Historic Multifamily Brownstone
For Sale
Contact for pricing
119 W 122nd St, New York, NY 10027
Vacant four-floor townhouse with preserved period details and a dry cellar.
Property Size5,158 SF
Price / SF$411.98
Days on Market162
Property Features for 119 W 122nd St
General Information
Standard status
Active
Size
5,158 SF
Property subtype
Multifamily
Property Condition
Severity
Repairs Needed
Evidence
renovate an historic townhome
Additional Details
Public Transit
Yes
Building Details
Year Built
1910
Buildings
1
Stories
4
Construction
brownstone
Listing Agency:
Harlem Lofts
Listed By:
Robert D. Pair · License #NY 31PA1003506
(212) 280-8866
Source:
Crexi
Added: Mar 25
Changed: Sep 1
Last Checked: Sep 1 at 4:43AM
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 Harlem Lofts
Investment Insights
Based on property information with market context.
This 1910 Neo-Grec brownstone townhouse is arranged across four floors and includes a dry cellar with additional head height. The property measures 20 feet wide by 50 feet deep, with 4,126 square feet above grade and 1,032 square feet in the cellar, totaling 5,158 square feet. Original character remains throughout, including a central staircase, wainscoting, parquet flooring, period doors and window surrounds, four fireplaces, tall ceilings, and substantial windows.
The vacant SRO will be delivered with a Certificate of Non-Harassment and a New York State Historic Homeownership Rehabilitation Tax Credit. The residence stands adjacent to the Mount Morris Park Historic District and near Mount Morris Park, Morningside Park, and Central Park. Shopping and dining are available along 125th Street and Harlem’s Restaurant Row, with access to the 2/3 and B/C subway lines and M2, M7, and M101 bus routes.
The vacant SRO will be delivered with a Certificate of Non-Harassment and a New York State Historic Homeownership Rehabilitation Tax Credit. The residence stands adjacent to the Mount Morris Park Historic District and near Mount Morris Park, Morningside Park, and Central Park. Shopping and dining are available along 125th Street and Harlem’s Restaurant Row, with access to the 2/3 and B/C subway lines and M2, M7, and M101 bus routes.
Key Highlights
- 5,158 square feet total, including 4,126 square feet across four floors and a 1,032‑square‑foot dry cellar
- 20‑foot‑wide by 50‑foot‑deep Neo‑Grec brownstone townhouse
- Built in 1910 with four original fireplaces and preserved wainscoting, parquet, doors, and window surrounds
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
$161,380
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
7.59%
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%
$3,227,600
$3.2M
Cap Rate 7%
$2,305,429
$2.3M
Cap Rate 9%
$1,793,111
$1.8M
Market Conditions
NOI Build-Up for 5,158 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
$308.9K $59.88/SF
− Vacancy
−$15.4K −$2.99/SF
EGI
$293.4K $56.89/SF
− OpEx
−$132.0K −$25.60/SF
NOI
$161.4K $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%
$3,227,600
Cap Rate 7%
$2,305,429
Cap Rate 9%
$1,793,111
Alternative Uses
Best Use
Apartment 5plus
$2.31M
$2.02M – $2.69M
NOI $161,380 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.84M
$11.23M – $14.98M
NOI $898,730 @ 7.0% cap · market cap 42.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,401
Businesses Nearby
Explore this area
Business Placement
Demographics for 10027, NY
64,037
Population
28,038
Households
2.3
Avg Household Size
32
Median Age
52%
College-Educated
87%
High-School Grad
0.9 sq mi
ZIP Area
71,152
Density / Sq Mi
$64,220
Median Household Income
$44,231
Median Earnings
$1,609
Median Rent
$915,000
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?
Multifamily property - Vacant four-floor townhouse with preserved period details and a dry cellar.
Where is this multifamily property located?
The property is located at 119 W 122nd St New York, NY.
What is the asking price?
The asking price for this property is $2,125,000.
What are key features of this property?
This property features: 5,158 square feet total, including 4,126 square feet across four floors and a 1,032‑square‑foot dry cellar; 20‑foot‑wide by 50‑foot‑deep Neo‑Grec brownstone townhouse; Built in 1910 with four original fireplaces and preserved wainscoting, parquet, doors, and window surrounds
