580 Saint Nicholas Ave
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580 Saint Nicholas Ave
94 Unit Apartment Building $14,500,000 ($154,255/Unit) 6.80% Cap Rate New York, NY 10030
Investment Highlights
- The Building: 94-Unit elevator building built in 1914 spanning 60,078 square feet on the western edge of the historic strivers row
- The Metrics: 6.9 GRM or 6.8% Cap rate. Upon increased rent growth, investors can expect recognize a significant increase on yield nearing a 7% cap rat
- Prime Location: With the convenience of being on Saint Nicholas Avenue, the 145th Street & Lenox Avenue retail strips are just steps away. Approximate
- Value-Add: With 36% of the building Free Market and $127,276 in annual preferential rents, investors can capitalize on rent growth north of 15% upon u
- Zero Deferred Maintenance: This meticulously maintained building has gone through extensive upgrades during the tenure of ownership which mitigates in
Executive Summary
New York Multifamily is pleased to offer 580 Saint Nicholas Avenue on the outer cusp of the historic Strivers Row section of Harlem. Sprawled across 60,078
square feet and Situated on the cross-section of St. Nicholas Avenue and West 139th Street directly facing St. Nicholas park. This 94-unit elevator is comprised
of 1-bedroom and 2-bedroom apartments with 34/94 or 36% of the units being free market along with $127,276 in annualized preferential rents allowing
investors to capitalize on rent growth currently sitting 15% below market. The building is conveniently located steps away from the 135th Street & 145th
Street A/B/C/2/3 subway terminals, City College, Harlem Hospital, Jackie Robinson Park, and prime retail strips in Harlem.
square feet and Situated on the cross-section of St. Nicholas Avenue and West 139th Street directly facing St. Nicholas park. This 94-unit elevator is comprised
of 1-bedroom and 2-bedroom apartments with 34/94 or 36% of the units being free market along with $127,276 in annualized preferential rents allowing
investors to capitalize on rent growth currently sitting 15% below market. The building is conveniently located steps away from the 135th Street & 145th
Street A/B/C/2/3 subway terminals, City College, Harlem Hospital, Jackie Robinson Park, and prime retail strips in Harlem.
Property Facts
| Price | $14,500,000 | Property Subtype | Apartment |
| Price Per Unit | $154,255 | Apartment Style | Mid Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 6.80% | Lot Size | 0.32 AC |
| Gross Rent Multiplier | 6.9 | Building Size | 60,078 SF |
| No. Units | 94 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1914 |
| Price | $14,500,000 |
| Price Per Unit | $154,255 |
| Sale Type | Investment |
| Cap Rate | 6.80% |
| Gross Rent Multiplier | 6.9 |
| No. Units | 94 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.32 AC |
| Building Size | 60,078 SF |
| No. Stories | 6 |
| Year Built | 1914 |
Unit Amenities
- Heating
- Kitchen
- Granite Countertops
- Oven
- Stainless Steel Appliances
- Range
Site Amenities
- Laundry Facilities
- Bicycle Storage
- Elevator
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Walk Score ®
Walker's Paradise (96)
Transit Score ®
Rider's Paradise (100)
PROPERTY TAXES
| Parcel Number | 2048-0021 | Improvements Assessment | $3,150,900 |
| Land Assessment | $525,600 | Total Assessment | $3,676,500 |
PROPERTY TAXES
Parcel Number
2048-0021
Land Assessment
$525,600
Improvements Assessment
$3,150,900
Total Assessment
$3,676,500
zoning
| Zoning Code | R7-2, New York (Multifamily) |
| R7-2, New York (Multifamily) |
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Seth Glasser -
Michael Fusco -
Binyamin Katz -
Benjamin Myerow -
Marcus & Millichap
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580 Saint Nicholas Ave
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