Four-Unit Townhouse with
For Sale
$4,750,000
115 W 87TH Street, New York City, NY 10024
Garden-level owner’s residence, three tenant-occupied apartments, and flexible delivery options define this Upper West Side townhouse.
Property Size4,725 SF
Price / SF$1,005
Days on Market154
Property Features for 115 W 87TH Street
General Information
Standard status
Active
Size
4,725 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$40,680
Building Details
Building Size
4,725 SF
Year Built
1884
Buildings
1
Tenancy
Multi
Listing Agency:
Corcoran Group
(347) 524-6934
Listed By:
Ben Garama · License #10301208838 (NY)
(347) 524-6934
Source:
Nobleblackandpartners
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 10 at 9:55AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Built in 1884, this 4,725-square-foot townhouse is configured as a four-family property. The garden level contains the owner’s two-bedroom, two-bath residence, with a renovated eat-in kitchen, stainless steel appliances, dishwasher, southern exposure, and access to a private patio and garden. Three additional two-bedroom apartments occupy the upper floors and are currently tenant-occupied.
The property is located at 115 W 87th Street in New York City’s Upper West Side. Each apartment benefits from southern exposure, while decorative fireplaces, exposed brick, and generous closet storage add character. Recent building work includes a new boiler, a fully replaced roof, and refinished floors. The three free-market apartments may be delivered with tenants in place or vacant, and the townhouse may also be converted to a single-family residence.
The property is located at 115 W 87th Street in New York City’s Upper West Side. Each apartment benefits from southern exposure, while decorative fireplaces, exposed brick, and generous closet storage add character. Recent building work includes a new boiler, a fully replaced roof, and refinished floors. The three free-market apartments may be delivered with tenants in place or vacant, and the townhouse may also be converted to a single-family residence.
Key Highlights
- Four‑family townhouse with 4,725 SF of building area
- Garden‑level owner’s residence includes 2 bedrooms, 2 baths, private patio, and garden
- Three additional 2‑bedroom apartments are currently tenant‑occupied
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
$159,911
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
3.37%
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%
$3,198,220
$3.2M
Cap Rate 7%
$2,284,443
$2.3M
Cap Rate 9%
$1,776,789
$1.8M
Market Conditions
NOI Build-Up for 4,725 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
$241.0K $51.00/SF
− Vacancy
−$12.5K −$2.65/SF
EGI
$228.4K $48.35/SF
− OpEx
−$68.5K −$14.50/SF
NOI
$159.9K $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%
$3,198,220
Cap Rate 7%
$2,284,443
Cap Rate 9%
$1,776,789
Alternative Uses
Best Use
Multifamily LT 5
$2.28M
$2.00M – $2.67M
NOI $159,911 @ 7.0% cap · market cap 3.37%
Second Best
Apartment 5plus
$2.11M
$1.85M – $2.46M
NOI $147,832 @ 7.0% cap · market cap 3.11%
Theoretical Best
Specialty Retail
$11.76M
$10.29M – $13.72M
NOI $823,284 @ 7.0% cap · market cap 17.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
11,123
Businesses Nearby
Explore this area
Business Placement
Demographics for 10024, NY
62,250
Population
36,723
Households
1.7
Avg Household Size
43
Median Age
84%
College-Educated
97%
High-School Grad
0.9 sq mi
ZIP Area
69,167
Density / Sq Mi
$182,614
Median Household Income
$117,078
Median Earnings
$2,965
Median Rent
$1,746,400
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 - Garden-level owner’s residence, three tenant-occupied apartments, and flexible delivery options define this Upper West Side townhouse.
Where is this quadplex located?
The property is located at 115 W 87TH Street New York City, NY.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Four‑family townhouse with 4,725 SF of building area; Garden‑level owner’s residence includes 2 bedrooms, 2 baths, private patio, and garden; Three additional 2‑bedroom apartments are currently tenant‑occupied
