Approved 120-Unit Development Site w/ Short-Term NNN Income
Land | 1.46 acres
Marketing description
RIPCO Real Estate, as exclusive agent, presents 250 Boston Post Road in Port Chester, New York, a covered land opportunity offering immediate NNN income and a fully approved site plan for a 5-story, 120-unit market-rate multifamily development totaling approximately 171,070 GSF with 150 below-grade structured parking spaces.
TD Bank (S&P: A+) occupies the site on a NNN lease generating $385,000 per year through August 31, 2029, with two additional 5-year extension options. The tenant is dark, having closed its branch in July 2024, but remains current on all lease obligations. A buyer acquires stable, investment-grade income while completing the IDA process and securing construction financing.
On April 27, 2026, the Village of Port Chester Planning Commission approved the site plan for the proposed development, with an effective approval period running through April 27, 2029. Two variances were secured from the Village Zoning Board of Appeals. The entitlement risk that typically consumes years of a development timeline has been eliminated entirely.
Located in the Village of Port Chester in the Town of Rye, Westchester County, the site sits steps from the Port Chester Metro-North station on the New Haven Line, offering approximately 40-minute service to Grand Central Terminal. Adjacent to Greenwich, Connecticut and the broader Sound Shore corridor, Port Chester has emerged as one of the most active transit-oriented development submarkets in the New York metropolitan area, attracting institutional capital and national developers drawn by its transit access, walkable downtown, and chronic undersupply of new rental housing.
Investment highlights
- The Village of Port Chester Planning Commission approved a site plan for a 5-story, 171,070 GSF multifamily development comprising 120 residential units and 150 below-grade structured parking spaces. Approval expires April 27, 2029.
- TD Bank (S&P: A+) occupies the site on a NNN lease generating $385,000/year ($32,083/month) through August 31, 2029, providing a buyer with stable income while pursuing IDA approval and construction financing.
- Port Chester's 2020 "Plan The Port" initiative introduced a village-wide form-based zoning code designed to foster transit-oriented growth. In 2023, the Village refined that framework by establishing the CD-4MU General Urban Mixed Use District, specifically to reinforce commercial corridors in close proximity to transit and enable mixed-use expansion. 250 Boston Post Road is zoned CD-4MU today, with a fully approved site plan in hand and the Port Chester IDA's established track record of approving PILOT agreements for qualifying multifamily projects in the village.
- The site sits steps from the Port Chester Metro-North station on the New Haven Line, offering approximately 40-minute service to Grand Central Terminal and direct connectivity to Midtown Manhattan. For renters who work in the city but seek more space and value than the five boroughs can offer, the Sound Shore corridor has become an increasingly attractive alternative, with Port Chester at its core.
- Port Chester sits at the epicenter of Westchester County's transit-oriented development boom. Institutional capital from Hines, Hudson Companies, and KABR Group has targeted the submarket, validating demand for well-located, transit-adjacent multifamily.
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