Four-Unit Luxury
For Sale
$3,285,000
114 124TH ST, New York, NY 10027
Turnkey four-unit townhouse with four leased two-bedroom residences and private outdoor access across multiple levels.
Property Size4,000 SF
Lot Size0.04 Acres
Price / SF$821.25
Days on Market258
Property Features for 114 124TH ST
General Information
Standard status
Active
Size
4,000 SF
Lot size
0.04 Acres
Property subtype
Apartment
Zoning
C4-4
Occupancy
100%
Financials
Cap Rate
4.5%
Opportunity Zone
Yes
Additional Details
Multifamily Units
4
Amenities
private garden
patio
balcony
in-unit laundry
hardwood flooring
exposed brick
contemporary HVAC
chef-caliber kitchen
high-end appliances
Dishwasher
3
High Ceiling
Patio, Balcony
Garden. Other.
Building Details
Year Built
1910
Stories
4
Tenancy
Multi
Listing Agency:
(646) 480-7665
Listed By:
Serhant
(631) 377-2756
Source:
Xome
Added: Nov 26, 2025
Changed: Aug 8
Last Checked: Aug 10 at 3:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Serhant
Investment Insights
Based on property information with market context.
A turnkey boutique four-unit townhouse offering four full-floor two-bedroom residences, currently configured with free-market tenancy and all units occupied. The property was fully renovated from the inside out and includes hardwood flooring, exposed brick elements, modern HVAC climate control, chef-caliber kitchens with high-end appliances, and in-unit laundry for each apartment. Each home also features direct access to outdoor space, including a rear garden and additional private outdoor areas on the garden and parlor levels.
Located at 114 W 124th Street in Harlem, the south-facing, 19-foot-wide townhouse has a wide brownstone profile. The building is year built 1910 and sits within zoning C4-4, with compliance status stated as free of any open DOB or municipal violations.
The configuration includes a garden level with approximately 1,000 SF plus a private 420 SF garden, a parlor level with approximately 1,000 SF plus two outdoor areas totaling approximately 650 SF (balcony & patio), and additional full-floor residences on the second and third floors (each approximately 1,000 SF, per the provided unit breakdown). The offering also notes unused air rights and remaining development potential, alongside individually metered utilities and modern infrastructure. The property is presented as operating at an approximate 4.5 cap rate, with a stated potential path toward enhanced returns through optimization. Showings are by appointment only with 48 hours’ advance notice.
Located at 114 W 124th Street in Harlem, the south-facing, 19-foot-wide townhouse has a wide brownstone profile. The building is year built 1910 and sits within zoning C4-4, with compliance status stated as free of any open DOB or municipal violations.
The configuration includes a garden level with approximately 1,000 SF plus a private 420 SF garden, a parlor level with approximately 1,000 SF plus two outdoor areas totaling approximately 650 SF (balcony & patio), and additional full-floor residences on the second and third floors (each approximately 1,000 SF, per the provided unit breakdown). The offering also notes unused air rights and remaining development potential, alongside individually metered utilities and modern infrastructure. The property is presented as operating at an approximate 4.5 cap rate, with a stated potential path toward enhanced returns through optimization. Showings are by appointment only with 48 hours’ advance notice.
Key Highlights
- Four‑unit, full‑floor townhouse with 4 leased two‑bedroom residences and all units occupied
- Over 4,000 SF total living space with lofty ceilings and well‑proportioned layouts across every level
- Each residence includes in‑unit laundry; modern interiors with hardwood floors, exposed brick elements, and contemporary HVAC climate control
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
$135,374
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
4.12%
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%
$2,707,480
$2.7M
Cap Rate 7%
$1,933,914
$1.9M
Cap Rate 9%
$1,504,156
$1.5M
Market Conditions
NOI Build-Up for 4,000 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
$204.0K $51.00/SF
− Vacancy
−$10.6K −$2.65/SF
EGI
$193.4K $48.35/SF
− OpEx
−$58.0K −$14.50/SF
NOI
$135.4K $33.84/SF
Area
New York, NY
Vacancy
5.20%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,707,480
Cap Rate 7%
$1,933,914
Cap Rate 9%
$1,504,156
Alternative Uses
Best Use
Multifamily LT 5
$1.93M
$1.69M – $2.26M
NOI $135,374 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$1.79M
$1.56M – $2.09M
NOI $125,149 @ 7.0% cap · market cap 3.81%
Theoretical Best
Specialty Retail
$9.96M
$8.71M – $11.62M
NOI $696,960 @ 7.0% cap · market cap 21.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
9,401
Businesses Nearby
Explore this area
Business Placement
Demographics for 10027, NY
64,037
Population
28,038
Households
2.3
Avg Household Size
32
Median Age
52%
College-Educated
87%
High-School Grad
0.9 sq mi
ZIP Area
71,152
Density / Sq Mi
$64,220
Median Household Income
$44,231
Median Earnings
$1,609
Median Rent
$915,000
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?
Quadplex - Turnkey four-unit townhouse with four leased two-bedroom residences and private outdoor access across multiple levels.
Where is this quadplex located?
The property is located at 114 124TH ST New York, NY.
What is the asking price?
The asking price for this property is $3,285,000.
What are key features of this property?
This property features: Four‑unit, full‑floor townhouse with 4 leased two‑bedroom residences and all units occupied; Over 4,000 SF total living space with lofty ceilings and well‑proportioned layouts across every level; Each residence includes in‑unit laundry; modern interiors with hardwood floors, exposed brick elements, and contemporary HVAC climate control
