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355 E 116th St 4 Unit Apartment Building $3,900,000 ($975,000/Unit) 6.90% Cap Rate New York, NY 10029
Investment Highlights
- Asking Price: $3,900,000.00
- Prime Location: 355 East 116th Street is well located in close proximity to Jefferson Park, Public School 155, and the 116th Street 6 Train
- The Metrics: 6.9% Cap Rate | $528 P/SF | 11.3x GRM
Executive Summary
New York Multifamily is pleased to offer 355 East 116th Street, an outstanding multi-tenant opportunity on one of the best retail streets in the East Harlem. Located in the lively neighborhood of East Harlem and situated in between 1st and 2nd Avenue, this mixed-use asset is professionally managed with little to no deferred maintenance. Spanning 7,384 square feet across four stories, 355 East 116th Street is composed of 4 total units, 3 residential with 1 commercial tenant. The commercial tenant is responsible for 50% of any property tax increases over the 2026 Base Year, 100% of water consumption, and 100% of gas and electric consumption. Given that the building is less than five units, the residential apartments are statutorily free-market, providing investors with a clear upside to growth. Offered at a 6.9% cap rate, this fully turn-key property offers investors a unique opportunity to acquire a mixed-use building on a prime retail corridor right off 1st Avenue. 355 East 116th Street is located a walk away from Jefferson Park,
Public School 155, and the 116th Street 6 Train.
The Building
This 4-unit walk-up building is composed of 1 commercial tenant and 3 residential apartments. It comprises 2 five-bedroom and 1 six-bedroom apartments. The commercial tenant is subject to 3% annual increases, 50% of property tax increases over the 2026 base year, and 100% of water and utility consumption.
Public School 155, and the 116th Street 6 Train.
The Building
This 4-unit walk-up building is composed of 1 commercial tenant and 3 residential apartments. It comprises 2 five-bedroom and 1 six-bedroom apartments. The commercial tenant is subject to 3% annual increases, 50% of property tax increases over the 2026 base year, and 100% of water and utility consumption.
Property Facts
| Price | $3,900,000 | Property Subtype | Apartment |
| Price Per Unit | $975,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.90% | Lot Size | 0.05 AC |
| Gross Rent Multiplier | 11.3 | Building Size | 7,384 SF |
| No. Units | 4 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1900 |
| Zoning | R7X - Commercial district predominantly residential in character | ||
| Price | $3,900,000 |
| Price Per Unit | $975,000 |
| Sale Type | Investment |
| Cap Rate | 6.90% |
| Gross Rent Multiplier | 11.3 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 7,384 SF |
| No. Stories | 4 |
| Year Built | 1900 |
| Zoning | R7X - Commercial district predominantly residential in character |
Amenities
Unit Amenities
- Air Conditioning
- High Speed Internet Access
1 1
Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
100/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 1688-0122 | Improvements Assessment | $150,234 |
| Land Assessment | $53,636 | Total Assessment | $203,870 |
Property Taxes
Parcel Number
1688-0122
Land Assessment
$53,636
Improvements Assessment
$150,234
Total Assessment
$203,870
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355 E 116th St
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