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114 West 137th Street 114 W 137th St 21 Unit Apartment Building $4,900,000 ($233,333/Unit) 6.40% Cap Rate New York, NY 10030
Investment Highlights
- 100% Free Market with Order & Determination Letter
- Low Price Per Square Foot, Attractive Cap Rate
- Upside in Residential Rents
Executive Summary
114 West 137th Street is a 21-unit free market multifamily building located in the heart of Harlem, Manhattan. The property has received a DHCR Order & Determination Letter confirming the free market status of all 21 apartment units. The building contains approximately 15,895 gross square feet and benefits from strong in-place cash flow with significant long-term upside potential.
The property is ideally positioned near the 135th Street subway stations servicing the 2, 3, B, and C trains, providing excellent accessibility throughout Manhattan. The asset is located in a rapidly evolving Upper Manhattan neighborhood surrounded by strong dining, retail, and cultural amenities.
The offering presents investors with the opportunity to acquire a stabilized multifamily asset at an attractive going-in cap rate with future rental growth potential in one of Manhattan’s most dynamic rental markets.
The property is ideally positioned near the 135th Street subway stations servicing the 2, 3, B, and C trains, providing excellent accessibility throughout Manhattan. The asset is located in a rapidly evolving Upper Manhattan neighborhood surrounded by strong dining, retail, and cultural amenities.
The offering presents investors with the opportunity to acquire a stabilized multifamily asset at an attractive going-in cap rate with future rental growth potential in one of Manhattan’s most dynamic rental markets.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$558,240
|
$34.08
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$16,747
|
$1.02
|
| Effective Gross Income |
$541,493
|
$33.06
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$228,124
|
$13.93
|
| Net Operating Income |
$313,369
|
$19.13
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $558,240 |
| Annual Per SF | $34.08 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $16,747 |
| Annual Per SF | $1.02 |
| Effective Gross Income | |
|---|---|
| Annual | $541,493 |
| Annual Per SF | $33.06 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $228,124 |
| Annual Per SF | $13.93 |
| Net Operating Income | |
|---|---|
| Annual | $313,369 |
| Annual Per SF | $19.13 |
Property Facts
| Price | $4,900,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $233,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 6.40% | Building Size | 16,380 SF |
| Gross Rent Multiplier | 8.59 | Average Occupancy | 100% |
| No. Units | 21 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1910 |
| Property Subtype | Apartment | ||
| Zoning | R7-2, New York, (C4) | ||
| Price | $4,900,000 |
| Price Per Unit | $233,333 |
| Sale Type | Investment |
| Cap Rate | 6.40% |
| Gross Rent Multiplier | 8.59 |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 16,380 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built | 1910 |
| Zoning | R7-2, New York, (C4) |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 21 | - | 900 |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 1921-0042 | Improvements Assessment | $786,600 (2026) |
| Land Assessment | $135,000 (2026) | Total Assessment | $921,600 (2026) |
Property Taxes
Parcel Number
1921-0042
Land Assessment
$135,000 (2026)
Improvements Assessment
$786,600 (2026)
Total Assessment
$921,600 (2026)
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114 West 137th Street | 114 W 137th St
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