Brick Triplex
For Sale
$2,500,000
115 W 117th Street, New York City, NY 10026
Three apartments include a duplex owner’s residence, a two-bedroom unit, and a studio.
Property Size3,201 SF
Price / SF$781.01
Days on Market92
Property Features for 115 W 117th Street
General Information
Standard status
Active
Size
3,201 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$18,118
Amenities
private backyard
laundry room
storage
Building Details
Building Size
3,201 SF
Year Built
2004
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Nest Seekers LLC
(914) 768-3470
Listed By:
Michael George
(914) 768-3470
Source:
Howardhannanyc
Added: May 11
Changed: Aug 8
Last Checked: Aug 10 at 9:48AM
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 Nest Seekers LLC
Investment Insights
Based on property information with market context.
Located at 115 W 117th Street in New York City’s Historic District of Harlem, this 3,201-square-foot brick triplex townhouse was built in 2004. The street-level owner’s duplex includes an open kitchen with stainless steel appliances and a breakfast nook, two bedrooms, a full bath, and an upstairs primary bedroom with an ensuite bath. The basement adds high ceilings, finished floors, a bathroom, laundry room, storage, mechanical room, and separate front and rear access to a private backyard.
Two additional apartments complete the property: one two-bedroom unit and one studio. The home is positioned near Whole Foods, Trader Joe’s, the Apollo Theater, the Schomburg Center, the Studio Museum, Mount Morris Park, restaurants, coffee shops, boutiques, markets, theaters, museums, buses, and trains.
Two additional apartments complete the property: one two-bedroom unit and one studio. The home is positioned near Whole Foods, Trader Joe’s, the Apollo Theater, the Schomburg Center, the Studio Museum, Mount Morris Park, restaurants, coffee shops, boutiques, markets, theaters, museums, buses, and trains.
Key Highlights
- 3,201‑square‑foot brick triplex townhouse in Harlem’s Historic District
- Built in 2004 with three apartments: owner’s duplex, two‑bedroom unit, and studio
- Owner’s duplex includes two bedrooms, two full baths, open kitchen, and breakfast nook
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
$108,333
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
4.33%
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%
$2,166,660
$2.2M
Cap Rate 7%
$1,547,614
$1.5M
Cap Rate 9%
$1,203,700
$1.2M
Market Conditions
NOI Build-Up for 3,201 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
$163.3K $51.00/SF
− Vacancy
−$8.5K −$2.65/SF
EGI
$154.8K $48.35/SF
− OpEx
−$46.4K −$14.50/SF
NOI
$108.3K $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%
$2,166,660
Cap Rate 7%
$1,547,614
Cap Rate 9%
$1,203,700
Alternative Uses
Best Use
Multifamily LT 5
$1.55M
$1.35M – $1.81M
NOI $108,333 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,151 @ 7.0% cap · market cap 4.01%
Theoretical Best
Specialty Retail
$7.97M
$6.97M – $9.30M
NOI $557,742 @ 7.0% cap · market cap 22.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
9,010
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?
Triplex - Three apartments include a duplex owner’s residence, a two-bedroom unit, and a studio.
Where is this triplex located?
The property is located at 115 W 117th Street New York City, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 3,201‑square‑foot brick triplex townhouse in Harlem’s Historic District; Built in 2004 with three apartments: owner’s duplex, two‑bedroom unit, and studio; Owner’s duplex includes two bedrooms, two full baths, open kitchen, and breakfast nook
