Mahopac Mixed-Use Property Trades for $1.8 Million
Real Estate In-Depth | March 2016
MAHOPAC– Investment sales broker Northeast Private Client Group reported earlier this month the sale of the 16,400-square-foot mixed-use property at 890-908 South Lake Blvd. in Mahopac.
Anthony Watkins, a senior associate in the investment real estate firm’s White Plains, office, represented the seller and procured the buyer in the $1.8-million transaction, which closed on Feb. 12.
“We have a proven track record of matching our clients with qualified buyers for commercial and multifamily properties,” said Watkins. “In this instance we created a tremendous amount of competition for the asset among Bronx and lower Westchester investors. Our ability to import capital from outside Putnam County contributed to the success of this assignment.”
890-908 South Lake Blvd. is located on Route 6N directly across the street from Lake Mahopac. The property comprises two adjacent buildings offering high-visibility street retail, and second floor office space and apartments with off-street parking. Also included in the sale are two separate lakefront parcels currently being used for boat slips. The seller is a private Manhattan-based investor. The buyer, a Westchester-based investor, purchased the property for a price that equates to approximately $109-per-square-foot, and a capitalization rate of 9.0%.
“With investment properties in New York City and lower Westchester trading at record valuations this year, this offering provides the new owner with a cash-flowing, value-add opportunity within about an hour’s drive,” says Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group.