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515 W 170th St 35 Unit Apartment Building $3,690,000 ($105,429/Unit) 7.66% Cap Rate New York, NY 10032
Executive Summary
Marcus & Millichap presents 515 West 170th Street, a well-maintained walk-up in Washington Heights with 35 apartments, including 12 one-bedroom, 18 twobedroom, and 5 three-bedroom units. 10 of these units are deregulated, offering an average rent of $2,238, with strong upside potential. The property spans 29,250 square feet and is ideally located near key amenities like New York- Presbyterian, Columbia University Medical Center, Audubon Playground, and the 168th Street A & C train. This building has been maintained by the same family for nearly 25 years, offering both immediate and long-term investment opportunities.
• Free Market Component: 29% of apartments in this asset have been destabilized through IAI’s providing investors with both immediate and longterm upside. The 10 free market units have an average monthly rent of $2,238.
• The Metrics: 5.1x GRM | $105,429 per Unit | $126 per Square Foot
• Prime Location: 515 West 170th Street is conveniently located near New York-Presbyterian / Columbia University Medical Center, Audubon Playground, P.S. 513 Castle Bridge School, and the 168th Street A & C train.
• Free Market Component: 29% of apartments in this asset have been destabilized through IAI’s providing investors with both immediate and longterm upside. The 10 free market units have an average monthly rent of $2,238.
• The Metrics: 5.1x GRM | $105,429 per Unit | $126 per Square Foot
• Prime Location: 515 West 170th Street is conveniently located near New York-Presbyterian / Columbia University Medical Center, Audubon Playground, P.S. 513 Castle Bridge School, and the 168th Street A & C train.
Property Facts
| Price | $3,690,000 | Property Subtype | Apartment |
| Price Per Unit | $105,429 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.66% | Lot Size | 0.15 AC |
| Gross Rent Multiplier | 5.07 | Building Size | 29,250 SF |
| No. Units | 35 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1917 |
| Zoning | R7-2 | ||
| Price | $3,690,000 |
| Price Per Unit | $105,429 |
| Sale Type | Investment |
| Cap Rate | 7.66% |
| Gross Rent Multiplier | 5.07 |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 29,250 SF |
| No. Stories | 6 |
| Year Built | 1917 |
| Zoning | R7-2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 35 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 2127-0058 | Improvements Assessment | $1,082,700 |
| Land Assessment | $219,600 | Total Assessment | $1,302,300 |
Property Taxes
Parcel Number
2127-0058
Land Assessment
$219,600
Improvements Assessment
$1,082,700
Total Assessment
$1,302,300
Contacts
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Seth Glasser -
Michael Fusco -
Benjamin Myerow -
Christopher Mehran -
Marcus & Millichap
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