Property Listing No Longer Available for Sale

85 TIBBETTS ROAD, YONKERS, NY

Multi-family for Sale - $1,849,000


Property Info

CIMLS#1081545
Location
  85 TIBBETTS ROAD
  YONKERS NY 10705
UpdatedApril 2nd, 2021
TypeMulti-family
Price$1,849,000

Property Description

Brick four family, three store mixed use property just off McClean Avenue. The four apartments each offer an eat in kitchen, living room, two bedrooms, one full bath, hardwood floors and plenty of closet space. The three stores are equally divided and offer two long term tenants and one storefront on a month to month basis. This storefront is being marketed for rent simultaneously with the sale for $2500.00 per month and may have a new tenant prior to closing. Also perfect for an owner occupied business owner. The current rent roll $164k. The expenses including taxes, insurance, heat, water, electric approximately 42k per year. Currently a 6.1 CAP, but plenty of room to improve to over 7.1 CAP immediately. Owner is considering raising rents and securing all leases prior to sale to help the mortgage process. Three apartment rents can be increased by a minimum of $500-$600 per month each, currently under market. Paper street parking on the side of the building for the 2 stores



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