Renovated Two-Family
New
For Sale
$2,700,000
42 W 128th St THW, New York, NY 10027
Flexible two-residence layout with private outdoor areas, a finished lower level, and extensive interior upgrades.
Property Size4,010 SF
Days on Market7
Property Features for 42 W 128th St THW
General Information
Standard status
Active
Size
4,010 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 4BR, 1 x 1BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,904
Amenities
private deck
private backyard
Building Details
Building Size
4,010 SF
Year Built
1899
Buildings
1
Units
1
Listing Agency:
Compass
Listed By:
shimaa anwar · License #10401351011
(917) 635-9301
Source:
Elliman
Added: Sep 10
Changed: Sep 14
Last Checked: Sep 15 at 6:45AM
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 Compass
Investment Insights
Based on property information with market context.
Built in 1899 and substantially renovated, this two-family property pairs a four-bedroom owner’s triplex with a separate one-bedroom garden residence. The main home spans three levels and includes four en-suite bedrooms, an open parlor-floor living and kitchen area, a private deck, two laundry areas, and three-zone air conditioning. The renovated kitchen features natural-wood cabinetry, a stone island with gas cooktop, double wall ovens, and full-height refrigerator and freezer. A full-height lower level adds recreation space, a full bathroom, and a separate laundry area.
The garden residence includes an en-suite bedroom, powder room, split-system air conditioning, recessed lighting, and direct backyard access. Outdoor improvements include a private deck and an oversized backyard, while the property’s 20-foot width provides generous interior proportions and storage. Located at 42 W 128th St in Harlem, the property has a Walk Score of 98, Transit Score of 100, and bikeScore of 81.
The garden residence includes an en-suite bedroom, powder room, split-system air conditioning, recessed lighting, and direct backyard access. Outdoor improvements include a private deck and an oversized backyard, while the property’s 20-foot width provides generous interior proportions and storage. Located at 42 W 128th St in Harlem, the property has a Walk Score of 98, Transit Score of 100, and bikeScore of 81.
Key Highlights
- Four‑bedroom owner’s triplex plus separate one‑bedroom garden residence
- 20‑foot‑wide renovated two‑family property
- Four en‑suite bedrooms in the owner’s residence
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
$135,713
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
5.03%
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%
$2,714,260
$2.7M
Cap Rate 7%
$1,938,757
$1.9M
Cap Rate 9%
$1,507,922
$1.5M
Market Conditions
NOI Build-Up for 4,010 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
$204.5K $51.00/SF
− Vacancy
−$10.6K −$2.65/SF
EGI
$193.9K $48.35/SF
− OpEx
−$58.2K −$14.50/SF
NOI
$135.7K $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%
$2,714,260
Cap Rate 7%
$1,938,757
Cap Rate 9%
$1,507,922
Alternative Uses
Best Use
Multifamily LT 5
$1.94M
$1.70M – $2.26M
NOI $135,713 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$1.79M
$1.57M – $2.09M
NOI $125,462 @ 7.0% cap · market cap 4.65%
Theoretical Best
Specialty Retail
$9.98M
$8.73M – $11.65M
NOI $698,702 @ 7.0% cap · market cap 25.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
8,819
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
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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?
Duplex - Flexible two-residence layout with private outdoor areas, a finished lower level, and extensive interior upgrades.
Where is this duplex located?
The property is located at 42 W 128th St THW New York, NY.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Four‑bedroom owner’s triplex plus separate one‑bedroom garden residence; 20‑foot‑wide renovated two‑family property; Four en‑suite bedrooms in the owner’s residence
