Barrett of Admiral Real Estate sells Mt. Kisco commercial building: transaction valued at $4.425 million

Mount Kisco, NY According to Admiral Real Estate, 149-157 East Main St., a two-story commercial building with 150 ft. of retail frontage has been sold in a transaction valued at $4.425 million. John Barrett, head of investment sales at Admiral, exclusively represented the seller, 330 Realty Associates and identified the buyer, 153 Main St MK Holdings LLC.

The sale occurred at a cap rate of 8.5% on in-place income, roughly $261 per s/f reflecting the stability of the property.

The building, also known as 153 Main Street, is located on east side of East Main St., between Lundy Ln. and North Bedford Ave.  The property’s 9,755 s/f of street front retail is anchored by Exit 4 Food Hall. 

Other retail tenants include Reflexology Day Spa and The NY Dolls clothing boutique. Office tenants on the second floor are exclusively in the mental, physical and spiritual health professions.

According to Barrett, “The sale represented an opportunity for the buyer to acquire an investment grade asset of significant size in a space constrained market, with a track record of tenant and cash-flow stability.”

At the time of the sale, the property had one retail vacancy. Barrett said, “The property is located directly across the street from the long vacant former Border’s book store which was recently purchased in part by the Modell family, who plan to open a Modell’s Sporting Goods store later this summer, which will be a catalyst for more retail shoppers on the block.”

Barrett said, “Professionally managed retail assets with stable cash flow continue to attract substantial interest from existing retail operators, as well as buyers who are looking to diversify by asset class. We had over 25 property inspections and, due to the high level of liquidity in the market, received multiple offers without contingencies.”