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72-82 Ellwood Street 2 Multifamily Properties Offered at $5,400,000 in New York, NY
INVESTMENT HIGHLIGHTS
- Two contiguous 6-story multifamily buildings with 60 units
- Steps from 1 and A subway lines; 25 minutes to Midtown
- Strong in-place cash flow with $343K NOI and 6.23 GRM
- Long-term J-51 tax benefits through 2055 and 2057
- Located near Fort Tryon Park and The Cloisters
- Prime Inwood–Washington Heights location with 95 Walk Score
EXECUTIVE SUMMARY
Located at the intersection of Inwood and Washington Heights, 72–82 Ellwood Street presents a rare opportunity to acquire two contiguous, well-maintained multifamily assets in one of Manhattan’s most dynamic residential corridors. The property consists of 60 residential units across two 6-story walk-up buildings, offering a balanced mix of 29 one-bedrooms, 28 two-bedrooms, and 3 three-bedrooms. With a total building area of 43,240 square feet and zoning under R7-2, the site offers a buildable footprint of approximately 43,000 square feet.
The asset benefits from long-term J-51 tax exemptions and abatements, expiring in 2055 and 2057 respectively, providing significant tax savings for decades to come. The current rent roll is predominantly stabilized, with 59 of the 60 units under rent regulation, generating a potential gross annual income of $866,306. The property’s net operating income stands at $343,710, supported by efficient operating expenses and a low vacancy reserve.
Strategically positioned just steps from the 1 and A subway lines, residents enjoy seamless access to Midtown Manhattan in under 25 minutes. The neighborhood is rich in cultural heritage and green space, with Fort Tryon Park and the Cloisters nearby, enhancing the area’s appeal to long-term tenants. The Walk Score of 95 and Transit Score of 100 underscore the property’s exceptional connectivity and livability.
This offering is ideal for investors seeking stable cash flow, long-term tax benefits, and a foothold in a high-demand Manhattan submarket with upside potential through future repositioning or redevelopment.
The asset benefits from long-term J-51 tax exemptions and abatements, expiring in 2055 and 2057 respectively, providing significant tax savings for decades to come. The current rent roll is predominantly stabilized, with 59 of the 60 units under rent regulation, generating a potential gross annual income of $866,306. The property’s net operating income stands at $343,710, supported by efficient operating expenses and a low vacancy reserve.
Strategically positioned just steps from the 1 and A subway lines, residents enjoy seamless access to Midtown Manhattan in under 25 minutes. The neighborhood is rich in cultural heritage and green space, with Fort Tryon Park and the Cloisters nearby, enhancing the area’s appeal to long-term tenants. The Walk Score of 95 and Transit Score of 100 underscore the property’s exceptional connectivity and livability.
This offering is ideal for investors seeking stable cash flow, long-term tax benefits, and a foothold in a high-demand Manhattan submarket with upside potential through future repositioning or redevelopment.
PROPERTY FACTS
| Price | $5,400,000 | Number of Properties | 2 |
| Price / SF | $124.88 / SF | Individually For Sale | 0 |
| Sale Type | Investment | Total Building Size | 43,240 SF |
| Status | Active | Total Land Area | 0.43 AC |
| Price | $5,400,000 |
| Price / SF | $124.88 / SF |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 43,240 SF |
| Total Land Area | 0.43 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 72-74 Ellwood St, New York, NY 10040 | Multifamily | 21,620 SF | 1918 | - |
| 78-82 Ellwood St, New York, NY 10040 | Multifamily | 21,620 SF | 1918 | - |
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72-82 Ellwood Street
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