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Home Smart CrossIsland
1860 E Main Street, Mohegan Lake, NY 10547
- $2,900,000
- Sold Price
- $2,900,000
- Days on Market
- 168
- Closing Date
- Jul 31, 2026
- MLS#
- 917981
- Status
- CLOSED
- Property Type
- Multi Family
- Year Built
- 1904
- Property Tax
- $44,355
- Neighborhood
- Mohegan Lake
- School District
- Lakeland
- High School
- Lakeland High School
- Jr. High
- Lakeland-Copper Beech Middle Sch
- Elementary School
- George Washington Elementary School
Property Description
17-unit lakefront multifamily situated on 4.36 acres with substantial excess land. R-3 Multifamily zoning supports expansion of 30 additional units (buyer to verify) Strong in-place cash flow with $216,064 NOI supports acquisition financing. As-is value estimated at $2.7M–$3.0M based on current income. Development upside: 30 new units at $1,500/month generate $378,000 incremental NOI. Stabilized NOI of $594,000 supports $7.9M–$8.5M total value at market caps. Flexible execution: hold for cash flow, phased development, or full build-out. Rare combination of income + lakefront development opportunity in Westchester County
Additional Information
- Acres
- 4.36
- Parking
- Unassigned
- Basement
- Full
- Heating
- Oil
- Cooling
- Wall/Window Unit(s)
- Water
- Public
- Sewer
- Public Sewer
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Listing courtesy of Listing Agent: Kenneth Lefkowitz (kjlefkowitz@gmail.com) from Listing Office: Houlihan Lawrence Inc..
Selling Office: Buyer Representation Office.Listings courtesy of OneKey® MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.