Investment Overview
The offering at 329–331 Waverly Avenue, Mamaroneck, NY presents a compelling investment opportunity with strong income potential in one of Westchester County’s most sought-after industrial corridors. The property is offered at $1,825,000, which equates to approximately $180.25 per square foot based on the building’s 10,125 square feet of space. Based on projected gross rents of $21 per square foot, the property generates Gross Scheduled Income of $212,625 annually, with no additional income assumed. With minimal vacancy assumed due to strong industrial demand in the area, the Effective Gross Income totals $212,625. Operating expenses are estimated at $31,250 annually, resulting in a Net Operating Income (NOI) of approximately $181,375.
Under these assumptions, the property delivers an attractive capitalization rate of approximately 9.94%, reflecting the strength of the underlying income relative to the purchase price. Assuming a typical financing structure of 65% loan-to-value, the loan amount would be approximately $1,186,250, with an estimated annual debt service of $98,351. This structure produces an estimated Year 1 pre-tax cash flow of approximately $83,024, representing a cash-on-cash return of roughly 13% based on the required equity investment. The property also demonstrates strong financial stability with an estimated Debt Coverage Ratio (DCR) of approximately 1.84, indicating that the income comfortably supports the projected debt obligations. Additionally, the loan amortization results in an estimated $18,856 in principal reduction during the first year, bringing the total first-year return (cash flow plus principal paydown) to approximately $101,879 before taxes.
Overall, this investment offers a rare combination of strong in-place income, high cap rate relative to the Westchester industrial market, and favorable leveraged returns, making it an attractive opportunity for both investors and owner-users seeking exposure to a high-demand industrial submarket with long-term growth potential.
Owner-User Opportunity
329–331 Waverly Avenue presents an outstanding opportunity for an owner-user seeking a strategically located industrial or commercial facility in Southern Westchester County. The property offers 10,125± square feet of flexible warehouse and industrial space with 12–16 foot ceiling heights, making it ideal for a wide variety of operations including manufacturing, storage, distribution, contractor operations, light assembly, or specialized commercial uses. With two existing drive-in doors and the potential to add a third, the building is well-equipped for efficient loading, logistics, and daily operations.
Located in the Village of Mamaroneck’s M-1 Manufacturing District, the property allows for a broad range of permitted uses including warehousing, fabrication, wholesaling, professional offices, research laboratories, printing, and certain retail or restaurant uses when located within proximity to Fenimore Road. This zoning flexibility provides businesses the ability to operate efficiently today while maintaining the option to adapt the property for future operational needs.
The property benefits from exceptional regional connectivity, positioned between Waverly Avenue and Centre Avenue and just minutes from Interstate 95 and Interstate 287, providing easy access to the greater New York metropolitan area. The building is also approximately 0.5 miles from the Mamaroneck Metro-North station, allowing convenient commuting for employees traveling from New York City and throughout Westchester and Fairfield counties.
For owner-users looking to customize the site for their operations, the property offers additional development potential, including a conceptual layout showing the ability to create an approximately 5,000± square foot parking area, further improving functionality for employees, fleet vehicles, or customer parking. The building is also equipped with heavy power (approximately 400–800 amps), gas utilities, public sewer service, and warehouse floor drains, supporting a variety of industrial and commercial uses.
With limited industrial inventory available in Westchester County and strong demand driven by logistics, service businesses, and e-commerce-related operations, 329–331 Waverly Avenue represents a rare opportunity for a business owner to control their real estate, build long-term equity, and operate from a highly accessible location within one of the region’s most supply-constrained industrial markets.