536 North High Street
Multifamily | 10 Units | $125,000/unit
Marketing description
The New York Multifamily Group at Marcus & Millichap is pleased to present 536 North High Street, an 8,000-square-foot multi-family property located in the highly desirable Fleetwood neighborhood of Mount Vernon. Positioned in a suburban enclave with a village-like atmosphere, the asset sits within a dynamic residential corridor characterized by historic architecture and tree-lined streets.
The Property features exactly 10 residential units, delivering a highly stable income stream supported by 100% physical occupancy and consistent demand from the area's deep renter pool. This fully occupied asset presents a rare acquisition opportunity with highly concentrated layouts, including nine one-bedroom apartments, offering immediate cash flow and long-term stability for investors.
Located steps from the Gramatan Avenue commercial corridor and with access to the Fleetwood Metro-North station, the Property benefits from exceptional connectivity and a direct 30-minute commute to Manhattan. Mount Vernon's continued growth, driven by significant public and private capital projects, underpins long-term rent appreciation and sustained investor demand.
Investment highlights
- Priced at $1,250,000, the asset delivers a strong 7.9% in-place capitalization rate on a Net Operating Income of $99,264. Based on the proposed financing, investors will achieve an attractive 8.70% first-year cash-on-cash return.
- A clear value-add opportunity exists to increase annual residential revenue by $7,006 by bringing current rents to their legal, registered levels of $165,762. This provides immediate upside for the new investors.
- Offering exceptional transit access, this asset boasts a direct 30-minute commute to Manhattan's Grand Central Terminal via the nearby Fleetwood Metro-North station, acting as a primary driver for strong renter demand.
- The property is located within a 3.2-mile radius of 5,000 healthcare and education jobs. Major institutions like Montefiore Mount Vernon Hospital and Sarah Lawrence College provide a strong, localized economic base.
- The Southern Westchester multifamily submarket demonstrates robust performance with a low vacancy rate of 3.7%. The tri-city cluster delivered 2,673 new units in 2025, met with intense renter demand and a localized absorption rate of 5.9%. Mount Vernon's residential market specifically maintains occupancy rates exceeding 95%.
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