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For SaleMulti FamilyMLS KEY1011135

124 Center Avenue

Mamaroneck, NY · Westchester County
Listed by
Spadaro Real Estate, Ltd.
Shown from OneKey MLS. McGrath Realty does not represent this property. We can arrange to show it to you and represent you in buying it.
Building
3,664 SF
Site
0.11 acres
Price / SF
$382
NOI
$124,800
Year built
1892
Zoning
281
Stories
2

The offering

Rare FIVE-FAMILY family investment opportunity consisting of two separate buildings with off-street tenant parking and substantial income-growth potential. The 2,052-square-foot front building offers three units: a spacious four-bedroom duplex with 1.5 baths and two additional two-bedroom apartments. The 1,612-square-foot rear building contains two three-bedroom apartments. Current rents are well below market (annual income approx. $135K,) and there are presently no written leases in place, offering flexibility for future rent adjustments, subject to applicable laws and regulations. PROJECTED annual income is approximately $220,000 based on anticipated market rents. Each building is served by one gas boiler, with heat paid by the owner. Every apartment has a separate electric hot-water heater, with electricity paid by the tenant. An excellent value-add opportunity for investors seeking strong cash-flow potential in a desirable Mamaroneck location.

Building & site

Interest conveyedFee simple
Gross building area3,664 SF
Building typeMulti Family
Property typeMulti Family
Year built1892
Stories2
Land area0.11 acres
Land area, SF4,792 SF
WaterPublic
SewerPublic Sewer
HeatHot Water, Natural Gas
Tax parcel5532038-23-596
Number of buildings2
Parking spaces6
Electric utilityCon-Edison
Distance to train0.2 mi

Zoning & permitted uses

District
281

Permitted uses are governed by the Mamaroneck zoning code and should be confirmed with the municipality. Ask a broker for the district summary.

Income & tenancy

Gross income (as reported)
$124,800

Lease terms are summarized from the executed lease and should be independently verified against the document, which is available under confidentiality agreement along with the rent roll and operating statements. Income shown is gross as reported by the listing broker, not verified against an operating statement.

Aerial imagery

The outline is this property's tax parcel from the county assessment roll, over current aerial imagery. Boundaries are indicative and are not a survey.

Taxes & assessment

2025 taxes$25,900
Assessed value$1,047,000
Land assessment$121,000
Full market value$1,047,000
Owner of recordCenter Ave Properties LLC
School districtMamaroneck
Property class281
Floodplain
100% of the parcel lies within the mapped floodplain. Buildable area, insurance and any expansion should be checked against the current FEMA mapping before you rely on it.

Assessment figures are taken from the municipal roll and should be independently verified. Annual tax bills are available on request.

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