Investment Overview

THE OFFERING Marcus & Millichap is pleased to offer 580 Saint Nicholas Avenue on the outer cusp of the historic Strivers Row section of Harlem. Sprawled across 60,078 square feet and Situated on the cross-section of St. Nicholas Avenue and West 139th Street directly facing St. Nicholas park. This 94-unit elevator is comprised of 1-bedroom and 2-bedroom apartments with 34/94 or 36% of the units being free market along with $127,276 in annualized preferential rents allowing investors to capitalize on rent growth currently sitting 15% below market. The building is conveniently located steps away from the 135th Street & 145th Street A/B/C/2/3 subway terminals, City College, Harlem Hospital, Jackie Robinson Park, and prime retail strips in Harlem. THE OPPORTUNITY The Building: 94-Unit elevator building built in 1914 spanning 60,078 square feet on the western edge of the historic strivers row. Value-Add: With 36% of the building Free Market and $127,276 in annual preferential rents, investors can capitalize on rent growth north of 15% upon unit turnover. The Metrics: 6.6 GRM or 7.5% Cap rate. Upon increased rent growth, investors can expect recognize a significant increase on yield nearing a 7% cap rate on the asking price. Zero Deferred Maintenance: This meticulously maintained building has gone through extensive upgrades during the tenure of ownership which mitigates initial capital improvements upon new ownership. Prime Location: With the convenience of being on Saint Nicholas Avenue, the 145th Street & Lenox Avenue retail strips are just steps away. Approximately a 5-7 minute walk to the 135th and 145th subway terminals bringing you to midtown in about 20 minutes. Close proximity to Saint Nicholas Park, City College, Harlem Hospital, Cafes, shopping and more.