550 & 556 West 180th Street 550 W 180th St 62 Unit Apartment Building $8,195,460 CAD ($132,185 CAD/Unit) 7.60% Cap Rate New York, NY 10033
EXECUTIVE SUMMARY
New York Multifamily at Marcus & Millichap is pleased to offer 550 & 556 West 180th Street, located in Prime Washington Heights. Generationally owned & professionally managed, West 180th Street is a 62-unit walk-up building that is being offered for sale for the first time in over in over 35 years. This 62-unit, mixed-use building is located between Audubon and the busy retail corridor of Saint Nicholas Avenue. Spanning 53,020 square feet, the building is composed of a favorable unit mix of 1 studio, 19 one, 23 two, and 18 three-bedroom apartments along with a Dentist office on the ground floor. 28 of 62 (44%) of units benefit from preferential rents, offering potential upside to experienced operators to capitalize on an ~184,076/year delta between actual collected and DHCR registered rents. 550 & 556 West 180th Street right off the George Washington Bridge and is conveniently located within steps of the West 181st Street 1 Train.
THE OPPORTUNITY
• The Building: Generationally owned, 62-unit walk-up building being offered for sale in the first time over 35 years
• Preferential Rents: 28 of 62 (45%) of units benefit from preferential rents, offering potential upside to experienced operators to capitalize on an ~184,076/year delta between actual collected and DHCR registered rents
• The Metrics: Asking a 7.1% cap rate l 5.29x GRM l $91,935unit l $108SF
• Professionally Managed & Prime Location: Meticulously maintained and conveniently located right off the George Washington Bridge and a short walk to the West 181st 1 Train.
THE OPPORTUNITY
• The Building: Generationally owned, 62-unit walk-up building being offered for sale in the first time over 35 years
• Preferential Rents: 28 of 62 (45%) of units benefit from preferential rents, offering potential upside to experienced operators to capitalize on an ~184,076/year delta between actual collected and DHCR registered rents
• The Metrics: Asking a 7.1% cap rate l 5.29x GRM l $91,935unit l $108SF
• Professionally Managed & Prime Location: Meticulously maintained and conveniently located right off the George Washington Bridge and a short walk to the West 181st 1 Train.
PROPERTY FACTS
| Price | $8,195,460 CAD |
| Price Per Unit | $132,185 CAD |
| Sale Type | Investment |
| Cap Rate | 7.60% |
| Gross Rent Multiplier | 5.3 |
| No. Units | 62 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 53,020 SF |
| No. Stories | 6 |
| Year Built/Renovated | 1915/1989 |
| Opportunity Zone |
Yes |
1 of 1
Walk Score®
Walker's Paradise (94)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 2153-0040 | Improvements Assessment | $1,076,240 CAD |
| Land Assessment | $168,916 CAD | Total Assessment | $1,245,156 CAD |
ZONING
| Zoning Code | R7-2 (R7 Zoning is considered medium density residential. It is broken into 2 basic zoning districts R7-1 and R7-2. 7-2 has less parking requirements.) |
CONTACTS
-
Joseph Koicim -
Seth Glasser -
Michael Fusco -
Benjamin Myerow -
Christopher Mehran -
Marcus & Millichap
