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187 Lenox Ave 6 Unit Apartment Building $2,500,000 ($416,667/Unit) 7% Cap Rate New York, NY 10026
INVESTMENT HIGHLIGHTS
- 7.0% Cap Rate | 9.9x GRM | $416,000 Per Unit
- 187 Lenox is a Tax Class 2A asset with tax liability capped at 8% per year or 30% over 5 years.
EXECUTIVE SUMMARY
The New York Multifamily Team at Marcus & Millichap is pleased to present the following opportunity in the lively Harlem neighborhood. Situated between West 119th and 120th Street, 187 Lenox Avenue is a well located walk-up composed of 5 apartments and 1 retail unit. 4 of the 5 apartments are free market and average $2,768 per month, offering investors immediate and long term upside.
The asset features a highly visible ground floor retail space leased to Archer and Goat, a well regarded neighborhood restaurant that has successfully operated at the location for over 10 years. 187 Lenox Avenue is conveniently located near Marcus Garvey Park, Columbia University, Morningside Park, and the W 116th Street train station.
• The Building: 187 Lenox Avenue comprises 2 one-bedroom and 3 three- bedroom apartments. Additionally, there is a 900 square foot ground floor retail space currently leased to a restaurant.
• Free Market Component: With 80% of the apartments operating as free market, the asset presents a clear path to rent growth. The average rent for the free market units is $3,131 per apartment per month.
• Established Retail: The property benefits from a prominent ground floor retail space occupied by Archer and Goat, a popular neighborhood restaurant with a proven 10 year operating history at the location. The tenant currently pays $7,150 per month in rent.
The asset features a highly visible ground floor retail space leased to Archer and Goat, a well regarded neighborhood restaurant that has successfully operated at the location for over 10 years. 187 Lenox Avenue is conveniently located near Marcus Garvey Park, Columbia University, Morningside Park, and the W 116th Street train station.
• The Building: 187 Lenox Avenue comprises 2 one-bedroom and 3 three- bedroom apartments. Additionally, there is a 900 square foot ground floor retail space currently leased to a restaurant.
• Free Market Component: With 80% of the apartments operating as free market, the asset presents a clear path to rent growth. The average rent for the free market units is $3,131 per apartment per month.
• Established Retail: The property benefits from a prominent ground floor retail space occupied by Archer and Goat, a popular neighborhood restaurant with a proven 10 year operating history at the location. The tenant currently pays $7,150 per month in rent.
PROPERTY FACTS
| Price | $2,500,000 | Property Subtype | Apartment |
| Price Per Unit | $416,667 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 7% | Lot Size | 0.03 AC |
| Gross Rent Multiplier | 9.8 | Building Size | 4,700 SF |
| No. Units | 6 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1920 |
| Zoning | R7-2 | ||
| Price | $2,500,000 |
| Price Per Unit | $416,667 |
| Sale Type | Investment |
| Cap Rate | 7% |
| Gross Rent Multiplier | 9.8 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.03 AC |
| Building Size | 4,700 SF |
| No. Stories | 4 |
| Year Built | 1920 |
| Zoning | R7-2 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 6 | - | - |
1 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 1904-0031 | Improvements Assessment | $116,198 |
| Land Assessment | $44,372 | Total Assessment | $160,570 |
PROPERTY TAXES
Parcel Number
1904-0031
Land Assessment
$44,372
Improvements Assessment
$116,198
Total Assessment
$160,570
CONTACTS
-
Benjamin Myerow -
Seth Glasser -
Michael Fusco -
Christopher Mehran -
Marcus & Millichap
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187 Lenox Ave
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