10-Unit Apartment
New
For Sale
$1,999,999
2117 5 Ave, New York, NY 10035
Mixed residential configuration combines family apartments with SRO accommodations in Harlem.
Property Size3,735 SF
Days on Market3
Property Features for 2117 5 Ave
General Information
Standard status
Active
Size
3,735 SF
Property subtype
Investment
Units
Unit Mix
4 x Family, 6 x SRO
Multifamily Units
10
Additional Details
Gross Income
$252,000
Taxes and HOA fees
Annual Taxes
$12,533
Building Details
Building Size
3,735 SF
Year Built
1930
Units
10
Listing Agency:
Keller Williams Realty NYC Group
Listed By:
Rudis Rodriguez
(917) 274-2422
Source:
Elliman
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 2 at 7:37PM
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 Keller Williams Realty NYC Group
Investment Insights
Based on property information with market context.
Built in 1930, this apartment property contains 10 residential units arranged as four family apartments and six SRO accommodations. The combination provides a distinct mix of conventional apartment and single-room residential formats within one building.
The property is located at 2117 5 Ave in Harlem, New York. WalkScore is 98, characterized as a Walker's Paradise, while TransitScore is 100, or Rider's Paradise. BikeScore is 81, indicating the area is Very Bikeable.
The property is located at 2117 5 Ave in Harlem, New York. WalkScore is 98, characterized as a Walker's Paradise, while TransitScore is 100, or Rider's Paradise. BikeScore is 81, indicating the area is Very Bikeable.
Key Highlights
- 10 apartments comprising 4 family units and 6 SRO's
- Built in 1930
- Located at 2117 5 Ave, New York, NY 10035
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
$116,858
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
5.84%
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%
$2,337,160
$2.3M
Cap Rate 7%
$1,669,400
$1.7M
Cap Rate 9%
$1,298,422
$1.3M
Market Conditions
NOI Build-Up for 3,735 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
$223.7K $59.88/SF
− Vacancy
−$11.2K −$2.99/SF
EGI
$212.5K $56.89/SF
− OpEx
−$95.6K −$25.60/SF
NOI
$116.9K $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%
$2,337,160
Cap Rate 7%
$1,669,400
Cap Rate 9%
$1,298,422
Alternative Uses
Best Use
Apartment 5plus
$1.67M
$1.46M – $1.95M
NOI $116,858 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.30M
$8.13M – $10.85M
NOI $650,786 @ 7.0% cap · market cap 32.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
7,755
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?
Apartment building - Mixed residential configuration combines family apartments with SRO accommodations in Harlem.
Where is this apartment building located?
The property is located at 2117 5 Ave New York, NY.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: 10 apartments comprising 4 family units and 6 SRO's; Built in 1930; Located at 2117 5 Ave, New York, NY 10035
