10 2Nd AveMount Vernon, NY 10550

Property Details for 10 2Nd Ave

Lot size

0.17 AC

Property type

Showrooms

APN

550800 165.70-3112-8

APU

5508001657031128

Description

This exceptional mixed-use redevelopment opportunity encompasses two buildings totaling 17,033 square feet on a 0.22-acre lot in vibrant downtown Mount Vernon, NY. The property, currently configured as two three-story structures built in 1940, offers significant upside potential. Zoned Downtown Business (DB), it permits up to ten stories of development, including professional offices, restaurants, hotels, bars, nightclubs, and other commercial uses. Strategically located less than 1,000 feet from the Mount Vernon East Metro North Train Station, it provides easy access to New York City. This prime location, within an Opportunity Zone and approximately 13 miles northeast of Midtown Manhattan, benefits from a strong and growing commercial rental market, serving a population of approximately one million residents within a five-mile radius. The asking price is $3,950,000, representing $231.90 per square foot. The property can be delivered vacant and is offered fee simple. This is a rare chance to acquire a value-add or development opportunity in a thriving Westchester County location. The property consists of two units, each priced at $1,975,000. No rent bumps are in place, and lease options are not available. The property has no tenant credit rating.

• CAP approach

  CAP return

  Valuation

  6%

  $1,799,674

  6.5%

  $1,661,237

  7%

  $1,542,577

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,438,194

  Geo Method

  $2,438,194

• Alternative Use

  Use

  Valuation

  Residential

  $1,401,316

  Hospitality

  $1,283,598

  Educational

  $1,067,938

  Medical

  $1,104,666

  Retail

  $1,661,237

Location Insight

City

Mount Vernon

County

Westchester

State

New York

Latitude

40.9115

Longitude

-73.8353

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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