PRICE REDUCTION - DEAL FELL THROUGH 137-139 Willett Ave 10 Unit Apartment Building $2,928,344 CAD ($292,834 CAD/Unit) 8.34% Cap Rate Port Chester, NY 10573

The Agency Commercial Division is pleased to present 137–139 Willett Avenue, a stabilized 10-unit mixed-use investment property strategically positioned in the heart of downtown Port Chester, New York. The three-story, approximately 7,821-square-foot building consists of eight residential apartments and two street-level commercial spaces, providing investors with a diversified combination of multifamily and retail income.
Offered at $2,115,000, the property generates approximately $262,860 in annual gross revenue and an underwritten Net Operating Income of $161,755, representing an attractive 7.65% in-place capitalization rate.
The property's income profile has recently been strengthened through completed lease renewals. Five residential tenants renewed with increases of $100 per month, increasing residential rental income by approximately $6,000 annually. In addition, commercial tenant Steph's executed a new five-year lease at a meaningful increase in rent. The lease carries zero landlord cost and provides 3% annual rent escalations in Years 2 through 5, creating contractual income growth for the next owner.
Beyond its current cash flow, the property benefits from an exceptional transit-oriented location within approximately a one-minute walk of the Port Chester Metro-North Station, excellent downtown walkability, and immediate proximity to restaurants, retail, entertainment and neighborhood amenities.
The combination of a 7.65% going-in yield, stabilized tenancy, contractual rent growth, diversified revenue, conservative expense underwriting and a walk-to-train Westchester location makes 137–139 Willett Avenue a compelling opportunity for private investors, 1031 exchange buyers, family offices and regional mixed-use owners.
Investment Highlights
7.65% In-Place Cap Rate
The $2,115,000 asking price provides investors with an attractive going-in yield based on an underwritten NOI of $161,755.
$262,860 Annual Gross Revenue
The executed June 2026 rent roll provides a substantial existing income stream from residential rents, commercial rents and CAM reimbursements.
10 Diversified Income-Producing Units
The property contains eight residential apartments and two commercial storefronts, reducing reliance on any single tenant or asset class.
Recently Executed Residential Renewals
Five residential tenants renewed at increases of $100 per month, collectively adding approximately $6,000 in annual residential income.
New Five-Year Commercial Lease
Commercial tenant Stephanie Chavez has executed a new five-year lease, substantially reducing near-term rollover exposure.
Contractual Commercial Rent Growth
The commercial renewal includes 3% annual increases in Years 2 through 5, providing built-in revenue growth to the next owner.
Zero Landlord Cost on Renewal
The commercial renewal carries zero landlord cost, allowing the incoming investor to benefit from the stabilized lease without associated renewal expenditures.
Walk-to-Train Location
The property is positioned approximately one minute from the Port Chester Metro-North Station, providing direct connectivity to Manhattan, Stamford and employment centers throughout the region.
Separately Metered Units
Separate electric and boiler metering helps control ownership expenses and improves operating efficiency.
Opportunity Zone Location
The property is located within a designated Opportunity Zone, potentially offering additional benefits to qualifying investors and investment structures.
Property Overview
PROPERTY INFORMATION
Property Address 137–139 Willett Avenue
Municipality Port Chester, NY 10573
Property Type Mixed-Use
Total Units 10
Residential Units 8
Commercial Units 2
Gross Building Area ±7,821 SF
Retail Area ±2,604 SF
Stories 3
Year Built 1900
Metering Separately Metered
Opportunity Zone Yes
Walk Score 93 – Walker's Paradise
Metro-North Approx. 1-Minute Walk
Asking Price $2,115,000
Price / Unit $211,500
Price / SF Approx. $270
Annual Gross Revenue $262,860
Underwritten NOI $161,755
In-Place Cap Rate 7.65%
Income & Expense Summary
Based on Executed Rent Roll as of June 2026
Annual Income
INCOME ANNUAL AMOUNT
Residential Rents – 8 Units $163,200
Commercial Rents – 2 Units $91,260
Commercial Reimbursements (CAM) $8,400
TOTAL GROSS REVENUE $262,860
The property's revenue profile provides a diversified combination of residential and commercial income, with approximately 62% of gross revenue derived from residential rents and the balance generated from commercial rents and reimbursements.
Operating Expenses
OPERATING EXPENSE ANNUAL AMOUNT
Real Estate Taxes $51,288
Insurance $12,000
Payroll / Maintenance $2,500
Electricity $1,150
Water & Sewer $5,252
Management Fee – 3% of EGR $7,886
Vacancy Allowance – 5% of EGR $13,143
Repairs & Maintenance Reserve – 3% of EGR $7,886
TOTAL OPERATING EXPENSES $101,105
NET OPERATING INCOME
$161,755
VALUATION
Asking Price: $2,115,000
NOI: $161,755
In-Place Cap Rate: 7.65%
Conservative Underwriting
The investment is presented using a relatively conservative operating model rather than relying solely on actual current expenditures to maximize the advertised NOI.
The underwriting includes a 3% management fee of approximately $7,886, a 5% vacancy allowance of approximately $13,143, and a 3% repairs and maintenance reserve of approximately $7,886.
Collectively, these three underwriting items account for approximately $28,915 of annual expenses/reserves.
Before these three conservative underwriting adjustments, the property produces approximately $190,670 after the other listed operating expenses.
This provides prospective purchasers with a more normalized view of the property's performance while maintaining an attractive 7.65% capitalization rate at the asking price.
Stabilized Residential Income
The eight-unit residential component provides a diversified base of recurring rental income totaling approximately $163,200 annually.
Recent renewals have further strengthened this income stream. Five residential tenants renewed their leases with increases of $100 per month per apartment, resulting in approximately $6,000 of additional annual residential revenue.
The completed renewals provide the incoming investor with greater visibility into near-term residential cash flow while demonstrating the property's ability to capture increased rental revenue.
The property's downtown location, proximity to Metro-North, walkability and access to restaurants and services should continue to support its attractiveness to renters.
Commercial Income & Lease Strength
The two street-level commercial units generate approximately $91,260 in annual base rent, supplemented by approximately $8,400 in CAM reimbursements.
A significant component of the property's recent stabilization is the execution of a new five-year lease with commercial tenant Steph's.
The renewal provides several benefits to the incoming investor, including a meaningful increase in initial rent, 3% annual rent escalations