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Multifamily

169 W 228th St

169 W 228th St, New York, NY 10463

Listing Price: $2,700,000

Cap Rate
5.20%
Number of Units
9
Price/Unit
$300,000
Price/Gross SF
$417.31
Gross SF
6,470

Investment Overview

New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity at 169 West 228th Street located between Adrian place and Marble Hill Avenue. The property sits on a 31.83 ft x 90 ft lot across 6,470 square feet and has an additional 1,245 sqft of residential air rights. It is zoned R6.

Investment Highlights

  • 100% Free Market: Upon being built in 2001 and fully gut renovated within the last three years, all the units are unquestionably free market.
  • Tax Incentive: Tax class 2B minimizes annual property tax increases and eliminates one of the biggest risks for a NYC buyer.
  • Strong Metrics: Initial cap rate of 5.2% allows for a 5.5% cash on cash return while still buying below replacement cost at just over $400/square foot.

Exclusively Listed By

  • Seth Glasser

    Licensed Associate Real Estate Broker

    (212) 430-5136

    Email Seth

    License(s): NY: 10301209629

    Manhattan

  • Jacob Kahn

    Licensed Associate Real Estate Broker

    (212) 430-6155

    Email Jacob

    License(s): NY: 10301218690, NY: 10311208892

    Manhattan

  • Peter Von Der Ahe

    Licensed Associate Real Estate Broker

    (212) 430-5114

    Email Peter

    License(s): NY: 10301209838, NY: 31VO0942643

    Manhattan

Financing By

Multifamily

169 W 228th St

Listing Price: $2,700,000

Cap Rate
5.20%
Number of Units
9
Price/Unit
$300,000
Price/Gross SF
$417.31
Gross SF
6,470

Investment Highlights

  • 100% Free Market: Upon being built in 2001 and fully gut renovated within the last three years, all the units are unquestionably free market.
  • Tax Incentive: Tax class 2B minimizes annual property tax increases and eliminates one of the biggest risks for a NYC buyer.
  • Strong Metrics: Initial cap rate of 5.2% allows for a 5.5% cash on cash return while still buying below replacement cost at just over $400/square foot.

Investment Overview

New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity at 169 West 228th Street located between Adrian place and Marble Hill Avenue. The property sits on a 31.83 ft x 90 ft lot across 6,470 square feet and has an additional 1,245 sqft of residential air rights. It is zoned R6.

Exclusively Listed By

  • Seth Glasser

    Licensed Associate Real Estate Broker

    (212) 430-5136

    Email Seth

    License(s): NY: 10301209629

    Manhattan

  • Jacob Kahn

    Licensed Associate Real Estate Broker

    (212) 430-6155

    Email Jacob

    License(s): NY: 10301218690, NY: 10311208892

    Manhattan

  • Peter Von Der Ahe

    Licensed Associate Real Estate Broker

    (212) 430-5114

    Email Peter

    License(s): NY: 10301209838, NY: 31VO0942643

    Manhattan

Financing By

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