Legal Four-Family Home
1180 Sherman Ave, New York, NY 10456
Spacious units, modern amenities, and high rental income potential.
Type:Multifamily
Property size:
3,104 SFPrice / SF:
$483/SF- Added:
- Mar 3, 2026
- Days on Market:
- 79
- Last Refresh:
- Mar 16 at 2:01 pm
Property Features for 1180 Sherman Ave
General Information
- Standard status
- Active
- Size
- 3,104 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1992
Listing agent Jeff Pena License #10991240927
Listing office Locqube New York, Inc.
Listing date Mar 3, 2026
Source Crexi
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 Locqube New York, Inc.
HighLights
- Legal 4‑family home offering high rental income potential.
- Large 4,968 sq ft property zoned R7‑1, presenting a prime development opportunity.
- Each unit features 2 bedrooms, 1 bathroom, hardwood floors, and modern kitchens with stainless steel appliances and dishwashers.
- Recent upgrades include a new boiler, hot water tank, updated plumbing/electrical, and a sprinkler system.
- Split AC units allow tenants to cover their own heating costs, offering potential savings for the landlord.
- Convenient location near Morris Avenue, with access to restaurants, cafes, shops, parks, and transportation.
Overview
This legal four-family home presents an opportunity for investors and developers. Each of the four units includes two bedrooms and one bathroom, featuring hardwood floors, living spaces, and windowed kitchens with stainless steel appliances and dishwashers. The property spans 4,968 square feet and is zoned R7-1, presenting a development opportunity. Recent upgrades include a new boiler and hot water tank, updated plumbing and electrical systems, and a sprinkler system. Split AC units provide heating and cooling, allowing tenants to cover their heating costs. A renovated basement, used as an office, features a separate entrance leading to a shared laundry room and storage area. The backyard is currently utilized for parking. The City of Yes initiative offers an opportunity to increase the rent roll by optimizing the walk-out basement. Tenants are responsible for electric and gas utilities. The property is located near Morris Avenue, surrounded by restaurants, cafes, local shops, parks, and transportation options. The property is suitable for investors seeking returns or developers looking to unlock its potential.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$894.6K
NOI $80,515 @ 9.00% cap · cautious / downside scenario
Moderate
$1.15M
NOI $80,515 @ 7.00% cap · market / base-case scenario
Aggressive
$1.61M
NOI $80,515 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $119.2k | $38.40 |
| − Vacancy | −$4.2k | −$1.34 |
| EGI | $115.0k | $37.06 |
| − OpEx | −$34.5k | −$11.12 |
| NOI | $80.5k | $25.94 |
3,104 SF · lease $38.40/SF/yr · vacancy 3.50% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.34M
NOI $80,515 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$1.04M
$907.5K – $1.21M
NOI $72,599 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,956 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9161066
- Latitude
- 40.8330417
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Spacious units, modern amenities, and high rental income potential.
Where is this quadplex located?
The property is located at 1180 Sherman Ave New York, NY.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: Legal 4‑family home offering high rental income potential.; Large 4,968 sq ft property zoned R7‑1, presenting a prime development opportunity.; Each unit features 2 bedrooms, 1 bathroom, hardwood floors, and modern kitchens with stainless steel appliances and dishwashers.
