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515 W 170th St 35 Unit Apartment Building $6,840,008 CAD ($195,429 CAD/Unit) 6.10% Cap Rate New York, NY 10032
EXECUTIVE SUMMARY
The New York Multifamily Team at Marcus & Millichap is pleased to present the following opportunity in the heart of Washington Heights. 515 West 170th Street is an ideally positioned walk-up composed of 35 apartments, including 12 one- bedroom units, 18 two-bedroom units, and 5 three-bedroom apartments. 10 of these units have been deregulated through individual apartment improvements, achieving an average monthly rent of $2,238, and providing investors with both immediate and long-term upside. Situated between Audubon and Amsterdam Avenue, the asset spans 29,250 square feet and provides investors with both immediate and long-term upside. 515 West 170th Street has been meticulously maintained by the same family for nearly 25 years. This building is in close proximity to New York-Presbyterian / Columbia University Medical Center, Audubon Playground, P.S. 513 Castle Bridge School, and the 168th Street A & C train.
The Opportunity
• Free Market Component: 29% of apartments in this asset have been destabilized through IAI’s providing investors with both immediate and long- term upside. The 10 free market units have an average monthly rent of $2,238.
• The Metrics: 6.7x GRM | $140,000 per Unit | $168 per Square Foot
• Prime Location: 515 West 170th Street is conveniently located near New York- Presbyterian / Columbia University Medical Center, Audubon Playground, P.S. 513 Castle Bridge School, and the 168th Street A & C train.
The Opportunity
• Free Market Component: 29% of apartments in this asset have been destabilized through IAI’s providing investors with both immediate and long- term upside. The 10 free market units have an average monthly rent of $2,238.
• The Metrics: 6.7x GRM | $140,000 per Unit | $168 per Square Foot
• Prime Location: 515 West 170th Street is conveniently located near New York- Presbyterian / Columbia University Medical Center, Audubon Playground, P.S. 513 Castle Bridge School, and the 168th Street A & C train.
PROPERTY FACTS
| Price | $6,840,008 CAD | Property Subtype | Apartment |
| Price Per Unit | $195,429 CAD | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.10% | Lot Size | 0.15 AC |
| Gross Rent Multiplier | 6.7 | Building Size | 29,250 SF |
| No. Units | 35 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1917 |
| Zoning | R7-2 | ||
| Price | $6,840,008 CAD |
| Price Per Unit | $195,429 CAD |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 6.7 |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 29,250 SF |
| No. Stories | 6 |
| Year Built | 1917 |
| Zoning | R7-2 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 35 | - | - |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 2127-0058 | Improvements Assessment | $1,459,607 CAD |
| Land Assessment | $308,296 CAD | Total Assessment | $1,767,903 CAD |
PROPERTY TAXES
Parcel Number
2127-0058
Land Assessment
$308,296 CAD
Improvements Assessment
$1,459,607 CAD
Total Assessment
$1,767,903 CAD
CONTACTS
-
Seth Glasser -
Michael Fusco -
Benjamin Myerow -
Christopher Mehran -
Marcus & Millichap
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515 W 170th St
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