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80% FREE MARKET 10-UNIT MULTIFAMILY BUILDING 422 Saint Nicholas Ave

10 Unit Apartment Building $5,000,000 ($500,000/Unit) 7.17% Cap Rate New York, NY 10027

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Investment Highlights

80% Free Market Building | 10 large apartments (8 Free Market, 2 Rent Controlled) - attractive unit mix with value-add potential
Close Proximity to Retail Hotspots | Within a 6 min walk to the 125th St retail hub with notable tenants such as DSW Shoes, Apollo Theater, & More
Building Infrastructure | Gas fired boiler for heating and individual meters for electric

Well-Maintained Building | Roof, boiler and common areas have been replaced and renovated over the past few years
Convenient Location | Directly across the street from St Nicholas Park, 3 min walk to the 135th subway station, 6 min walk to 125th St Subway
Building Amenities | Common rear yard, basement laundry, and underutilized basement space for potential tenant storage or additional amenities

Executive Summary

422 St Nicholas Avenue is an 80% free-market multifamily building across the street from St Nicholas Park. The building includes 10 large apartments, complete with 8 free-market units and two rent-controlled units - an attractive mix with value-add potential!
The building is well maintained with several significant capital improvements over the past few years. It is in a great location for residents, located directly across from St Nicholas Park, and within a short walk to the 125th and 135th Street subway stations.
Please contact exclusive brokers for more information or to arrange for property inspection.

422 St Nicholas Avenue - Ripco Setup

Financial Summary (Actual - 2024)	Annual	Annual Per SF
Gross Rental Income	$451,692	$33.90
Other Income	-	-
Vacancy Loss	$13,831	$1.04
Effective Gross Income	$437,861	$32.86
Taxes	$9,876	$0.74
Operating Expenses	$69,636	$5.23
Total Expenses	$79,512	$5.97
Net Operating Income	$358,349	$26.89

Financial Summary (Actual - 2024)

Gross Rental Income
Annual	$451,692
Annual Per SF	$33.90

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	$13,831
Annual Per SF	$1.04

Effective Gross Income
Annual	$437,861
Annual Per SF	$32.86

Taxes
Annual	$9,876
Annual Per SF	$0.74

Operating Expenses
Annual	$69,636
Annual Per SF	$5.23

Total Expenses
Annual	$79,512
Annual Per SF	$5.97

Net Operating Income
Annual	$358,349
Annual Per SF	$26.89

Property Facts

Price	$5,000,000	Building Class	C
Price Per Unit	$500,000	Lot Size	0.06 AC
Sale Type	Investment	Building Size	13,326 SF
Cap Rate	7.17%	Average Occupancy	100%
No. Units	10	No. Stories	5
Property Type	Multifamily	Year Built	1932
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Apartment Style	Mid Rise

Price	$5,000,000
Price Per Unit	$500,000
Sale Type	Investment
Cap Rate	7.17%
No. Units	10
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Mid Rise
Building Class	C
Lot Size	0.06 AC
Building Size	13,326 SF
Average Occupancy	100%
No. Stories	5
Year Built	1932
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.