Massey Knakal Sells Mixed-Use Building In New Rochelle
A mixed-use building at 393-399 North Avenue, located on the corner of North Avenue and Memorial Highway on the downtown retail corridor in New Rochelle, New York, was sold in an all-cash transaction valued at $1,100,000.
The two-story buildingis approximately 9,104 square feet and sits on an 83’ x 63’ lot. There are four retail stores on the ground floor and four two-bedroom apartments and three one-bedroom apartments on the second floor. The entire property is currently occupied, making this an excellent opportunity for an investor. There is an additional “as of right” development potential of approximately 13,548 buildable square feet. The sale price equates to approximately $121 per square foot.
“The property is located along a prime retail corridor in New Rochelle that benefits from heavy foot and vehicle traffic, which provides demand for commercial and residential tenants,” said Massey Knakal Director of Sales Nick Burns, who exclusively handled this transaction with Partner Thomas A. Donovan.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.