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579-587 Fort Washington Ave 64 Unit Apartment Building $11,167,360 CAD ($174,490 CAD/Unit) 6.35% Cap Rate New York, NY 10033
INVESTMENT HIGHLIGHTS
- Located two blocks from the A subway line with direct Midtown access
- Strong collections consistently above 95%
- Newly pointed facade enhances curb appeal and longevity
- Recently converted from oil to gas for improved efficiency
- Favorable spread between legal and preferential rents
- Surrounded by parks, schools, and major institutions in Hudson Heights
EXECUTIVE SUMMARY
Nestled in the heart of Hudson Heights, 579 Fort Washington Avenue presents a rare opportunity to acquire a 62-unit multifamily asset in one of Manhattan’s most vibrant and transit-rich neighborhoods. This pre-war, six-story walk-up spans 46,550 square feet and sits on a 12,500 SF lot with favorable zoning (R7-2/C1-4), offering 3,450 SF of unused air rights and a total buildable area of 50,000 SF.
The property features predominantly one-bedroom units, with a favorable spread between legal and preferential rents, providing upside potential for investors. Recent capital improvements include a full facade pointing and a conversion from oil to gas, enhancing operational efficiency and long-term value. With collections consistently exceeding 95%, the building demonstrates strong tenant stability and income reliability.
Located just two blocks from the A subway line, residents enjoy seamless access to Midtown Manhattan, while the surrounding area offers walkable streets, lush green spaces like Bennett Park and Fort Washington Park, and proximity to top-tier institutions such as Yeshiva University and Columbia’s Mailman School of Public Health. The neighborhood’s high Walk Score of 86 and perfect Transit Score of 100 underscore its desirability for renters seeking convenience and connectivity.
This asset generates a potential gross annual income of $1.1M, with a net operating income of $508K and a competitive cap rate of 6.35%. With a price per unit of $129,032 and a price per square foot of $172, 579 Fort Washington Avenue is a compelling investment in a high-demand submarket with long-term growth prospects.
The property features predominantly one-bedroom units, with a favorable spread between legal and preferential rents, providing upside potential for investors. Recent capital improvements include a full facade pointing and a conversion from oil to gas, enhancing operational efficiency and long-term value. With collections consistently exceeding 95%, the building demonstrates strong tenant stability and income reliability.
Located just two blocks from the A subway line, residents enjoy seamless access to Midtown Manhattan, while the surrounding area offers walkable streets, lush green spaces like Bennett Park and Fort Washington Park, and proximity to top-tier institutions such as Yeshiva University and Columbia’s Mailman School of Public Health. The neighborhood’s high Walk Score of 86 and perfect Transit Score of 100 underscore its desirability for renters seeking convenience and connectivity.
This asset generates a potential gross annual income of $1.1M, with a net operating income of $508K and a competitive cap rate of 6.35%. With a price per unit of $129,032 and a price per square foot of $172, 579 Fort Washington Avenue is a compelling investment in a high-demand submarket with long-term growth prospects.
PROPERTY FACTS
| Price | $11,167,360 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $174,490 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 6.35% | Building Size | 39,400 SF |
| No. Units | 64 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1924 |
| Property Subtype | Apartment | ||
| Zoning | R7-2 - Medium density residential | ||
| Price | $11,167,360 CAD |
| Price Per Unit | $174,490 CAD |
| Sale Type | Investment |
| Cap Rate | 6.35% |
| No. Units | 64 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 39,400 SF |
| No. Stories | 5 |
| Year Built | 1924 |
| Zoning | R7-2 - Medium density residential |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Range
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 64 | - | - |
1 1
Walk Score®
Very Walkable (85)
Transit Score®
Rider's Paradise (100)
PROPERTY TAXES
| Parcel Number | 2179-0218 | Improvements Assessment | $2,099,973 CAD |
| Land Assessment | $215,275 CAD | Total Assessment | $2,315,248 CAD |
PROPERTY TAXES
Parcel Number
2179-0218
Land Assessment
$215,275 CAD
Improvements Assessment
$2,099,973 CAD
Total Assessment
$2,315,248 CAD
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579-587 Fort Washington Ave
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