12 Russell Ave, New Rochelle, NY 10801

4,750 SF | 100% Leased | Retail Building | New Rochelle, NY 10801 | $1,500,000 ($316/SF) | 7.03% Cap Rate

Date Added:
May 17, 2024
Days on Market:
28 days

Asking Price $1,500,000

Property Type
Retail
Square Feet
4,750 SF
Price / Square Foot
$316

Listing Contacts

Michael Scrima
Michael Scrima
Verified Profile
  • Property Info

Property Overview

Redwood Realty Advisors is proud to present a three unit mixed-use property located in New Rochelle, NY. The offering includes one (2) two bed / one bath apartment, one (3) three bed / one bath apartment and one (1) ground floor storefront. Tenants are responsible for their own heat and hot water. Ownership has completed multiple significant capital improvements. Recent work done includes new hot water heaters and furnaces in 2021 and an updated garage with a new roof, garage doors and gutters in 2022. Each unit was gut renovated in 2019 with new kitchens, baths, flooring, etc. The ground floor tenant "Pizzeria La Rosa" is well established and has a lease until 2036 with 3% annual escalations. Over $200,000 has been invested into the space while management continues to reinvest into the business. The property is located within .75 miles of the New Rochelle train station and five blocks from several major downtown developments that have transformed the neighborhood.
-Mixed-use property consisting of award-winning restaurant and two apartments
-Restaurant tenant has a lease until 2036 with 3% escalations and is ranked as one of Westchester’s best pizza restaurants
-Both apartments have been gut-renovated and include in-unit laundry
-Units have newly-installed hot water tanks and furnaces
-Large freestanding Garage fully renovated in 2022: new roof, doors and gutters
Contact Michael Scrima for more information. 914.208.2200. [email protected]

Property Details

Class
C
Year Built
1927
Stories
2
Property Subtype
Storefront Retail/Residential
Lot Size (sq. ft)
5,227 SF

Highlights

  • 7% Cap Rate
  • Mixed-use property consisting of award-winning restaurant and two apartments
  • Restaurant tenant has lease until 2036 with 3% escalations and is ranked as one of Westchester's best pizza restaurants
  • Both apartments have been gut-renovated and include in-unit laundry
  • Units have newly-installed hot water tanks and furnaces
  • Large freestanding Garage fully renovated in 2022: new roof, doors and gutters

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