660 Locust St
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660 Locust St
42 Unit Apartment Building $4,500,000 ($107,143/Unit) 6.16% Cap Rate Mount Vernon, NY 10552
Investment Highlights
- 31,250 SF, elevator apartment building.
- Ideal 1031 exchange opportunity.
- Currently 93% occupied and cash flowing.
- Rent stabilized property.
Executive Summary
Douglas Elliman Commercial, as the Exclusive Agent, is pleased to offer for sale, 660 Locust Street, which is located in the Fleetwood Neighborhood of Mount Vernon NY.
The Multi Family investment asset is currently configured with 42 units, fully leased with a current vacancy rate of 7.1% (3 units). The property is a six-story elevator building, consisting of 31,250 sqft, with units ranging from Studios and Mid to Large 1-bedrooms. All units are currently designated as Rent Stabilized apartments.
Built in 1929, the property offers historic charm and appeal. Each unit is adorned with pre-war detail. The current ownership and management has kept the building clean and well-maintained. The property amenities include a laundry room, and a community room which can be activated for parties, functions. Or potentially repurposed for additional income.
The location offers easy access to public transportation, with the Fleetwood Metro North Station located 1 block away, which offers a 28-minute commute to Grand Central (NYC). Also located directly off the cross-county expressway with quick access to I-87 and I-95.
The Multi Family investment asset is currently configured with 42 units, fully leased with a current vacancy rate of 7.1% (3 units). The property is a six-story elevator building, consisting of 31,250 sqft, with units ranging from Studios and Mid to Large 1-bedrooms. All units are currently designated as Rent Stabilized apartments.
Built in 1929, the property offers historic charm and appeal. Each unit is adorned with pre-war detail. The current ownership and management has kept the building clean and well-maintained. The property amenities include a laundry room, and a community room which can be activated for parties, functions. Or potentially repurposed for additional income.
The location offers easy access to public transportation, with the Fleetwood Metro North Station located 1 block away, which offers a 28-minute commute to Grand Central (NYC). Also located directly off the cross-county expressway with quick access to I-87 and I-95.
Property Facts
| Price | $4,500,000 | Building Class | C |
| Price Per Unit | $107,143 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 31,250 SF |
| Cap Rate | 6.16% | Average Occupancy | 93% |
| No. Units | 42 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1929 |
| Property Subtype | Apartment | Parking Ratio | 0.48/1,000 SF |
| Apartment Style | Mid Rise |
| Price | $4,500,000 |
| Price Per Unit | $107,143 |
| Sale Type | Investment |
| Cap Rate | 6.16% |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 31,250 SF |
| Average Occupancy | 93% |
| No. Stories | 6 |
| Year Built | 1929 |
| Parking Ratio | 0.48/1,000 SF |
Site Amenities
- Laundry Facilities
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 42 | - | 700 |
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Walk Score ®
Very Walkable (81)
PROPERTY TAXES
| Parcel Number | 0800-165-029-01026-000-0007 | Improvements Assessment | $91,000 |
| Land Assessment | $18,000 | Total Assessment | $109,000 |
PROPERTY TAXES
Parcel Number
0800-165-029-01026-000-0007
Land Assessment
$18,000
Improvements Assessment
$91,000
Total Assessment
$109,000
zoning
| Zoning Code | RMF-15 (Apartment House) |
| RMF-15 (Apartment House) |
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Louis Puopolo -
Chanda Colón -
Douglas Elliman Commercial Real Estate
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660 Locust St
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