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132 Cortlandt St 3 Unit Apartment Building $1,250,000 ($416,667/Unit) 6.60% Cap Rate Tarrytown, NY 10591
Investment Highlights
- Fully renovated, turnkey three-unit asset
- 6.64% in-place cap rate — a premium to the ~5.9% Westchester multifamily average — expanding to 7.40% on pro forma
- Owner’s unit delivered vacant provides flexibility for owner-occupancy or additional rental income
- Severe Westchester supply constraint — county rental vacancy at a historic ~1.9%
Executive Summary
Marcus & Millichap – New York Multifamily is pleased to exclusively offer 132 Cortlandt Street, a fully renovated, turnkey three-unit multifamily building in the Village of Sleepy Hollow, Westchester County. The property comprises 3,760 gross square feet across two two-bedroom apartments and a three-bedroom owner’s duplex delivered vacant. Priced at $1,250,000 — $416,667 per unit and $332 per square foot — the asset produces $82,982 of in-place net operating income, a 6.64% going-in cap rate that expands to 7.40% on pro forma.
TURNKEY RENOVATION
Fully renovated and delivered turnkey, the building carries no deferred maintenance and no near-term capital expenditure backlog. The three-bedroom owner’s duplex is delivered vacant, letting a buyer set market rent or owner-occupy from day one.
ATTRACTIVE IN-PLACE YIELD
Priced at $1,250,000, the asset delivers $82,982 of in-place NOI — a 6.64% going-in cap rate that expands to 7.40% on $92,494 of pro forma NOI as the vacant duplex is leased and free-market rents grow.
100% FREE-MARKET UNIT MIX
All three residential units are free-market with no rent stabilization — two two-bedroom apartments plus a three-bedroom owner’s duplex across 3,760 gross square feet. There is no DHCR risk or regulatory complexity.
SUPPLY-CONSTRAINED WESTCHESTER
Sleepy Hollow sits in supply-constrained Westchester County, where rental vacancy has fallen to a historic ~1.9% and Metro-North’s Hudson Line drives
durable commuter demand — fundamentals that underpin pricing power and rent growth.
TURNKEY RENOVATION
Fully renovated and delivered turnkey, the building carries no deferred maintenance and no near-term capital expenditure backlog. The three-bedroom owner’s duplex is delivered vacant, letting a buyer set market rent or owner-occupy from day one.
ATTRACTIVE IN-PLACE YIELD
Priced at $1,250,000, the asset delivers $82,982 of in-place NOI — a 6.64% going-in cap rate that expands to 7.40% on $92,494 of pro forma NOI as the vacant duplex is leased and free-market rents grow.
100% FREE-MARKET UNIT MIX
All three residential units are free-market with no rent stabilization — two two-bedroom apartments plus a three-bedroom owner’s duplex across 3,760 gross square feet. There is no DHCR risk or regulatory complexity.
SUPPLY-CONSTRAINED WESTCHESTER
Sleepy Hollow sits in supply-constrained Westchester County, where rental vacancy has fallen to a historic ~1.9% and Metro-North’s Hudson Line drives
durable commuter demand — fundamentals that underpin pricing power and rent growth.
Property Facts
| Price | $1,250,000 | Property Subtype | Apartment |
| Price Per Unit | $416,667 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.60% | Lot Size | 0.03 AC |
| Gross Rent Multiplier | 9.9 | Building Size | 3,760 SF |
| No. Units | 3 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1959 |
| Zoning | C2 | ||
| Price | $1,250,000 |
| Price Per Unit | $416,667 |
| Sale Type | Investment |
| Cap Rate | 6.60% |
| Gross Rent Multiplier | 9.9 |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.03 AC |
| Building Size | 3,760 SF |
| No. Stories | 3 |
| Year Built | 1959 |
| Zoning | C2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | - | - |
1 1
Very walkable
80/100
Moderately drivable
70/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 3401-115-015-00002-066-0000 | Improvements Assessment | $121,000 |
| Land Assessment | $14,000 | Total Assessment | $135,000 |
Property Taxes
Parcel Number
3401-115-015-00002-066-0000
Land Assessment
$14,000
Improvements Assessment
$121,000
Total Assessment
$135,000
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132 Cortlandt St
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