9-Unit Apartment
New
For Sale
$3,250,000
119 W 81st St, New York, NY 10024
R8-B zoning and unused air rights are among the property’s key physical attributes.
Property Size4,978 SF
Lot Size0.04 Acres
Price / SF$652.87
Days on Market2
Property Features for 119 W 81st St
General Information
Standard status
Active
Size
4,978 SF
Lot size
0.04 Acres
Property subtype
Multifamily
Zoning
R8-B
Additional Details
Cap Rate
6.2%
Road Access
Yes
Multifamily Units
9
Amenities
119 West 81st Street is a 9-unit multifamily asset spanning 4,978 SF.
Tax Class: 2B | Zoning: R8-B | Available Air Rights: 1,970 SF
Close Proximity to the 1, 2, 3, B & C Subway lines.
Building Details
Building Size
4,978 SF
Buildings
1
Stories
5
Units
9
Listing Agency:
New York City Office
Listed By:
Joe Koicim · License #License(s): NY: 10301208718
(212) 430-5147
Source:
Marcusmillichap
Added: Oct 16
Last Checked: Oct 16 at 1:55PM
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 New York City Office
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Investment Insights
Based on property information with market context.
This five-story apartment property contains 9 units and approximately 4,978 square feet. The building measures 17 feet by 68 feet, with 17 feet of frontage. The lot measures 17 feet by 102.17 feet, and the property has 1,970 square feet of unused air rights. It is zoned R8-B.
The building is on the north side of West 81st Street, between Columbus and Amsterdam Avenue, at 119 West 81st Street in New York.
The building is on the north side of West 81st Street, between Columbus and Amsterdam Avenue, at 119 West 81st Street in New York.
Key Highlights
- Five‑story building with 9 apartment units
- Approximately 4,978 square feet
- 17 feet of frontage on West 81st Street
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$155,748
Cap Rate
4.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,114,960
$3.1M
Cap Rate 7%
$2,224,971
$2.2M
Cap Rate 9%
$1,730,533
$1.7M
Market Conditions
NOI Build-Up for 4,978 SF
Gross rent
$298.1K $59.88/SF
− Vacancy
−$14.9K −$2.99/SF
EGI
$283.2K $56.89/SF
− OpEx
−$127.4K −$25.60/SF
NOI
$155.7K $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 Rate 5%
$3,114,960
Cap Rate 7%
$2,224,971
Cap Rate 9%
$1,730,533
Alternative Uses
Best Use
Apartment 5plus
$2.22M
$1.95M – $2.60M
NOI $155,748 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.39M
$10.84M – $14.46M
NOI $867,367 @ 7.0% cap · market cap 26.69%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
9
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
19,030
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - R8-B zoning and unused air rights are among the property’s key physical attributes.
Where is this apartment building located?
The property is located at 119 W 81st St New York, NY.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Five‑story building with 9 apartment units; Approximately 4,978 square feet; 17 feet of frontage on West 81st Street
