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1 Audubon Ave 60 Unit Apartment Building $5,550,000 ($92,500/Unit) 6% Cap Rate New York, NY 10032
INVESTMENT HIGHLIGHTS
- This 60-unit walk-up comprises 17 studio, 33 one-bedroom, and 5 two-bedroom apartments.
- 5.7x GRM | | $92,500 Per Unit | $138Per Sqft
- Four units are currently occupied by a barbershop, juice bar, drug store, and dentist
- This asset is further complemented by 4 ground-floor retail units.
- 1 Audubon Avenue benefits from prime retail frontage on a highly sought-after retail corridor in Upper Manhattan
- 1 Audubon Avenue is just steps from New York Presbyterian / Columbia University Medical Center, Mitchell Square, and the 168th Street A and C trains.
EXECUTIVE SUMMARY
The New York Multifamily Team at Marcus & Millichap is pleased to present the following opportunity: 1 Audubon Avenue. Situated on the corner of Audubon Avenue and W 165 Street, this Washington Heights walk-up is comprised of 56 apartments and 4 ideally positioned retail spaces. Spanning 40,122 square feet, this building has been meticulously maintained and professionally managed by the same ownership for 20 years.
Additionally, this opportunity offers investors the chance to acquire a well-maintained asset in a highly desirable submarket of Upper Manhattan, with future rental upside from a $140,426 annual preferential rent delta between actual and DHCR- registered rents.
1 Audubon Avenue is conveniently located across the street from New York Presbyterian and Columbia University Medical Center. It is also just steps from Mitchell Square and the 168th Street A and C trains
Additionally, this opportunity offers investors the chance to acquire a well-maintained asset in a highly desirable submarket of Upper Manhattan, with future rental upside from a $140,426 annual preferential rent delta between actual and DHCR- registered rents.
1 Audubon Avenue is conveniently located across the street from New York Presbyterian and Columbia University Medical Center. It is also just steps from Mitchell Square and the 168th Street A and C trains
PROPERTY FACTS
| Price | $5,550,000 | Property Subtype | Apartment |
| Price Per Unit | $92,500 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6% | Lot Size | 0.20 AC |
| Gross Rent Multiplier | 5.7 | Building Size | 40,122 SF |
| No. Units | 60 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1910 |
| Zoning | C4-4 - C4-4 Zoning is a General Commercial Contextual Zoning district in NYC. | ||
| Price | $5,550,000 |
| Price Per Unit | $92,500 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 5.7 |
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 40,122 SF |
| No. Stories | 6 |
| Year Built | 1910 |
| Zoning | C4-4 - C4-4 Zoning is a General Commercial Contextual Zoning district in NYC. |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Range
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 60 | - | - |
1 1
Walk Score®
Walker's Paradise (94)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 2123-0026 | Improvements Assessment | $1,344,800 |
| Land Assessment | $151,650 | Total Assessment | $1,496,450 |
PROPERTY TAXES
Parcel Number
2123-0026
Land Assessment
$151,650
Improvements Assessment
$1,344,800
Total Assessment
$1,496,450
CONTACTS
-
Seth Glasser -
Michael Fusco -
Benjamin Myerow -
Christopher Mehran -
Marcus & Millichap
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