994 McLean Avenue
Yonkers, NY 10704

Property

Ownership: For Sale
Type: mixed-use
Lot Size: 0.1 Acres

Financials

Price:$1,200,000
Annual Taxes:$13,054
2415 Montauk Highway PO Box 742, Bridgehampton, NY 11932
Listing Courtesy of eRealty Advisors, Inc

994 McLean Avenue presents a rare opportunity to acquire a fully occupied, capital improved mixed use building on one of southeast Yonkers' most heavily trafficked retail corridors, with immediate owner ...

View from street

View from street

View from street
View from street
Commercial Storefront
Commercial Storefront
Commercial Storefront
Commercial Storefront
Utility Room
Upstairs Unit - Living Room
Upstairs Unit - Kitchen
Upstairs Unit - Bathroom
Upstairs Unit - Bedroom 1
Upstairs Unit - Bedroom 2
Upstairs Unit - Bedroom 3
Ground Level Unit - Living Room
Ground Level Unit - Kitchen
Ground Level Unit - Bedroom
Ground Level Unit - Bathroom
Outdoor Patio
Shared Storage
Shared Storage
View of lot
View from streetView from streetCommercial StorefrontCommercial StorefrontCommercial StorefrontCommercial StorefrontUtility RoomUpstairs Unit - Living RoomUpstairs Unit - KitchenUpstairs Unit - Bathroom

Description

994 McLean Avenue presents a rare opportunity to acquire a fully occupied, capital-improved mixed-use building on one of southeast Yonkers' most heavily trafficked retail corridors, with immediate owner-user optionality and a clear path to increased market rents. The ground-floor commercial storefront was taken down to the studs about eight years ago and rebuilt with a new storefront, updated plumbing, updated electrical, updated sewer lines, forced-air heating, and central air conditioning. The current occupant has no written lease and operates month-to-month, giving a purchaser complete flexibility to occupy the space directly after closing, or reset the rent to market. In a submarket where quality storefront inventory rarely trades, that optionality carries real weight. In addition, two residential apartments; a 3 bedroom/1 bath and a 1 bedroom/1 bath round out the rent roll. The rear ground floor residence pairs a bright living room and kitchen with a private bedroom and bath, opening through a rear door to an (optional) paver backyard, an amenity almost never found at this price point along McLean Avenue. The top-floor residence is the larger of the two, with a front living room, separate eat-in kitchen, hardwood floors, and a central hallway serving the three bedrooms and one full bath. Both units run high-efficiency electric baseboard heat with individual room thermostats, and tenants pay all their own utilities including heat. Gross operating expenses of $17,200 are offset by $5,160 in commercial tenant reimbursement, leaving net owner expenses of $12,040 against $85,800 in gross under-market rental income. With windows, the roof, mechanicals, and the hot water heater recently updated, near-term capital exposure is limited. What really sells this property is its location. McLean Avenue delivers consistent day-and-night foot traffic and a dense surrounding residential and commercial base. This area is home to 10 late-night bars and restaurants, thus creating a 24-hour business opportunity in the storefront. The Nereid Avenue subway is approximately 0.6 miles away, Metro-North is 0.7 miles away, and the site offers direct access to the Major Deegan Expressway and Bronx River Parkway. The building has public water and sewer service. Rent roll, lease, and expense details are available after e-signing the non-disclosure agreement. Building size of 2,500 SF per public records (exterior); unit sizes are interior measurements per floor plan. The buyer and buyer's agent must verify independently. Photos have been virtually enhanced for optimized furniture layout. Plus a 1,029 SF unfinished basement offered as storage space. Total annual taxes: $13,054 (county $2,937 + city/school $10,117).

Amenities

  • Back Yard
  • Cable Connected
  • Electricity Connected
  • Gas Range
  • Natural Gas Connected
  • Near Public Transit
  • Phone Connected
  • Private
  • Refrigerator
  • Sewer Connected
  • Smoke Detectors
  • Trash Collection Public
  • Walk Up
  • Water Connected

Long Island MLS

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.