550 W 180th St - Apartments FOR SALE


New York, NY 10033- Washington Heights
$5,230,000 USD
212-430-5136
550 W 180th St, New York, NY for Sale
$5,230,000 USD
Apartments - FOR SALE
1/23
null | 8.1% Cap Rate

550 W 180th St
New York, NY 10033
Washington Heights


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
  • 8.1% Cap Rate | 4.7x GRM | $99 Per Sqft | $84,355 Per Unit
  • Experienced operators have the ability to capitalize on rent growth through an additional ~$187,000 per year of preferential rent
  • Ideally located near Yeshiva University, the George Washington Bridge, the West 181 St retail corridor, and the 181 Street train station. st station

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$5,230,000 USD

PRICE/SF

$206 USD /SF

# OF UNITS

62

PRICE/UNIT

$84,355

CAP RATE

8.1%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

550 and 556 West 180th Street

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

5

YEAR BUILT

1915

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,405 SF

ZONING

R7-2

APN/PARCEL ID

2153-0040

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.