Five-Unit Townhouse Apartment
For Sale
$4,495,000
118 E 37TH Street TH, New York City, NY 10016
Five-unit Manhattan townhouse with an owner's triplex, private south-facing garden, and four rental apartments.
Property Size5,735 SF
Price / SF$783.78
Days on Market148
Property Features for 118 E 37TH Street TH
General Information
Standard status
Active
Size
5,735 SF
Property subtype
Triplex
Additional Details
Public Transit
Yes
Multifamily Units
5
Building Details
Building Size
5,735 SF
Year Built
1910
Buildings
1
Listing Agency:
Leslie J Garfield & Co Inc
(212) 448-7474
Listed By:
Thomas M Wexler
(212) 448-7474
Source:
Howardhannanyc
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 10 at 10:06AM
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 Leslie J Garfield & Co Inc
Investment Insights
Based on property information with market context.
118 East 37th Street is a classic Manhattan townhouse configured as a five-unit income property. The existing layout includes a spacious owner’s triplex spanning the garden, parlor, and second floors, alongside four additional rental units above and at the front of the second floor.
The garden level has been used as a doctor’s office and opens to a south-facing private garden, supporting a live-and-work arrangement. The parlor floor provides kitchen and living space, while the second floor includes bedroom accommodations and access to a private terrace overlooking the garden. At the front of the second floor, there is a separate studio apartment.
On the third and fourth floors, the building offers floor-through two-bedroom apartments with strong natural light and views of the Chrysler Building. Built in 1910, the property’s generous proportions support its current income configuration and may also accommodate reconfiguration into a larger owner’s residence with rental income, or potentially a single-family conversion. It is located in the center of Murray Hill near Grand Central Terminal, Midtown offices, and the area’s dining and neighborhood amenities.
The garden level has been used as a doctor’s office and opens to a south-facing private garden, supporting a live-and-work arrangement. The parlor floor provides kitchen and living space, while the second floor includes bedroom accommodations and access to a private terrace overlooking the garden. At the front of the second floor, there is a separate studio apartment.
On the third and fourth floors, the building offers floor-through two-bedroom apartments with strong natural light and views of the Chrysler Building. Built in 1910, the property’s generous proportions support its current income configuration and may also accommodate reconfiguration into a larger owner’s residence with rental income, or potentially a single-family conversion. It is located in the center of Murray Hill near Grand Central Terminal, Midtown offices, and the area’s dining and neighborhood amenities.
Key Highlights
- Five‑unit Manhattan townhouse income property
- Owner’s triplex spans garden, parlor, and second floors
- Garden level used as a doctor’s office with south‑facing private garden
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
$179,433
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
3.99%
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%
$3,588,660
$3.6M
Cap Rate 7%
$2,563,329
$2.6M
Cap Rate 9%
$1,993,700
$2.0M
Market Conditions
NOI Build-Up for 5,735 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
$343.4K $59.88/SF
− Vacancy
−$17.2K −$2.99/SF
EGI
$326.2K $56.89/SF
− OpEx
−$146.8K −$25.60/SF
NOI
$179.4K $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%
$3,588,660
Cap Rate 7%
$2,563,329
Cap Rate 9%
$1,993,700
Alternative Uses
Best Use
Apartment 5plus
$2.56M
$2.24M – $2.99M
NOI $179,433 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.28M
$12.49M – $16.65M
NOI $999,266 @ 7.0% cap · market cap 22.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
82,950
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
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?
Apartment building - Five-unit Manhattan townhouse with an owner's triplex, private south-facing garden, and four rental apartments.
Where is this apartment building located?
The property is located at 118 E 37TH Street TH New York City, NY.
What is the asking price?
The asking price for this property is $4,495,000.
What are key features of this property?
This property features: Five‑unit Manhattan townhouse income property; Owner’s triplex spans garden, parlor, and second floors; Garden level used as a doctor’s office with south‑facing private garden
