Mount Kisco Building Trades for $4.4 Million
Real Estate In-Depth | July 13, 2016
MOUNT KISCO—A two-story commercial building at 149-157 East Main St. in the heart of Downtown Mount Kisco has been sold in a transaction valued at $4,425,000.
The sale represents the relative stability of the Mount Kisco market since the deal marks the first time in 30 years the building has traded. Longtime owner 330 Realty Associates sold the property to 153 Main St MK Holdings LLC.
The building, also known as 153 Main St., is located on east side of East Main Street, between Lundy Lane and North Bedford Avenue. The property’s approximately 9,755 square feet of prime street front retail is anchored by Exit 4 Food Hall, an upscale, multi-option, dine-around restaurant. Other retail tenants include Reflexology Day Spa and The NY Dolls clothing boutique. Office tenants on the second floor are exclusively in the mental, physical and spiritual health professions.
John Barrett, head of investment sales at Admiral Real Estate, exclusively represented the seller and identified the buyer. “The sale represented an opportunity for the buyer to acquire an investment grade asset of significant size in a space constrained market, with a track record of tenant and cash-flow stability,” Barrett noted.
At the time of the sale, the property had one retail vacancy. The sale occurred at a cap rate of 8.5% on in-place income, roughly $261-per-square-foot.
Barrett added, “Professionally managed retail assets with stable cash flow continue to attract substantial interest from existing retail operators, as well as buyers who are looking to diversify by asset class. We had over 25 property inspections and, due to the high level of liquidity in the market, received multiple offers without contingencies.”