1621 Harrison Ave - Storefront Retail/Residential FOR SALE


Mamaroneck, NY 10543- Larchmont/Mamaroneck
$2,625,000 USD
631-487-5623
1621 Harrison Ave, Mamaroneck, NY for Sale
$2,625,000 USD
Storefront Retail/Residential - FOR SALE
1/38
null | 7.26% Cap Rate

1621 Harrison Ave
Mamaroneck, NY 10543
Larchmont/Mamaroneck


HIGHLIGHTS

  • High-barrier-to-entry Westchester County market with strong rental demand and attractive rents for one- and two-bedroom apartments.
  • In-place residential rents are approximately 30% below market, creating significant upside through light renovations and mark-to-market rent growth.
  • Vet hospital lease benefits from a corporate guarantee from PetVet Management LLC backed by global investment firm KKR, with over $796 billion in AUM
  • Offers potential land-use value in a market with limited residential development opportunities.
  • Reinforces PetVet’s long-term commitment to the location and provides greater stability to the property’s cash flow.
  • Combines dependable corporate-backed income with meaningful residential rent-growth potential.

OVERVIEW

Miller Clark Animal Hospital and a four-unit apartment complex in Mamaroneck, New York, is a fully occupied 6,987-square-foot mixed-use investment property situated on 1.62 acres. The property includes a 4,275-square-foot veterinary hospital leased to PetVet, a KKR-backed veterinary platform, under a 10-year lease extension, providing stable long-term commercial income. The remaining four residential units are fully leased but currently generate rents approximately 30% below market, creating a strong value-add opportunity as leases expire. With potential for roughly 150 basis points of cap-rate expansion and projected cash-on-cash returns of approximately 9.60%, the property combines dependable income with meaningful upside in an affluent and densely populated Westchester County market.

FOR SALE DETAILS

PRICE

$2,625,000 USD

PRICE/SF

$376 USD /SF

CAP RATE

7.26%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1930

SPRINKLERS

-

PARKING SPACES

34

LAND DETAILS

LAND ACRES

1.62 AC

LAND SF

70,489 SF

ZONING

05

APN/PARCEL ID

4803-155-000-00029-001-0035-0000000

ASK ABOUT THIS PROPERTY

Matthew GaultMarcus & MillichapMore Info
631-487-5623

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Matthew GaultMarcus & MillichapMore Info
631-487-5623

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.