2 Mill St - Apartments FOR SALE


Yonkers, NY 10701- Downtown Yonkers
$6,750,000 USD
201-615-8557
2 Mill St, Yonkers, NY for Sale
$6,750,000 USD
Apartments - FOR SALE
1/53
null | 6.47% Cap Rate

2 Mill St
Yonkers, NY 10701
Downtown Yonkers


HIGHLIGHTS

  • 3 blocks to Metro North and under 30 minutes to Grand Central
  • Authentic brick-and-beam character
  • Resident lounge / conference area / fitness room

OVERVIEW

Lee & Associates NYC is pleased to present exclusively for sale two mixed-use buildings located at 2 Mill Street and 12-14 North Broadway, Yonkers, NY 10701 (the “Properties” or the “Portfolio”). Located in the historic Statesman and McCann buildings, SOYO Lofts consists of 25 residential lofts, as well as ground floor commercial space. The structure dates to about 1914 and has been converted to loft style apartments with high ceilings, large windows, in unit laundry, tenant controlled HVAC, and access to shared amenities such as a lounge, conference area, and fitness room. Mercantile Lofts at 12–14 North Broadway is a mixed-use loft conversion of a former commercial building originally built around 1965. The property contains approximately eight residential loft units above a ground floor commercial component. Both properties are currently operating below market rents, presenting a clear opportunity to drive revenue through strategic rent increases, improved revenue management, and targeted unit upgrades. The oversized unit layouts, particularly at North Broadway, provide additional upside through reconfiguration and optimization of bedroom counts. At the same time, the Portfolio benefits from stable, in-place cash flow, offering a balanced profile of current income and future growth. Overall, the Portfolio represents a compelling opportunity to acquire well-located assets in a rapidly growing commuter market with direct access to New York City and meaningful potential for revenue growth. 25 loft apartments in historic 1914 structure Opportunity to significantly increase rents through voucher lease-up strategy In-unit laundry + tenant-controlled HVAC 16 vacant storage units in basement portion 100% free market Can be sold with 12-14 N Broadway Yonkers, NY 10701

FOR SALE DETAILS

PRICE

$6,750,000 USD

PRICE/SF

$186 USD /SF

# OF UNITS

26

PRICE/UNIT

$259,615

CAP RATE

6.47%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

SOYO Lofts

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

7

YEAR BUILT

1914

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.21 AC

LAND SF

9,148 SF

ZONING

CBD

APN/PARCEL ID

1800-002-000-02003-000-0042

ASK ABOUT THIS PROPERTY

Chris VarjanLee & AssociatesMore Info
201-615-8557

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Chris VarjanLee & AssociatesMore Info
201-615-8557

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