Legal Four-Family Home
For Sale
Contact for pricing
1180 Sherman Ave, New York, NY 10456
Spacious units, modern amenities, and high rental income potential.
Property Size3,104 SF
Price / SF$483.25
Days on Market221
Property Features for 1180 Sherman Ave
General Information
Standard status
Active
Size
3,104 SF
Property subtype
Multifamily
Zoning
R7-1
Building Details
Year Built
1992
Units
4
Listing Agency:
Pantiga Group Inc
Listed By:
Jeff Pena · License #10991240927
Source:
Crexi
Added: Mar 3
Changed: Sep 11
Last Checked: Oct 9 at 5:38PM
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 Pantiga Group Inc
Investment Insights
Based on property information with market context.
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.
Key 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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,515
Cap Rate
5.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,610,300
$1.6M
Cap Rate 7%
$1,150,214
$1.2M
Cap Rate 9%
$894,611
$894.6K
Market Conditions
NOI Build-Up for 3,104 SF
Gross rent
$119.2K $38.40/SF
− Vacancy
−$4.2K −$1.34/SF
EGI
$115.0K $37.06/SF
− OpEx
−$34.5K −$11.12/SF
NOI
$80.5K $25.94/SF
Area
ZIP 10456
Vacancy
3.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,610,300
Cap Rate 7%
$1,150,214
Cap Rate 9%
$894,611
Alternative Uses
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 authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,474
Businesses Nearby
Explore this area
Business Placement
Demographics for 10456, NY
93,412
Population
33,321
Households
2.8
Avg Household Size
34
Median Age
14%
College-Educated
68%
High-School Grad
1.1 sq mi
ZIP Area
84,920
Density / Sq Mi
$35,676
Median Household Income
$30,340
Median Earnings
$1,194
Median Rent
$428,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
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.
