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10 W 122nd St 8 Unit Apartment Building $4,200,000 ($525,000/Unit) 5.17% Cap Rate New York, NY 10027
INVESTMENT HIGHLIGHTS
- Strong In-Place Yield with free-market units: No rent-stabilized exposure and Immediate upside with expiring rent concessions.
- Efficient Building Size: 8 Units, all free market. Ability to self-manage or add to an existing portfolio. Walk-up — lower maintenance and insurance.
- Prime Central Harlem Location. Located on a quiet, tree-lined block in the Mount Morris Park Historic District.
- Fully Renovated 8-Unit Free-Market Multifamily in Prime Central Harlem.
EXECUTIVE SUMMARY
Fully Renovated 8-Unit Free-Market Multifamily in Prime Central Harlem
10 West 122nd Street is a stabilized, fully leased 8-unit multifamily building located on a quiet block in the Mount Morris Park Historic District. The building offers turnkey cash flow with near-term upside as rent concessions expire, all in one of Manhattan’s fastest-growing neighborhoods.
The property spans approximately 5,598 square feet across 3 stories plus an extension, featuring eight fully renovated apartments. All units are free-market and outfitted with modern finishes, hardwood flooring, and tenant-controlled split HVAC systems. Shared amenities include a furnished roof deck and on-site laundry room.
The current rent roll totals approximately $26,476/month ($317,715 annually), producing a T-12 NOI of $217,172.89. At the $4.2 million asking price, this yields a 5.17% cap rate with additional upside once concessions roll off. A pro forma cap rate of ~5.7% is projected within the first 12–18 months, supported by market rent growth in Central Harlem.
Located right by Marcus Garvey Park, the building is close to the 2/3 and 4/5/6 subway lines, Metro-North, Columbia University, and the 125th Street commercial corridor. The property is surrounded by a mix of culture, restaurants, retail, and green space—making it highly desirable for tenants and investors alike.
This is an excellent opportunity for 1031 exchange buyers, long-term investors, and portfolio operators seeking a well-maintained asset with strong in-place income and predictable appreciation.
Highlights:
8 Fully Leased, Free-Market Units
T-12 NOI: $217,172.89
Asking Price: $4,200,000
Cap Rate (In-Place): 5.17%
Gross Rent: $317,715/year
Shared Laundry and Furnished Roof Deck
Split HVAC (Tenant-Controlled Heating/Cooling)
5,598 SF Building on 22’ × 100.92’ Lot (R7-2 Zoning)
Taxes (2025–26): $16,461
No Rent-Stabilized Exposure
Located in Mount Morris Park Historic District
Near Subway, Metro-North, Columbia University, and 125th St Retail
10 West 122nd Street is a stabilized, fully leased 8-unit multifamily building located on a quiet block in the Mount Morris Park Historic District. The building offers turnkey cash flow with near-term upside as rent concessions expire, all in one of Manhattan’s fastest-growing neighborhoods.
The property spans approximately 5,598 square feet across 3 stories plus an extension, featuring eight fully renovated apartments. All units are free-market and outfitted with modern finishes, hardwood flooring, and tenant-controlled split HVAC systems. Shared amenities include a furnished roof deck and on-site laundry room.
The current rent roll totals approximately $26,476/month ($317,715 annually), producing a T-12 NOI of $217,172.89. At the $4.2 million asking price, this yields a 5.17% cap rate with additional upside once concessions roll off. A pro forma cap rate of ~5.7% is projected within the first 12–18 months, supported by market rent growth in Central Harlem.
Located right by Marcus Garvey Park, the building is close to the 2/3 and 4/5/6 subway lines, Metro-North, Columbia University, and the 125th Street commercial corridor. The property is surrounded by a mix of culture, restaurants, retail, and green space—making it highly desirable for tenants and investors alike.
This is an excellent opportunity for 1031 exchange buyers, long-term investors, and portfolio operators seeking a well-maintained asset with strong in-place income and predictable appreciation.
Highlights:
8 Fully Leased, Free-Market Units
T-12 NOI: $217,172.89
Asking Price: $4,200,000
Cap Rate (In-Place): 5.17%
Gross Rent: $317,715/year
Shared Laundry and Furnished Roof Deck
Split HVAC (Tenant-Controlled Heating/Cooling)
5,598 SF Building on 22’ × 100.92’ Lot (R7-2 Zoning)
Taxes (2025–26): $16,461
No Rent-Stabilized Exposure
Located in Mount Morris Park Historic District
Near Subway, Metro-North, Columbia University, and 125th St Retail
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $4,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $525,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.05 AC |
| Cap Rate | 5.17% | Building Size | 5,598 SF |
| Gross Rent Multiplier | 13.22 | Average Occupancy | 0% |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1899/2017 |
| Property Subtype | Apartment | ||
| Zoning | R7-2 - R7 districts are medium-density apartment house districts. | ||
| Price | $4,200,000 |
| Price Per Unit | $525,000 |
| Sale Type | Investment |
| Cap Rate | 5.17% |
| Gross Rent Multiplier | 13.22 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.05 AC |
| Building Size | 5,598 SF |
| Average Occupancy | 0% |
| No. Stories | 3 |
| Year Built/Renovated | 1899/2017 |
| Zoning | R7-2 - R7 districts are medium-density apartment house districts. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Microwave
- Kitchen
- Oven
- Freezer
- Intercom
SITE AMENITIES
- Laundry Facilities
- Video Patrol
- Storage Space
- Sundeck
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 1 | $3,325 | 1 |
| 2+1 | 5 | $3,775 | 1 |
| 1+1 | 2 | $3,381 | 1 |
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 1720-0062 | Total Assessment | $131,689 (2025) |
| Land Assessment | $32,038 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $99,651 (2025) | Tax Year | 2024 Payable 2025 |
PROPERTY TAXES
Parcel Number
1720-0062
Land Assessment
$32,038 (2025)
Improvements Assessment
$99,651 (2025)
Total Assessment
$131,689 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024 Payable 2025
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10 W 122nd St
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