sits on an oversized 8,276 sq. ft. lot with approximately 80 feet of frontage, located in a B Two-Family Residential District.
The property is currently used as a two-family investment property and offers multiple options: renovate and increase rents, owner-occupy with rental income, hold for future upside, or immediately explore redevelopment into a new two-family townhouse.
Apartment 1 includes the first floor, addition over the garage, and lower level. It is approximately 1,600 sq. ft. and features 3 bedrooms, 2 full baths, a living room, an eat-in kitchen, a dining area, a den or 4th bedroom, an office area, and a finished flexible lower-level space.
The lower level includes two rooms, plus kitchen infrastructure, a laundry area, and a former full bath that has been removed, but plumbing is capped for a potential full bath & laundry area restoration.
Apartment 2 is located on the second floor and is approximately 850 sq. ft., featuring 2 bedrooms and 1 full bath. The property has strong multi-family infrastructure, including two gas boilers, two gas meters, two hot water tanks, two electric meters, and one water main/meter.
Potential investment strategies include renovating both units to increase the total rent roll to approximately $8,500 to $11,000 per month depending on renovations, or immediately explore redevelopment into a side-by-side two-family townhouse of approximately 3200 sq ft per side (2 x 3200 sq ft = 6400 total sq ft) with 4 to 5 bedrooms and 3.5 to 4.5 baths per side.
New-construction 4- to 5-bedroom, 3200 square feet per side townhouse (3200 SqFt x 2 units = 6400 SqFt) rentals in the area rent for approximately $9,000 to $11,000 per side per month depending on location, finishings, and market conditions. This provides a Total Gross Rental Income of approximately $18,000 to $22,000 a month subject to finishes and market conditions. The Gross Development Value is approximately $3.617 million at a 6 percent cap rate, based on a Gross Rent Roll of $21,000 a month and approximately $30,000 to $35,000 in expenses (Taxes, Insurance, Etc.).
Conveniently located near the train for an effortless commute into NYC Grand Central; close to downtown Harrison, I-95, Hutchinson River Parkway, I-287, award-winning schools, golf courses, beach and tennis clubs, and the Sound Shore area.
The buyer, architect, attorney, and municipality should independently verify all zoning, rental projections, lower-level use, bedroom count, and redevelopment potential.
Location
State NY
County Westchester County
Rooms
Basement Finished
Interior
Interior Features First Floor Bedroom, First Floor Full Bath
Heating Natural Gas
Cooling None
Fireplace No
Exterior
Parking Features Driveway, Garage
Garage Spaces 2.0
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Trash Collection Public, Water Connected
Total Parking Spaces 4
Garage true
Private Pool No
Building
Sewer Public Sewer
Water Public
Structure Type Aluminum Siding,Brick
Schools
Elementary Schools Parsons Memorial
Middle Schools Louis M Klein Middle School
High Schools Harrison
School District Harrison
Others
Senior Community No
Special Listing Condition None
Listed by Find Real Estate LLC • Edward S. Stephens
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