994 McLean Ave - Storefront Retail/Residential FOR SALE


Yonkers, NY 10704- Southeast Yonkers
$1,200,000 USD
914-760-5757
994 McLean Ave, Yonkers, NY for Sale
$1,200,000 USD
Storefront Retail/Residential - FOR SALE
1/21
null | 6.74% Cap Rate

994 McLean Ave
Yonkers, NY 10704
Southeast Yonkers


HIGHLIGHTS

  • Mixed-use property with one commercial space and two residential apartments.
  • Commercial storefront was substantially renovated with updated building systems.
  • Month-to-month commercial tenancy provides future occupancy flexibility.
  • Residential tenants pay utilities directly.
  • Located along McLean Avenue with access to restaurants and neighborhood businesses.
  • Convenient access to Metro-North, the subway, and major regional highways.

OVERVIEW

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. Two residential apartments 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 utilities. 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 addressed, 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. All square footage is based on digital measurements; the buyer and buyer's agent must verify independently. Photos have been virtually enhanced for optimized furniture layout.

FOR SALE DETAILS

PRICE

$1,200,000 USD

PRICE/SF

$451 USD /SF

CAP RATE

6.74%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1927

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,742 SF

ZONING

B

APN/PARCEL ID

1800-006-000-06244-000-0027

ASK ABOUT THIS PROPERTY

John PisaeRealty AdvisorsMore Info
914-760-5757

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John PisaeRealty AdvisorsMore Info
914-760-5757

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