2 Mill Street
- 25 loft apartments in historic 1914 structure
- Opportunity to significantly increase rents through voucher lease-up strategy
- In-unit laundry + tenant-controlled HVAC
- Resident lounge / conference area / fitness room
- Authentic brick-and-beam character
- 16 vacant storage units in basement portion
- 100% free market
- 3 blocks to Metro North and under 30 minutes to Grand Central
- Can be sold with 12-14 N Broadway Yonkers, NY 10701
Property Description
Lee & Associates NYC is pleased to present exclusively for sale two mixed-use buildings located at 2 Mill Street and 12-14 North Broadway, Yonkers, NY 10701 (the “Properties” or the “Portfolio”). Located in the historic Statesman and McCann buildings, SOYO Lofts consists of 25 residential lofts, as well as ground floor commercial space. The structure dates to about 1914 and has been converted to loft style apartments with high ceilings, large windows, in unit laundry, tenant controlled HVAC, and access to shared amenities such as a lounge, conference area, and fitness room. Mercantile Lofts at 12–14 North Broadway is a mixed-use loft conversion of a former commercial building originally built around 1965. The property contains approximately eight residential loft units above a ground floor commercial component. Both properties are currently operating below market rents, presenting a clear opportunity to drive revenue through strategic rent increases, improved revenue management, and targeted unit upgrades. The oversized unit layouts, particularly at North Broadway, provide additional upside through reconfiguration and optimization of bedroom counts. At the same time, the Portfolio benefits from stable, in-place cash flow, offering a balanced profile of current income and future growth. Overall, the Portfolio represents a compelling opportunity to acquire well-located assets in a rapidly growing commuter market with direct access to New York City and meaningful potential for revenue growth.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $7,700,000 |
| No. of Units: | 26 |
| Year Built: | 1914 |
| Lot Size: | 0.23 Acres |
| Opportunity Zone: | No |
| Price per unit: | $296,154 |
| Property Website | Click Here |
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