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188 St Nicholas Ave 42 Unit Apartment Building $6,500,000 ($154,762/Unit) New York, NY 10026
Investment Highlights
- Corner elevator building allows for fantastic light and air throughout
- Value-add potential through renovation of free market units and existing vacancy in the building
- 5 blocks from the retail epicenter of Harlem at 125th Street
Executive Summary
Lee & Associates is pleased to present the sale for the multifamily building located at 188 Saint Nicholas Avenue (“the Property). Located on the corner of St. Nicholas Avenue and West 120th Street, the building consists of 42 residential units. Of the 42 units, approximately 33% are free market with the remaining 67% subject to rent regulation. The Property represents the opportunity to acquire a stable cashflowing asset with upside potential in the short term through unit renovations and long-term rental appreciation for larger units in the Harlem market.
Property Facts
| Price | $6,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $154,762 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.39 AC |
| No. Units | 42 | Building Size | 67,949 SF |
| Property Type | Multifamily | No. Stories | 7 |
| Property Subtype | Apartment | Year Built | 1920 |
| Zoning | R7A - Medium-density apartment house district with lower parking requirements | ||
| Price | $6,500,000 |
| Price Per Unit | $154,762 |
| Sale Type | Investment |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.39 AC |
| Building Size | 67,949 SF |
| No. Stories | 7 |
| Year Built | 1920 |
| Zoning | R7A - Medium-density apartment house district with lower parking requirements |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 42 | - | - |
1 1
Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 1925-0050 | Improvements Assessment | $1,822,500 |
| Land Assessment | $100,800 | Total Assessment | $1,923,300 |
Property Taxes
Parcel Number
1925-0050
Land Assessment
$100,800
Improvements Assessment
$1,822,500
Total Assessment
$1,923,300
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188 St Nicholas Ave
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