Multi-Family Apartment
For Sale
Contact for pricing
114 West 137th Street, New York, NY 10030
Multi-family building with 21 free-market apartment units and DHCR documentation available upon request.
Property Size13,511 SF
Price / SF$362.67
Days on Market114
Property Features for 114 West 137th Street
General Information
Standard status
Active
Size
13,511 SF
Property subtype
Multifamily
Zoning
R7-2
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$320,031
Building Details
Stories
5
Units
21
Tenancy
Multi
Listing Agency:
Invictus Property Advisors
Listed By:
Chase Kirkpatrick · License #10401366811
Source:
Crexi
Added: May 18
Changed: Aug 14
Last Checked: Sep 8 at 8:35AM
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 Invictus Property Advisors
Investment Insights
Based on property information with market context.
This multi-family apartment building contains 21 free-market units. The property received an Order and Determination Letter from DHCR confirming the free market status of all 21 units, and the letter is available upon request.
The building is positioned in Upper Manhattan, near dining and shopping options. Transit access includes proximity to the 135th Street Subway station serving the 2 & 3 trains, and an additional 135th Street Subway station serving the B & C trains located a few blocks away.
Offered for sale as a residential income property, the building’s unit configuration is supported by DHCR documentation for all 21 free-market apartments.
The building is positioned in Upper Manhattan, near dining and shopping options. Transit access includes proximity to the 135th Street Subway station serving the 2 & 3 trains, and an additional 135th Street Subway station serving the B & C trains located a few blocks away.
Offered for sale as a residential income property, the building’s unit configuration is supported by DHCR documentation for all 21 free-market apartments.
Key Highlights
- Multi‑family building with 21 free‑market apartment units
- DHCR Order and Determination Letter confirms free market status for all 21 units (available upon request)
- Located just feet from the 135th Street Subway station (2 & 3 trains)
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
$422,723
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
8.63%
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%
$8,454,460
$8.5M
Cap Rate 7%
$6,038,900
$6.0M
Cap Rate 9%
$4,696,922
$4.7M
Market Conditions
NOI Build-Up for 13,511 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
$809.0K $59.88/SF
− Vacancy
−$40.5K −$2.99/SF
EGI
$768.6K $56.89/SF
− OpEx
−$345.9K −$25.60/SF
NOI
$422.7K $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%
$8,454,460
Cap Rate 7%
$6,038,900
Cap Rate 9%
$4,696,922
Alternative Uses
Best Use
Apartment 5plus
$6.04M
$5.28M – $7.05M
NOI $422,723 @ 7.0% cap · market cap 8.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$33.63M
$29.43M – $39.24M
NOI $2,354,157 @ 7.0% cap · market cap 48.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,506
Businesses Nearby
Explore this area
Business Placement
Demographics for 10030, NY
29,686
Population
14,602
Households
2
Avg Household Size
36
Median Age
35%
College-Educated
78%
High-School Grad
0.3 sq mi
ZIP Area
98,953
Density / Sq Mi
$42,738
Median Household Income
$37,388
Median Earnings
$1,204
Median Rent
$810,100
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 - Multi-family building with 21 free-market apartment units and DHCR documentation available upon request.
Where is this apartment building located?
The property is located at 114 West 137th Street New York, NY.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Multi‑family building with 21 free‑market apartment units; DHCR Order and Determination Letter confirms free market status for all 21 units (available upon request); Located just feet from the 135th Street Subway station (2 & 3 trains)
