Triplex Property with Private Outdoor
New
For Sale
$2,000,000
344 E 120th St, New York, NY 10035
Multiple living areas and private entrances support flexible residential occupancy in Manhattan.
Property Size4,560 SF
Days on Market4
Property Features for 344 E 120th St
General Information
Standard status
Active
Size
4,560 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,535
Building Details
Building Size
4,560 SF
Year Built
1899
Units
3
Listing Agency:
(718) 899-7000
Listed By:
MD J. Abedin CBR
(718) 899-7000
Source:
Elliman
Added: Aug 18
Changed: Aug 19
Last Checked: Aug 20 at 7:41AM
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 MD J. Abedin CBR
Investment Insights
Based on property information with market context.
This four-story triplex property at 344 E 120th St includes several living areas, kitchens, bedrooms, and full bathrooms across its residential layout. The first and second floors form a duplex with a separate entrance. The first floor has a living room, bedroom, full bathroom, kitchen, dining area, and access to a private backyard. The second floor includes a living room, loft-style bedroom area, full bathroom, kitchen, and private deck. Each of the third and fourth floors contains two bedrooms, a living room, kitchen, and full bathroom; the top floor also has a skylight.
Built in 1899, the property is in Manhattan and offers private outdoor areas along with a configuration that supports rental income or personal use, subject to applicable building and occupancy requirements. Walk Score is 94, Transit Score is 100, and Bike Score is 80.
Built in 1899, the property is in Manhattan and offers private outdoor areas along with a configuration that supports rental income or personal use, subject to applicable building and occupancy requirements. Walk Score is 94, Transit Score is 100, and Bike Score is 80.
Key Highlights
- Four‑story triplex property built in 1899
- First- and second‑floor duplex has a separate entrance
- Private backyard on the first floor and private deck on the second floor
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
$154,327
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
7.72%
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%
$3,086,540
$3.1M
Cap Rate 7%
$2,204,671
$2.2M
Cap Rate 9%
$1,714,744
$1.7M
Market Conditions
NOI Build-Up for 4,560 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
$232.6K $51.00/SF
− Vacancy
−$12.1K −$2.65/SF
EGI
$220.5K $48.35/SF
− OpEx
−$66.1K −$14.50/SF
NOI
$154.3K $33.84/SF
Area
New York, NY
Vacancy
5.20%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,086,540
Cap Rate 7%
$2,204,671
Cap Rate 9%
$1,714,744
Alternative Uses
Best Use
Multifamily LT 5
$2.20M
$1.93M – $2.57M
NOI $154,327 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$2.04M
$1.78M – $2.38M
NOI $142,670 @ 7.0% cap · market cap 7.13%
Theoretical Best
Specialty Retail
$11.35M
$9.93M – $13.24M
NOI $794,534 @ 7.0% cap · market cap 39.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,598
Businesses Nearby
Explore this area
Business Placement
Demographics for 10035, NY
35,980
Population
16,340
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
76%
High-School Grad
1.4 sq mi
ZIP Area
25,700
Density / Sq Mi
$40,556
Median Household Income
$44,042
Median Earnings
$1,283
Median Rent
$663,500
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?
Triplex - Multiple living areas and private entrances support flexible residential occupancy in Manhattan.
Where is this triplex located?
The property is located at 344 E 120th St New York, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Four‑story triplex property built in 1899; First- and second‑floor duplex has a separate entrance; Private backyard on the first floor and private deck on the second floor
