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114 Ferris Ave - Mixed Use Property - Residential and Retail 3 Unit Apartment Building Offered at $925,000 at a 6.76% Cap Rate White Plains, NY 10603
Investment Highlights
- 0.4 miles to White Plains train station.
- Two residential apartments.
- Commercial space leased for 5 years with annual increases of 5% per year
Executive Summary
C.J. Pagano & Sons, Inc. is pleased to exclusively offer 114-116 Ferris Avenue, a mixed-use investment property in White Plains, NY, priced at $925,000. The building consists of two fully renovated 2-bedroom residential units and a ±440 SF retail storefront on a 6,098 SF lot.
The second-floor unit is leased at $2,800/month through 2/28/2027, with the landlord covering heat for the entire property. The first-floor unit is fully renovated and delivered vacant, offering immediate upside for an owner-user or new lease-up at market rent. The ground-floor retail space is leased on a 5-year term through 2/28/2031 at $1,800/month gross, with the tenant paying electric and contractual 5% annual rent escalations.
Positioned just 0.4 miles from the White Plains Metro-North Station (under 35 minutes to NYC) with immediate access to I-287, the Bronx River Parkway, and the Hutchinson River Parkway, the property offers strong connectivity for both residential tenants and retail customers. On-site parking is available in the rear/driveway, with additional street parking for retail patrons.
At full occupancy, the property generates a pro forma NOI of approximately $62,500, reflecting a 6.8% cap rate at the asking price.
Highlights
Mixed-use asset: 2 residential units + retail storefront
$925,000 asking price | 6.8% pro forma cap rate
Vacant unit offers immediate value-add / owner-user potential
Retail lease through 2031 with 5% annual escalations
0.4 miles to White Plains Metro-North (35 min to NYC)
Immediate access to I-287, Bronx River Pkwy, Hutchinson River Pkwy
On-site parking + street parking for retail customers
Landlord pays heat; tenants pay gas/electric
The second-floor unit is leased at $2,800/month through 2/28/2027, with the landlord covering heat for the entire property. The first-floor unit is fully renovated and delivered vacant, offering immediate upside for an owner-user or new lease-up at market rent. The ground-floor retail space is leased on a 5-year term through 2/28/2031 at $1,800/month gross, with the tenant paying electric and contractual 5% annual rent escalations.
Positioned just 0.4 miles from the White Plains Metro-North Station (under 35 minutes to NYC) with immediate access to I-287, the Bronx River Parkway, and the Hutchinson River Parkway, the property offers strong connectivity for both residential tenants and retail customers. On-site parking is available in the rear/driveway, with additional street parking for retail patrons.
At full occupancy, the property generates a pro forma NOI of approximately $62,500, reflecting a 6.8% cap rate at the asking price.
Highlights
Mixed-use asset: 2 residential units + retail storefront
$925,000 asking price | 6.8% pro forma cap rate
Vacant unit offers immediate value-add / owner-user potential
Retail lease through 2031 with 5% annual escalations
0.4 miles to White Plains Metro-North (35 min to NYC)
Immediate access to I-287, Bronx River Pkwy, Hutchinson River Pkwy
On-site parking + street parking for retail customers
Landlord pays heat; tenants pay gas/electric
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Storage Space
- Tile Floors
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Oven
- Wi-Fi
- Basement
- Double Pane Windows
- Family Room
- Patio
Site Amenities
- 24 Hour Access
- On-Site Retail
- Storage Space
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $2,800 | - |
1 1
Moderately walkable
70/100
Exceptionally drivable
100/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 1700-125-050-00001-000-0012 | Improvements Assessment | $7,300 |
| Land Assessment | $1,900 | Total Assessment | $9,200 |
Property Taxes
Parcel Number
1700-125-050-00001-000-0012
Land Assessment
$1,900
Improvements Assessment
$7,300
Total Assessment
$9,200
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114 Ferris Ave - Mixed Use Property - Residential and Retail
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