580 Saint Nicholas Ave - Apartments FOR SALE


New York, NY 10030
$14,500,000 USD
212-430-6134
580 Saint Nicholas Ave, New York, NY for Sale
$14,500,000 USD
Apartments - FOR SALE
1/29
null | 6.8% Cap Rate

580 Saint Nicholas Ave
New York, NY 10030


HIGHLIGHTS

  • The Building: 94-Unit elevator building built in 1914 spanning 60,078 square feet on the western edge of the historic strivers row
  • 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
  • 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
  • Zero Deferred Maintenance: This meticulously maintained building has gone through extensive upgrades during the tenure of ownership which mitigates in
  • Prime Location: With the convenience of being on Saint Nicholas Avenue, the 145th Street & Lenox Avenue retail strips are just steps away. Approximate

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$14,500,000 USD

PRICE/SF

$241 USD /SF

# OF UNITS

94

PRICE/UNIT

$154,255

CAP RATE

6.8%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

6

YEAR BUILT

1914

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.32 AC

LAND SF

13,939 SF

ZONING

R7-2, New York

APN/PARCEL ID

2048-0021

ASK ABOUT THIS PROPERTY

Seth GlasserMarcus & MillichapMore Info
212-430-6134

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Seth GlasserMarcus & MillichapMore Info
212-430-6134

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.