Brick Triplex With Private
For Sale
$2,375,000
115 W 117th St New York, Manhattan, NY 10026
The owner’s duplex includes a private backyard, finished basement areas, and a dedicated laundry room.
Property Size3,201 SF
Price / SF$741.96
Days on Market121
Property Features for 115 W 117th St New York
General Information
Standard status
Active
Size
3,201 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR duplex, 1 x 2BR, 1 x studio
Multifamily Units
3
Amenities
private backyard
laundry room
Building Details
Year Built
2004
Buildings
1
Construction
Brick
Tenancy
Multi
Listing Agency:
Nest Seekers LLC
(914) 768-3470
Listed By:
Michael George
Source:
Searchhomesinlongisland
Added: Apr 30
Changed: Aug 27
Last Checked: Aug 28 at 12:20PM
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.
This brick three-family townhome at 115 W 117th St in Harlem offers an owner’s duplex together with two additional apartments. The duplex includes an open kitchen with stainless steel appliances, a breakfast nook, two bedrooms, two full bathrooms, a loft-style primary suite, and basement space with high ceilings, finished floors, laundry, storage, and mechanical areas. Front and rear basement access connects to a private backyard. A private parking space is also included.
The additional residences consist of a two-bedroom apartment and a studio, creating a three-unit configuration. Built in 2004, the property is within Harlem’s Historic District in Upper Manhattan. Restaurants, coffee shops, markets, boutiques, cultural institutions, Mount Morris Park, buses, and trains are described as being within close proximity, with access to west- and east-side highways.
The additional residences consist of a two-bedroom apartment and a studio, creating a three-unit configuration. Built in 2004, the property is within Harlem’s Historic District in Upper Manhattan. Restaurants, coffee shops, markets, boutiques, cultural institutions, Mount Morris Park, buses, and trains are described as being within close proximity, with access to west- and east-side highways.
Key Highlights
- Three‑family brick townhome at 115 W 117th St, New York, NY 10026
- Owner’s duplex with two bedrooms, two full bathrooms, loft‑style primary suite, and open kitchen
- Additional apartments include a two‑bedroom unit and a studio
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
4.56%
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 4.56%
Second Best
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,151 @ 7.0% cap · market cap 4.22%
Theoretical Best
Specialty Retail
$7.97M
$6.97M – $9.30M
NOI $557,742 @ 7.0% cap · market cap 23.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - The owner’s duplex includes a private backyard, finished basement areas, and a dedicated laundry room.
Where is this triplex located?
The property is located at 115 W 117th St New York Manhattan, NY.
What is the asking price?
The asking price for this property is $2,375,000.
What are key features of this property?
This property features: Three‑family brick townhome at 115 W 117th St, New York, NY 10026; Owner’s duplex with two bedrooms, two full bathrooms, loft‑style primary suite, and open kitchen; Additional apartments include a two‑bedroom unit and a studio
