11 Locations

Academic co-Realty Services is pleased to represent the sale of an investment portfolio of mixed-use and residential properties in the Village of Thornwood, Mount Pleasant, New York. The anchor for the property is a retail - office building at 871 Commerce Street, with plans to convert two office spaces to residential units, and two retail units occupied by Thornwood Dental Care and Shear Performance Hair Designs. Built in the early 1990s, six units of the Marble Heights townhouse complex make up the core of the portfolio, and were recently appraised at about $700,000 each. Another nearby townhouse unit resides at The Crossings at Thornwood. Single family homes include a large 5-bedroom, 4-bath property on Commerce Street, and a modest house on an oversized lot on Westchester Avenue. A renovated triplex is located at 825 Franklin Avenue in a busy commercial corridor. The 11-property portfolio is being offered at a price of $8.8M, which assumes a 5.0% pro forma capitalization rate. Detailed income and expense data available upon request. Offers for individual properties or segments of the portfolio will be considered.