PORT CHESTER, NEW YORK 10573

10-UNIT MIXED-USE INVESTMENT OPPORTUNITY

8 Apartments | 2 Commercial Units | ±7,821 SF

$2,115,000 | 7.65% CAP RATE

$262,860 Annual Gross Revenue | $161,755 NOI

Stabilized Income • Recently Executed Renewals • Contractual Rent Growth • Walk-to-Train Location

Executive Summary

The Agency Commercial Division is pleased to present 137–139 Willett Avenue, a stabilized 10-unit mixed-use investment property strategically positioned in the heart of downtown Port Chester, New York. The three-story, approximately 7,821-square-foot building consists of eight residential apartments and two street-level commercial spaces, providing investors with a diversified combination of multifamily and retail income.

Offered at $2,115,000, the property generates approximately $262,860 in annual gross revenue and an underwritten Net Operating Income of $161,755, representing an attractive 7.65% in-place capitalization rate.

The property’s income profile has recently been strengthened through completed lease renewals. Five residential tenants renewed with increases of $100 per month, increasing residential rental income by approximately $6,000 annually. In addition, commercial tenant Steph’s executed a new five-year lease at a meaningful increase in rent. The lease carries zero landlord cost and provides 3% annual rent escalations in Years 2 through 5, creating contractual income growth for the next owner.

Beyond its current cash flow, the property benefits from an exceptional transit-oriented location within approximately a one-minute walk of the Port Chester Metro-North Station, excellent downtown walkability, and immediate proximity to restaurants, retail, entertainment and neighborhood amenities.

The combination of a 7.65% going-in yield, stabilized tenancy, contractual rent growth, diversified revenue, conservative expense underwriting and a walk-to-train Westchester location makes 137–139 Willett Avenue a compelling opportunity for private investors, 1031 exchange buyers, family offices and regional mixed-use owners.

Investment Highlights

7.65% In-Place Cap Rate
The $2,115,000 asking price provides investors with an attractive going-in yield based on an underwritten NOI of $161,755.

$262,860 Annual Gross Revenue
The executed June 2026 rent roll provides a substantial existing income stream from residential rents, commercial rents and CAM reimbursements.

10 Diversified Income-Producing Units
The property contains eight residential apartments and two commercial storefronts, reducing reliance on any single tenant or asset class.

Recently Executed Residential Renewals
Five residential tenants renewed at increases of $100 per month, collectively adding approximately $6,000 in annual residential income.

New Five-Year Commercial Lease
Commercial tenant Stephanie Chavez has executed a new five-year lease, substantially reducing near-term rollover exposure.

Contractual Commercial Rent Growth
The commercial renewal includes 3% annual increases in Years 2 through 5, providing built-in revenue growth to the next owner.

Zero Landlord Cost on Renewal
The commercial renewal carries zero landlord cost, allowing the incoming investor to benefit from the stabilized lease without associated renewal expenditures.

Walk-to-Train Location
The property is positioned approximately one minute from the Port Chester Metro-North Station, providing direct connectivity to Manhattan, Stamford and employment centers throughout the region.

Separately Metered Units
Separate electric and boiler metering helps control ownership expenses and improves operating efficiency.

Opportunity Zone Location
The property is located within a designated Opportunity Zone, potentially offering additional benefits to qualifying investors and investment structures.

Property Overview

Income & Expense Summary

Based on Executed Rent Roll as of June 2026

Annual Income

The property’s revenue profile provides a diversified combination of residential and commercial income, with approximately 62% of gross revenue derived from residential rents and the balance generated from commercial rents and reimbursements.

Operating Expenses

NET OPERATING INCOME

$161,755

VALUATION

Asking Price: $2,115,000
NOI: $161,755
In-Place Cap Rate: 7.65%

Conservative Underwriting

The investment is presented using a relatively conservative operating model rather than relying solely on actual current expenditures to maximize the advertised NOI.

The underwriting includes a 3% management fee of approximately $7,886, a 5% vacancy allowance of approximately $13,143, and a 3% repairs and maintenance reserve of approximately $7,886.

Collectively, these three underwriting items account for approximately $28,915 of annual expenses/reserves.

Before these three conservative underwriting adjustments, the property produces approximately $190,670 after the other listed operating expenses.

This provides prospective purchasers with a more normalized view of the property’s performance while maintaining an attractive 7.65% capitalization rate at the asking price.

Stabilized Residential Income

The eight-unit residential component provides a diversified base of recurring rental income totaling approximately $163,200 annually.

Recent renewals have further strengthened this income stream. Five residential tenants renewed their leases with increases of $100 per month per apartment, resulting in approximately $6,000 of additional annual residential revenue.

The completed renewals provide the incoming investor with greater visibility into near-term residential cash flow while demonstrating the property’s ability to capture increased rental revenue.

The property’s downtown location, proximity to Metro-North, walkability and access to restaurants and services should continue to support its attractiveness to renters.

Commercial Income & Lease Strength

The two street-level commercial units generate approximately $91,260 in annual base rent, supplemented by approximately $8,400 in CAM reimbursements.

A significant component of the property’s recent stabilization is the execution of a new five-year lease with commercial tenant Steph’s.

The renewal provides several benefits to the incoming investor, including a meaningful increase in initial rent, 3% annual rent escalations during Years 2 through 5, longer-term lease stability, and zero landlord cost associated with the renewal.

The lease structure provides both immediate income and predictable contractual growth while reducing near-term commercial rollover exposure.

Built-In Income Growth

One of the most attractive elements of 137–139 Willett Avenue is that the investment thesis does not depend entirely upon speculative future appreciation.

The residential renewals have already captured approximately $6,000 of additional annual rental income, while the recently executed commercial lease provides 3% annual contractual increases during Years 2 through 5.

This combination gives the next owner the opportunity to benefit from both stabilized current income and scheduled future revenue growth.

Future residential lease renewals may provide additional opportunities to increase rents where supported by market conditions and permitted by applicable laws and lease terms.

Location Overview

Downtown Port Chester

Port Chester has developed into one of Westchester County’s most dynamic downtown communities, combining transit accessibility, a diverse restaurant and entertainment scene, waterfront proximity, and convenient access to both Westchester County and Fairfield County.

137–139 Willett Avenue sits directly within this walkable downtown environment, providing tenants with convenient access to restaurants, cafés, shopping, entertainment and public transportation.

The property’s Walk Score of 93 – “Walker’s Paradise” reinforces the appeal of the location for residents seeking a lifestyle that reduces dependence on an automobile.

Transit-Oriented Investment

A defining feature of the property is its immediate proximity to the Port Chester Metro-North Station on the New Haven Line.

The station provides convenient rail service toward Grand Central Terminal and Stamford, connecting residents with two of the region’s most significant employment markets as well as other communities throughout southern Westchester and Fairfield Counties.

For multifamily investors, walkability to commuter rail can be an important long-term competitive advantage, particularly as renters continue to prioritize access to employment, restaurants, entertainment and daily conveniences.

Few mixed-use properties at this price point combine this level of downtown walkability with such immediate commuter-rail access.

Downtown Entertainment & Dining

Port Chester’s restaurant and entertainment environment provides an additional demand driver for both residential and commercial tenants.

The nearby Capitol Theatre serves as one of the region’s most recognizable entertainment destinations, attracting visitors to downtown Port Chester throughout the year.

An expanding collection of restaurants, cafés, bars, specialty retailers and experiential businesses has further contributed to the evolution of the surrounding downtown.

For 137–139 Willett Avenue, this activity supports both sides of the mixed-use investment: a desirable lifestyle environment for apartment residents and a pedestrian-oriented setting for commercial tenants.

Multifamily Investment Thesis

The eight apartments provide the foundation of the property’s diversified income profile.

Residential demand benefits from the property’s combination of Metro-North accessibility, downtown walkability, proximity to employment centers and access to neighborhood amenities.

The property’s separately metered configuration also helps limit landlord exposure to certain tenant utility consumption and provides greater control over operating expenses.

With recently executed renewals already increasing annual residential revenue, the multifamily component provides both current stability and the potential for additional long-term rental growth.

Mixed-Use Advantage

Mixed-use properties can provide investors with a degree of income diversification unavailable in a conventional single-use asset.

At 137–139 Willett Avenue, eight apartments provide recurring residential income, while two street-level commercial spaces provide additional rental income and CAM reimbursements.

The resulting revenue stream reduces the property’s dependence on the performance of a single tenant or use.

The commercial storefronts also benefit directly from the property’s downtown setting, while the residential units benefit from the amenities and activity generated by the surrounding retail environment.

Opportunity Zone

137–139 Willett Avenue is located within a designated Opportunity Zone, adding another potential dimension to the property’s long-term investment profile.

Opportunity Zone investments may provide certain tax benefits to qualifying investors depending upon investment structure, holding period, applicable regulations and individual tax circumstances.

Prospective purchasers should independently consult their tax and legal advisors regarding the current Opportunity Zone program and whether any potential benefits apply to their acquisition.

The Investment Opportunity

CURRENT YIELD + STABILIZED TENANCY + CONTRACTUAL GROWTH

At an asking price of $2,115,000, 137–139 Willett Avenue offers investors an opportunity to acquire a stabilized Westchester County mixed-use asset at an approximately 7.65% in-place capitalization rate.

Unlike an investment that requires substantial renovation, lease-up or speculative repositioning to achieve its projected return, the property’s current economics are supported by an executed rent roll generating $262,860 in annual gross revenue.

Recent residential renewals have already increased rental income, while the newly executed five-year commercial lease provides greater stability and scheduled 3% annual rent increases.

Combined with conservative underwriting, separate metering, diversified tenancy, Opportunity Zone positioning and immediate proximity to Metro-North, the property provides a compelling combination of yield, income visibility and long-term growth potential.