Renovated 8-Unit Apartment
New
For Sale
$2,348,000
115 W 136th St, New York, NY 10030
Five studios and three one-bedroom apartments make up the free-market residential inventory.
Property Size3,646 SF
Days on Market2
Property Features for 115 W 136th St
General Information
Standard status
Active
Size
3,646 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,801
Building Details
Building Size
3,646 SF
Year Built
1910
Units
8
Listing Agency:
Mitra Hakimi Realty Group LLC
Listed By:
Etan Hakimi · License #1014541
(718) 268-5588
Source:
Elliman
Added: Sep 30
Last Checked: Oct 1 at 11:06AM
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 Mitra Hakimi Realty Group LLC
Investment Insights
Based on property information with market context.
Built in 1910, this renovated eight-unit apartment property contains five studios and three one-bedroom residences. Apartment features include updated kitchens with stainless-steel appliances, stone counters, dishwashers and microwaves, along with wall-mounted heating and cooling units. Building amenities include keyless smart-lock entry, video intercom, basement laundry and a full basement. One one-bedroom apartment has rear-yard access, and a studio includes a private rear balcony.
The property is at 115 W 136th St in Central Harlem, between Lenox Avenue/Malcolm X Boulevard and Adam Clayton Powell Jr. Boulevard. The 135th Street 2/3 subway station is nearby, and bus routes serve the area. Nearby destinations include NYC Health + Hospitals/Harlem, City College of New York, the Schomburg Center for Research in Black Culture and St. Nicholas Park. Neighborhood retail and services are also found along Lenox Avenue and 125th Street.
The reported cap rate is approximately 7.25%.
The property is at 115 W 136th St in Central Harlem, between Lenox Avenue/Malcolm X Boulevard and Adam Clayton Powell Jr. Boulevard. The 135th Street 2/3 subway station is nearby, and bus routes serve the area. Nearby destinations include NYC Health + Hospitals/Harlem, City College of New York, the Schomburg Center for Research in Black Culture and St. Nicholas Park. Neighborhood retail and services are also found along Lenox Avenue and 125th Street.
The reported cap rate is approximately 7.25%.
Key Highlights
- Eight free‑market apartments: five studios and three one‑bedroom units
- Renovated apartments feature stainless‑steel appliances, stone counters, dishwashers and microwaves
- Smart‑lock entry, video intercom, basement laundry and full basement
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
$114,073
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
4.86%
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%
$2,281,460
$2.3M
Cap Rate 7%
$1,629,614
$1.6M
Cap Rate 9%
$1,267,478
$1.3M
Market Conditions
NOI Build-Up for 3,646 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
$218.3K $59.88/SF
− Vacancy
−$10.9K −$2.99/SF
EGI
$207.4K $56.89/SF
− OpEx
−$93.3K −$25.60/SF
NOI
$114.1K $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%
$2,281,460
Cap Rate 7%
$1,629,614
Cap Rate 9%
$1,267,478
Alternative Uses
Best Use
Apartment 5plus
$1.63M
$1.43M – $1.90M
NOI $114,073 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.08M
$7.94M – $10.59M
NOI $635,279 @ 7.0% cap · market cap 27.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Five studios and three one-bedroom apartments make up the free-market residential inventory.
Where is this apartment building located?
The property is located at 115 W 136th St New York, NY.
What is the asking price?
The asking price for this property is $2,348,000.
What are key features of this property?
This property features: Eight free‑market apartments: five studios and three one‑bedroom units; Renovated apartments feature stainless‑steel appliances, stone counters, dishwashers and microwaves; Smart‑lock entry, video intercom, basement laundry and full basement
