481 Main StNew Rochelle, NY 10801

Property Details for 481 Main St

Lot size

0.10 AC

Property type

Office properties

Property subtype

Office buildings

APN

551000 1-229-0006

APU

55100012290006

Description

This exceptional 24,500 square foot, five-story multi-tenant office building is located at 481 Main Street in New Rochelle, New York, (zip code 10801). The property, built in 1929 and extensively renovated in 2022, boasts a Class C designation and features a mix of medical, storefront, and traditional office spaces across 15 units, currently operating at 100% occupancy. The building sits on a 0.11-acre lot (APN 1-229-0006) and is zoned DB. Recent improvements include a complete granite façade renovation, new front entrance, exterior lighting and awning (2013), a new gas boiler/burner (2012), removal of an underground fuel tank (2019), and the replacement of three rooftop AC units with 10-year warranties (April 2024), as well as additional AC unit replacements in 2023, 2022, and 2020. Its prime downtown location offers easy access to Metro-North Railroad and I-95, and benefits from its proximity to two major developments under construction/approval that will add over 800 residential units, and the proposed LINC Rail connecting downtown to Main Street and the Metro-North train station. This owner-user investment opportunity presents a compelling combination of strong tenancy and significant recent upgrades.

• CAP approach

  CAP return

  Valuation

  6%

  $720,177

  6.5%

  $664,779

  7%

  $617,294

• Comparable approach

  Method

  Valuation

  Relative Method

  $569,155

  Geo Method

  $569,155

• Alternative Use

  Use

  Valuation

  Residential

  $824,326

  Hospitality

  $755,078

  Educational

  $628,216

  Medical

  $649,821

  Retail

  $977,225

Location Insight

City

New Rochelle

County

Westchester

State

New York

Latitude

40.9095

Longitude

-73.7811

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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