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314 W 142nd St 20 Unit Apartment Building $4,950,000 ($247,500/Unit) 6.90% Cap Rate New York, NY 10030
Investment Highlights
- 90% free market
- 18 of the building's 20 apartments are free market, providing investors with a clear path to future rent growth.
- This 20-unit walk-up comprises 10 studio, 1 one-bedroom, and 9 two-bedroom apartments with an average rent of $2,026 per month.
Executive Summary
The New York Multifamily Team at Marcus & Millichap is pleased to present 314 West 142nd Street, a predominantly free-market walk-up in the heart of Harlem. Situated between Frederick Douglass Boulevard & Bradhurst Avenue, this asset is composed of 20 apartments and spans 8,400 square feet.
Professionally owned and operated by the same family for nearly 40 years, this 90% free market property offers investors a rare opportunity to acquire a largely unrestricted rent roll, with 18 of its 20 units unencumbered by rent stabilization. With an average rent of $2,026 per apartment, this asset is composed of a favorable unit-mix of 10 studio, 1 one-bedroom, and 9 twobedroom apartments. 314 W 142nd Street is ideally located near the City College of New York, St. Nicholas Park, and the 145th Street train station.
Professionally owned and operated by the same family for nearly 40 years, this 90% free market property offers investors a rare opportunity to acquire a largely unrestricted rent roll, with 18 of its 20 units unencumbered by rent stabilization. With an average rent of $2,026 per apartment, this asset is composed of a favorable unit-mix of 10 studio, 1 one-bedroom, and 9 twobedroom apartments. 314 W 142nd Street is ideally located near the City College of New York, St. Nicholas Park, and the 145th Street train station.
Property Facts
| Price | $4,950,000 | Property Subtype | Apartment |
| Price Per Unit | $247,500 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.90% | Lot Size | 0.06 AC |
| Gross Rent Multiplier | 10.1 | Building Size | 8,400 SF |
| No. Units | 20 | No. Stories | 5 |
| Property Type | Multifamily | Year Built/Renovated | 1920/1993 |
| Zoning | R7-2 - Medium-density apartment house district with lower parking requirements | ||
| Price | $4,950,000 |
| Price Per Unit | $247,500 |
| Sale Type | Investment |
| Cap Rate | 6.90% |
| Gross Rent Multiplier | 10.1 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 8,400 SF |
| No. Stories | 5 |
| Year Built/Renovated | 1920/1993 |
| Zoning | R7-2 - Medium-density apartment house district with lower parking requirements |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 10 | - | - |
| 1+1 | 1 | - | - |
| 2+1 | 9 | - | - |
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Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 2043-0023 | Improvements Assessment | $56,268 |
| Land Assessment | $142,509 | Total Assessment | $198,777 |
Property Taxes
Parcel Number
2043-0023
Land Assessment
$142,509
Improvements Assessment
$56,268
Total Assessment
$198,777
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