120 Haven Ave - Apartments FOR SALE


New York, NY 10032- Washington Heights
$5,500,000 USD
212-430-5136
120 Haven Ave, New York, NY for Sale
$5,500,000 USD
Apartments - FOR SALE
1/30
null | 7% Cap Rate

120 Haven Ave
New York, NY 10032
Washington Heights


HIGHLIGHTS

  • This 35-unit walk-up building comprises six one-bedroom, 25 two-bedroom, and four three-bedroom apartments.
  • 7.0% Cap Rate | 6.3x GRM | $157,143 Per Unit | $214 Per Sqft.
  • With a high average rent of $2,084 per month, the building offers investors a steady annual cash flow of $382,993.
  • Additionally, there is $364,182 in delta upside between the actual and legal rent, which owners can capitalize upon vacancy.
  • 120 Haven Avenue is well located, close to Jay Hood Wright Park, the George Washington Bridge, and the 175th Street A Train.

OVERVIEW

The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in prime Washington Heights. 120 Haven Avenue is situated right off Riverside Drive on the corner of Haven Avenue and 172nd Street. The building spans 25,755 square feet and comprises 35 residential units. This corner walk-up building has been owned and operated by the same family for over 26 years and shall consist of six one-bedroom, 25 two-bedroom, and four three-bedroom apartments. In addition, the property has two free-market apartments that were properly stabilized through Individual apartment improvements. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of Upper Manhattan, with future rental upside from a $364,182 annual preferential rent delta between actual and DHCR-registered rents. 120 Haven Avenue is conveniently located a few steps from Jay Hood Wright Park, the George Washington Bridge, and the 175th Street A Train.

FOR SALE DETAILS

PRICE

$5,500,000 USD

PRICE/SF

$153 USD /SF

# OF UNITS

35

PRICE/UNIT

$157,143

CAP RATE

7%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

5

YEAR BUILT

1920

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.25 AC

LAND SF

11,004 SF

ZONING

R8

APN/PARCEL ID

2139-0289

ASK ABOUT THIS PROPERTY

Seth GlasserMarcus & MillichapMore Info
212-430-5136

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Seth GlasserMarcus & MillichapMore Info
212-430-5136

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.