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518 Fort Washington Ave 48 Unit Apartment Building $4,800,000 ($100,000/Unit) 8% Cap Rate New York, NY 10033
INVESTMENT HIGHLIGHTS
- Prime Washington Heights location steps from Bennett Park.
- Seven deregulated units offering value-add upside.
- Attractive 8.0% cap rate and $100K per unit pricing.
- 48-unit elevator building with balanced unit mix.
- Strong transit access via A train and major bus lines.
EXECUTIVE SUMMARY
The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in Hudson Heights. 518 Fort Washington Avenue is situated in prime Washington Heights, right off 183rd Street and across the street from Bennett Park. The building spans 41,552 square feet and is composed of 48 residential units. This six story elevator building has been owned and operated by the same family for over 55 years and is composed of 6 studio, 18 one-bed, and 24 two-bedroom apartments. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of Upper Manhatan that contains 7 free market units destablized through IAI's. 518
Fort Washington Avenue is conveniently located a few steps from Bennett Park, The Broadway retail corridor, and the 181st Street A train.
THE OPPORTUNITY
• The Building: This 48-unit elevator building comprises 6 studio, 18 one- bedroom, and 24 two-bedroom apartments. Seven of the units were deregulated properly through IAI's
• The Metrics: 8.0% Cap Rate | 5.4x GRM | $100,000 Per Unit | $116 Per Sqft
• Prime Location: 518 Fort Washington Avenue is conveniently located a few steps from Bennett Park, The Broadway retail corridor, and the 181st Street A train.
Fort Washington Avenue is conveniently located a few steps from Bennett Park, The Broadway retail corridor, and the 181st Street A train.
THE OPPORTUNITY
• The Building: This 48-unit elevator building comprises 6 studio, 18 one- bedroom, and 24 two-bedroom apartments. Seven of the units were deregulated properly through IAI's
• The Metrics: 8.0% Cap Rate | 5.4x GRM | $100,000 Per Unit | $116 Per Sqft
• Prime Location: 518 Fort Washington Avenue is conveniently located a few steps from Bennett Park, The Broadway retail corridor, and the 181st Street A train.
PROPERTY FACTS
| Price | $4,800,000 | Property Subtype | Apartment |
| Price Per Unit | $100,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 8% | Lot Size | 0.25 AC |
| Gross Rent Multiplier | 5.4 | Building Size | 41,552 SF |
| No. Units | 48 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1925 |
| Zoning | R7-2 - Medium density residential | ||
| Price | $4,800,000 |
| Price Per Unit | $100,000 |
| Sale Type | Investment |
| Cap Rate | 8% |
| Gross Rent Multiplier | 5.4 |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 41,552 SF |
| No. Stories | 6 |
| Year Built | 1925 |
| Zoning | R7-2 - Medium density residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 6 | - | - |
1 1
Walk Score®
Very Walkable (84)
Transit Score®
Rider's Paradise (100)
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518 Fort Washington Ave
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