Property Description
National Multifamily is pleased to present 269 W. 1st Street, a 29-unit mixed use property with 8 stores and 21 ETPA apartments located in Mount Vernon, NY on the border of the Bronx. The property is approximately 0.3 miles from the Wakefield-241 Street Subway Station with connectivity to New York City’s full subway system and is approximately 0.6 miles from the Wakefield Metro-North Station with service into Grand Central in Midtown Manhattan in under 30 minutes.
The property is under a tax foreclosure. Ownership is requesting all offers be submitted by July 31st in an all cash basis. The closing of the property must happen on or before August 18th, 2026. While ownership will be prioritizing all-cash offers, they currently own the property outright. Offers that include seller financing with a minimum cash delivered at closing of $1,000,000 will be considered.
The building contains 24,065 rentable square feet across 4 stories and was built in 1925. The property is situated on a 0.16-acre corner lot with frontage on both W. 1st Street and Cortlandt Street. The ground floor of the building consists of 8 stores of which 6 are currently occupied. Above the retail is 3 additional stories consisting of 21 fully ETPA apartments. Of the 21, 18 are occupied, 2 are vacant and almost rent ready, and 1 is used as storage by the current building owners. The landlord pays for the heat through a new boiler installed this past winter that runs on an above ground oil tank located in the basement.
The property offers significant potential through the lease-up of the retail and consistent cash flow with the apartments. The Westchester County Rent Guidelines Board approved rent adjustments of 3.5% for one-year leases and 4.5% for two-year leases for rent stabilized apartments, effective October 1, 2026. The approved increases represent a departure from the lower adjustments adopted in recent years.
