Drake Avenue Apartments

  • Title

    Multifamily Property for Sale

  • City

    New Rochelle, NY

  • Price

    $785,000

  • Cap Rate

    5.43%

  • Gross Leasable Area

    5,500 SF

  • No. Units

    7

  • Price/SF

    $142.72

  • Price/Unit

    $112,142

  • No. Stories

    3

  • Property Type

    Multifamily

Not found amenities.

144

Northeast Private Client Group is pleased to present 144 Drake Avenue, a 7-unit multifamily property in New Rochelle, New York. The building is fully occupied and located in a desirable lower Westchester County location.

The 5,500 SF pre-war brick and stucco property comprises six (6) two -bedroom units, and one (1) three-bedroom unit. Each unit is individually metered for cooking gas and electric. The landlord provides heat and hot water. A new Weil-McLain oil burner was installed late 2016 with two new 330 gallon oil tanks.

New Rochelle is located in the southeastern portion of New York on Long Island Sound and is just 2 miles north of New York City. In 2008, it was named the best city to raise children according to Business Week and in 2014 was voted the 13th best city in live throughout the United States. New Rochelle remains a center of business and is home to the corporate headquarters of East River Savings Bank, Blimpies, and Somnia Anesthesia Services.

New Rochelle is currently undergoing a $4 billion downtown rezoning and redevelopment revival that includes new Class A multifamily as well as 1 million square feet of retail and 2 million square feet of office space. The anticipated increase in job and population growth bodes well for occupancy and rent growth in the greater New Rochelle submarket.

New Rochelle, Westchester County, NY