994 Mclean Avenue

Description

994 McLean Avenue presents a rare opportunity to acquire a fully occupied, capital-improved mixed-use building on one of southeast Yonkers' most heavily trafficked retail corridors, with immediate owner-user optionality and a clear path to increased market rents. The ground-floor commercial storefront was taken down to the studs about eight years ago and rebuilt with a new storefront, updated plumbing, updated electrical, updated sewer lines, forced-air heating, and central air conditioning. The current occupant has no written lease and operates month-to-month, giving a purchaser complete flexibility to occupy the space directly after closing, or reset the rent to market. In a submarket where quality storefront inventory rarely trades, that optionality carries real weight. In addition, two residential apartments; a 3 bedroom/1 bath and a 1 bedroom/1 bath round out the rent roll. The rear ground floor residence pairs a bright living room and kitchen with a private bedroom and bath, opening through a rear door to an (optional) paver backyard, an amenity almost never found at this price point along McLean Avenue. The top-floor residence is the larger of the two, with a front living room, separate eat-in kitchen, hardwood floors, and a central hallway serving the three bedrooms and one full bath. Both units run high-efficiency electric baseboard heat with individual room thermostats, and tenants pay all their own utilities including heat. Gross operating expenses of $17,200 are offset by $5,160 in commercial tenant reimbursement, leaving net owner expenses of $12,040 against $85,800 in gross under-market rental income. With windows, the roof, mechanicals, and the hot water heater recently updated, near-term capital exposure is limited. What really sells this property is its location. McLean Avenue delivers consistent day-and-night foot traffic and a dense surrounding residential and commercial base. This area is home to 10 late-night bars and restaurants, thus creating a 24-hour business opportunity in the storefront. The Nereid Avenue subway is approximately 0.6 miles away, Metro-North is 0.7 miles away, and the site offers direct access to the Major Deegan Expressway and Bronx River Parkway. The building has public water and sewer service. Rent roll, lease, and expense details are available after e-signing the non-disclosure agreement. All square footage is based on digital measurements; the buyer and buyer's agent must verify independently. Photos have been virtually enhanced for optimized furniture layout.