332 Walnut Street

Description

Investor/ Contractor Special This corner lot 332 Walnut Street offers a rare mixed-use commercial and residential opportunity in Yonkers with strong income-producing potential. This Victorian-era mixed-use structure with influence combines classic architectural character with practical long-term value. The DOB permits approved for a gut renovation and approval for 9 commercial washers and dryers. The property also benefits from grandfathered laundromat use, creating a valuable opportunity for an operator, investor, or owner-user looking to build out a service-based business in an established location. The building includes 2 residential floors, with each floor offering 3 bedrooms and 2 bathrooms. Additional features include two separate basements with separate entrances, separate storage space near the parking area, and two attached outdoor parking spots. Positioned on a corner lot, the property receives excellent natural light and offers strong visibility. For investment purposes, the property has projected gross income potential of approximately $154,000, estimated operating expenses of approximately $18,000, and a projected cap rate of approximately 15% for the total amount invested $499,999 + Approximately $400,000 for the renovations = $900,000 total investment. $136,000/ $900,000 is approximately 15% for the total amount invested. This creates a strong opportunity for buyers seeking a residential mixed-use commercial investment, owner-use potential, or a possible 1031 exchange option, subject to independent tax, legal, financial, and zoning review. Conveniently located near daily services, retail, transportation, and neighborhood amenities, 332 Walnut Street combines commercial functionality, residential flexibility, architectural character, and long-term upside. With approved permits, grandfathered commercial use, multiple levels, private entrances, storage, and parking, this property presents a compelling opportunity in the Yonkers market. All information regarding income projections, operating expenses, cap rate, permits, DOB approvals, zoning, grandfathered use, residential layout, taxes, build-out potential, permitted commercial use, and 1031 exchange eligibility should be independently verified by buyers and their representatives. This property has been gutted and it is ready for the construction to begin with necessary permits and approvals in place. A very smart buy.