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550 and 556 West 180th Street 550 W 180th St 62 Unit Apartment Building $5,230,000 ($84,355/Unit) 8.10% Cap Rate New York, NY 10033

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INVESTMENT HIGHLIGHTS

550 & 556 West 180th Street span 68,000 square feet and consist of 2 studio, 19 one-bedroom, 22 two-bedroom, and 18 three- bedroom apartments
Experienced operators have the ability to capitalize on rent growth through an additional ~$187,000 per year of preferential rent

8.1% Cap Rate | 4.7x GRM | $99 Per Sqft | $84,355 Per Unit
Ideally located near Yeshiva University, the George Washington Bridge, the West 181 St retail corridor, and the 181 Street train station. st station

EXECUTIVE SUMMARY

The New York Multifamily Team at Marcus & Millichap is pleased to present 550 and 556 West 180th Street. Ideally positioned on the corner of Audubon Avenue and West 180th Street, these two contiguous walk-ups comprise 61 apartments and 1 retail unit.

With 175’ of total frontage, this opportunity offers investors the chance to acquire meticulously maintained assets in a highly desirable Upper Manhattan submarket, with future rental upside driven by a $187,000 annual preferential rent delta between actual and legal rents.

Owned and operated by the same group for over 20 years, 550 & 556 West 180th Street consist of 2 studio, 19 one-bedroom, 22 two-bedroom, and 18 three-bedroom apartments, along with 1 ground floor retail unit currently occupied by a dental clinic.
These assets are ideally located near Yeshiva University, the George Washington Bridge, the West 181 Street retail corridor, and the 181 Street train station.

550 & 556 West 180th Street - Executive Summary

PROPERTY FACTS

Price	$5,230,000	Apartment Style	Mid-Rise
Price Per Unit	$84,355	Building Class	C
Sale Type	Investment	Lot Size	0.17 AC
Cap Rate	8.10%	Building Size	53,020 SF
Gross Rent Multiplier	4.7	No. Stories	5
No. Units	62	Year Built/Renovated	1915/1989
Property Type	Multifamily	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Property Subtype	Apartment
Zoning	R7-2 - R7 Zoning is considered medium density residential. It is broken into 2 basic zoning districts R7-1 and R7-2. 7-2 has less parking requirements.

Price	$5,230,000
Price Per Unit	$84,355
Sale Type	Investment
Cap Rate	8.10%
Gross Rent Multiplier	4.7
No. Units	62
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Mid-Rise
Building Class	C
Lot Size	0.17 AC
Building Size	53,020 SF
No. Stories	5
Year Built/Renovated	1915/1989
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	R7-2 - R7 Zoning is considered medium density residential. It is broken into 2 basic zoning districts R7-1 and R7-2. 7-2 has less parking requirements.