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540-542 N High St, Mount 7 Unit Apartment Building $2,276,653 CAD ($325,236 CAD/Unit) 6.70% Cap Rate Mount Vernon, NY 10552
Investment Highlights
- The property is listed at a purchase price of $1,650,000, which breaks down to $235,714 per unitand $206 per square foot.
- Executing the pro forma leasing strategy is expected to drive the asset's Net Operating Income upfrom $111,220 to $141,561.
- Annual residential revenue is projected to grow from a current $173,208 to a pro forma $207,600 asmonthly rents are brought up to market rates.
- Shifting to stabilized pro forma operations elevates the property from its current 6.7% cap rate to aprojected 12.0% cash-on-cash return.
Executive Summary
This 7-unit multifamily property in the Fleetwood neighborhood offers a compelling investment opportunity in Mount Vernon. The building includes four 2-bedroom and three 1-bedroom residences, configured for optimal long-term rental potential. Additionally, four garages provide supplemental income and enhance appeal for tenants seeking secure parking. At a purchase price of $1,650,000, the asset is positioned to deliver strong financial upside supported by attainable pro forma improvements. The current annual residential revenue of $173,208 is projected to reach $207,600 through execution of a market-rate rent strategy.
Investors will benefit from significant income growth and operational efficiency, as Net Operating Income is expected to rise from $111,220 to $141,561 under stabilized conditions. The property currently offers a 6.7% cap rate, with projected returns of approximately 12.0% cash-on-cash following implementation of the revenue plan. Located in the Fleetwood area, residents enjoy access to vibrant local amenities and commuter connections throughout Westchester and the New York metropolitan region. This asset exemplifies strong fundamentals for investors targeting well-located multifamily housing with tangible rent growth potential.
Investors will benefit from significant income growth and operational efficiency, as Net Operating Income is expected to rise from $111,220 to $141,561 under stabilized conditions. The property currently offers a 6.7% cap rate, with projected returns of approximately 12.0% cash-on-cash following implementation of the revenue plan. Located in the Fleetwood area, residents enjoy access to vibrant local amenities and commuter connections throughout Westchester and the New York metropolitan region. This asset exemplifies strong fundamentals for investors targeting well-located multifamily housing with tangible rent growth potential.
Property Facts
| Price | $2,276,653 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $325,236 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 6.70% | Building Size | 8,000 SF |
| Gross Rent Multiplier | 8.8 | No. Stories | 2 |
| No. Units | 7 | Year Built | 1947 |
| Property Type | Multifamily | Parking Ratio | 0.5/1,000 SF |
| Property Subtype | Apartment |
| Price | $2,276,653 CAD |
| Price Per Unit | $325,236 CAD |
| Sale Type | Investment |
| Cap Rate | 6.70% |
| Gross Rent Multiplier | 8.8 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.11 AC |
| Building Size | 8,000 SF |
| No. Stories | 2 |
| Year Built | 1947 |
| Parking Ratio | 0.5/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+1 | 4 | - | - |
1 1
Very walkable
80/100
Moderately drivable
60/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 0800-165-037-01049-000-0011 | Improvements Assessment | $19,043 CAD |
| Land Assessment | $4,140 CAD | Total Assessment | $23,182 CAD |
Property Taxes
Parcel Number
0800-165-037-01049-000-0011
Land Assessment
$4,140 CAD
Improvements Assessment
$19,043 CAD
Total Assessment
$23,182 CAD
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540-542 N High St, Mount
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