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280 Manhattan Ave 16 Unit Apartment Building $6,000,000 ($375,000/Unit) 8.30% Cap Rate New York, NY 10026
INVESTMENT HIGHLIGHTS
- 280 Manhattan Avenue is situated between West 111th and West 112th Streets, just steps away from Morningside Park and Central Park.
- The property benefits from close proximity to Columbia University and its main campus, driving strong rental demand and consistent tenant turnover.
- Offers investors a rare opportunity to acquire a pristine walk-up in a prime location, featuring market rents and multiple renovated units
- Ideally located near Central Park, the Amsterdam Avenue retail corridor, and the Cathedral Parkway 110 Street train station.
EXECUTIVE SUMMARY
The New York Multifamily team at Marcus & Millichap is pleased to present the following opportunity in one of the most sought-after neighborhoods in Upper Manhattan.
280 Manhattan Avenue is situated between West 111th and West 112th Streets, just steps away from Morningside Park and Central Park. With an average rent of $3,193 per apartment, this meticulously maintained asset benefits from an active J-51 tax abatement, resulting in a current annual tax bill of $9,004. All leases are equipped with the
proper J-51 rider, confirming that each unit will revert to free market status once the J-51 abatement term concludes.
280 Manhattan Avenue offers investors a rare opportunity to acquire a pristine walk-up in a prime location, featuring market rents and multiple renovated units. Each unit also includes its own washer, dryer, and hot water heater.
Additionally, this asset offers future upside through two spacious, unrenovated rent-regulated units and one unrenovated rent-controlled unit. Upon turnover, these apartments present an opportunity to capture meaningful rent growth through renovations and modernization.
The property benefits from close proximity to Columbia University and its main campus, driving strong rental demand and consistent tenant turnover. 280 Manhattan Avenue is also ideally located near Central Park, the Amsterdam Avenue retail corridor, and the Cathedral Parkway 110 Street train station.
280 Manhattan Avenue is situated between West 111th and West 112th Streets, just steps away from Morningside Park and Central Park. With an average rent of $3,193 per apartment, this meticulously maintained asset benefits from an active J-51 tax abatement, resulting in a current annual tax bill of $9,004. All leases are equipped with the
proper J-51 rider, confirming that each unit will revert to free market status once the J-51 abatement term concludes.
280 Manhattan Avenue offers investors a rare opportunity to acquire a pristine walk-up in a prime location, featuring market rents and multiple renovated units. Each unit also includes its own washer, dryer, and hot water heater.
Additionally, this asset offers future upside through two spacious, unrenovated rent-regulated units and one unrenovated rent-controlled unit. Upon turnover, these apartments present an opportunity to capture meaningful rent growth through renovations and modernization.
The property benefits from close proximity to Columbia University and its main campus, driving strong rental demand and consistent tenant turnover. 280 Manhattan Avenue is also ideally located near Central Park, the Amsterdam Avenue retail corridor, and the Cathedral Parkway 110 Street train station.
PROPERTY FACTS
| Price | $6,000,000 | Property Subtype | Apartment |
| Price Per Unit | $375,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 8.30% | Lot Size | 0.07 AC |
| Gross Rent Multiplier | 9.8 | Building Size | 14,988 SF |
| No. Units | 16 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1900 |
| Zoning | R7A | ||
| Price | $6,000,000 |
| Price Per Unit | $375,000 |
| Sale Type | Investment |
| Cap Rate | 8.30% |
| Gross Rent Multiplier | 9.8 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 14,988 SF |
| No. Stories | 5 |
| Year Built | 1900 |
| Zoning | R7A |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 10 | - | 1,071 |
1 1
Walk Score®
Walker's Paradise (90)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 1846-0060 | Improvements Assessment | $872,280 |
| Land Assessment | $408,600 | Total Assessment | $1,280,880 |
PROPERTY TAXES
Parcel Number
1846-0060
Land Assessment
$408,600
Improvements Assessment
$872,280
Total Assessment
$1,280,880
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280 Manhattan Ave
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