Mixed-Use Apartment Building with
For Sale
$2,888,000
303 W 116th Street New York, Manhattan, NY 10026
MULTI_FAMILY - New York (Manhattan), NY
Property Size6,590 SF
Lot Size0.05 Acres
Price / SF$438.24
Days on Market323
Property Features for 303 W 116th Street New York
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Basement
Full
Standard status
Active
APN
1943-0128
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
12801
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1910
Floors in Building
5
Number of units
5
Building materials
Brick
Listing Agency:
RE/MAX Distinguished Hms.&Prop · RE/MAX International
(914) 346-8255
Listed By:
Ayleen Aybar · License #1040129216
(816) 812-6240
Added: Sep 24, 2025
Changed: Jul 30
Last Checked: Aug 12 at 1:06PM
MLS# 916944
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
303 W 116th Street is a five-story brick mixed-use building featuring four full-floor residential apartments above a highly visible ground-floor retail space. The property includes classic architectural character such as hardwood floors and high ceilings, with baseboard heating and window or wall/window air conditioning. A full basement offers direct access to the backyard, providing space that may support storage and additional operational uses.
The building sits on a lot approximately 20' x 100.92' with an approximate 20' x 63' building footprint. On-street parking is available. The property is served by public water and public sewer.
Zoned R7A / R8A with a C1-4 commercial overlay, the site allows residential and commercial flexibility in a mixed-use configuration. All units are delivered vacant, with an indicated possibility to reconfigure the top floors and/or renovate. Transit access is close by, with B/C trains steps away and nearby access to the 2/3 lines, and it is minutes to Columbia University and Morningside Park.
The building sits on a lot approximately 20' x 100.92' with an approximate 20' x 63' building footprint. On-street parking is available. The property is served by public water and public sewer.
Zoned R7A / R8A with a C1-4 commercial overlay, the site allows residential and commercial flexibility in a mixed-use configuration. All units are delivered vacant, with an indicated possibility to reconfigure the top floors and/or renovate. Transit access is close by, with B/C trains steps away and nearby access to the 2/3 lines, and it is minutes to Columbia University and Morningside Park.
Key Highlights
- Five‑story brick mixed‑use building with four residential apartments above ground‑floor retail
- Full basement with direct access to the backyard for storage and potential additional use
- Lot size approx. 0.0463 acres; approx. 20' x 100.92' lot with approx. 20' x 63' building footprint
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$206,183
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,123,660
$4.1M
Cap Rate 7%
$2,945,471
$2.9M
Cap Rate 9%
$2,290,922
$2.3M
Market Conditions
NOI Build-Up for 6,590 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$394.6K $59.88/SF
− Vacancy
−$19.7K −$2.99/SF
EGI
$374.9K $56.89/SF
− OpEx
−$168.7K −$25.60/SF
NOI
$206.2K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,123,660
Cap Rate 7%
$2,945,471
Cap Rate 9%
$2,290,922
Alternative Uses
Best Use
Retail
$13.25M
$11.59M – $15.46M
NOI $927,375 @ 7.0% cap · market cap 32.11%
Second Best
Apartment 5plus
$2.95M
$2.58M – $3.44M
NOI $206,183 @ 7.0% cap · market cap 7.14%
Theoretical Best
Specialty Retail
$16.40M
$14.35M – $19.14M
NOI $1,148,242 @ 7.0% cap · market cap 39.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
9,113
Businesses Nearby
Explore this area
Business Placement
Demographics for 10026, NY
35,644
Population
17,648
Households
2
Avg Household Size
37
Median Age
54%
College-Educated
90%
High-School Grad
0.4 sq mi
ZIP Area
89,110
Density / Sq Mi
$74,140
Median Household Income
$56,919
Median Earnings
$1,546
Median Rent
$1,014,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-story brick building with four residential units above street-level retail, plus a full basement with backyard access.
Where is this apartment building located?
The property is located at 303 W 116th Street New York Manhattan, NY.
What is the asking price?
The asking price for this property is $2,888,000.
What are key features of this property?
This property features: Five‑story brick mixed‑use building with four residential apartments above ground‑floor retail; Full basement with direct access to the backyard for storage and potential additional use; Lot size approx. 0.0463 acres; approx. 20' x 100.92' lot with approx. 20' x 63' building footprint
