80% FREE MARKET 10-UNIT MULTIFAMILY BUILDING | 422 Saint Nicholas Ave
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80% FREE MARKET 10-UNIT MULTIFAMILY BUILDING 422 Saint Nicholas Ave
10 Unit Apartment Building $7,032,000 CAD ($703,200 CAD/Unit) 7.17% Cap Rate New York, NY 10027
Investment Highlights
- 80% Free Market Building | 10 large apartments (8 Free Market, 2 Rent Controlled) - attractive unit mix with value-add potential
- Close Proximity to Retail Hotspots | Within a 6 min walk to the 125th St retail hub with notable tenants such as DSW Shoes, Apollo Theater, & More
- Building Infrastructure | Gas fired boiler for heating and individual meters for electric
- Well-Maintained Building | Roof, boiler and common areas have been replaced and renovated over the past few years
- Convenient Location | Directly across the street from St Nicholas Park, 3 min walk to the 135th subway station, 6 min walk to 125th St Subway
- Building Amenities | Common rear yard, basement laundry, and underutilized basement space for potential tenant storage or additional amenities
Executive Summary
422 St Nicholas Avenue is an 80% free-market multifamily building across the street from St Nicholas Park. The building includes 10 large apartments, complete with 8 free-market units and two rent-controlled units - an attractive mix with value-add potential!
The building is well maintained with several significant capital improvements over the past few years. It is in a great location for residents, located directly across from St Nicholas Park, and within a short walk to the 125th and 135th Street subway stations.
Please contact exclusive brokers for more information or to arrange for property inspection.
The building is well maintained with several significant capital improvements over the past few years. It is in a great location for residents, located directly across from St Nicholas Park, and within a short walk to the 125th and 135th Street subway stations.
Please contact exclusive brokers for more information or to arrange for property inspection.
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$634,483
|
$47.61
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$19,428
|
$1.46
|
| Effective Gross Income |
$615,055
|
$46.15
|
| Taxes |
$13,873
|
$1.04
|
| Operating Expenses |
$97,816
|
$7.34
|
| Total Expenses |
$111,689
|
$8.38
|
| Net Operating Income |
$503,366
|
$37.77
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $634,483 |
| Annual Per SF | $47.61 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $19,428 |
| Annual Per SF | $1.46 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $615,055 |
| Annual Per SF | $46.15 |
| Taxes (CAD) | |
|---|---|
| Annual | $13,873 |
| Annual Per SF | $1.04 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $97,816 |
| Annual Per SF | $7.34 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $111,689 |
| Annual Per SF | $8.38 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $503,366 |
| Annual Per SF | $37.77 |
Property Facts
| Price | $7,032,000 CAD | Building Class | C |
| Price Per Unit | $703,200 CAD | Lot Size | 0.06 AC |
| Sale Type | Investment | Building Size | 13,326 SF |
| Cap Rate | 7.17% | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1932 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid Rise |
| Price | $7,032,000 CAD |
| Price Per Unit | $703,200 CAD |
| Sale Type | Investment |
| Cap Rate | 7.17% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 13,326 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built | 1932 |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+1 | 9 | - | 1,000 |
| 6+2 | 1 | - | 2,000 |
1 of 1
Walk Score ®
Walker's Paradise (95)
Transit Score ®
Rider's Paradise (100)
PROPERTY TAXES
| Parcel Number | 1958-0059 | Total Assessment | $111,432 CAD |
| Land Assessment | $470,989 CAD | Annual Taxes | $13,873 CAD ($1.04 CAD/SF) |
| Improvements Assessment | $16,066 CAD | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
1958-0059
Land Assessment
$470,989 CAD
Improvements Assessment
$16,066 CAD
Total Assessment
$111,432 CAD
Annual Taxes
$13,873 CAD ($1.04 CAD/SF)
Tax Year
2024
zoning
| Zoning Code | R8 |
| R8 |
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Power Broker Stephen Preuss -
Eric Delafraz -
Power Broker Kevin Louie -
Andreas Efthymiou -
Brian Whelan -
Mitchel Flaherty -
Ripco Real Estate
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80% FREE MARKET 10-UNIT MULTIFAMILY BUILDING | 422 Saint Nicholas Ave
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