Duplex Residential Income
For Sale
$975,000
159 W 118th Street THA, New York City, NY 10026
First-floor duplex with private patio, flexible den space, upgraded kitchen finishes, and in-unit laundry.
Property Size1,203 SF
Price / SF$810.47
Days on Market8
Property Features for 159 W 118th Street THA
General Information
Standard status
Active
Size
1,203 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$9,036
Amenities
fitness center
common rooftop
children's playroom
virtual doorman
staffed reception lobby
in-unit washer/dryer
private patio
Building Details
Building Size
1,203 SF
Year Built
1920
Listing Agency:
Compass
Listed By:
shimaa anwar · License #10401351011
(917) 635-9301
Source:
Howardhannanyc
Added: Sep 9
Changed: Sep 11
Last Checked: Sep 15 at 9:22AM
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.
This 1,203-square-foot first-floor duplex in a 1920 pre-war condominium conversion combines two bedrooms, 1.5 baths, a separate den, and a private fenced patio. The upper level includes the kitchen, dining, living area, one bedroom, and a windowed full bath with soaking tub. Kitchen features include stainless steel KitchenAid appliances, a gas range, dishwasher, microwave, side-by-side refrigerator, glass-tile backsplash, and stone countertops. The lower level adds a second bedroom, powder room, custom closets, and an in-unit Bosch washer and dryer. Refinished floors, kitchen improvements, central HVAC, and supplemental lower-level radiators are also included.
Building amenities include a fitness center, common rooftop, children's playroom, virtual doorman system, staffed reception lobby, and pet-friendly policies. The property is within the landmarked Mount Morris Park Historic District, 1.5 blocks from Marcus Garvey Park and eight blocks from Central Park and Museum Mile. Subway access includes the 2/3, 4/5/6, A/C, and B/D lines, with M2, M7, M101, and Metro-North service nearby.
Building amenities include a fitness center, common rooftop, children's playroom, virtual doorman system, staffed reception lobby, and pet-friendly policies. The property is within the landmarked Mount Morris Park Historic District, 1.5 blocks from Marcus Garvey Park and eight blocks from Central Park and Museum Mile. Subway access includes the 2/3, 4/5/6, A/C, and B/D lines, with M2, M7, M101, and Metro-North service nearby.
Key Highlights
- 1,203‑square‑foot first‑floor duplex with two bedrooms and 1.5 baths
- Private fenced patio accessed from the lower‑level den
- Kitchen with KitchenAid appliances, gas range, stone counters, and glass‑tile backsplash
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
$37,639
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
3.86%
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%
$752,780
$752.8K
Cap Rate 7%
$537,700
$537.7K
Cap Rate 9%
$418,211
$418.2K
Market Conditions
NOI Build-Up for 1,203 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
$72.0K $59.88/SF
− Vacancy
−$3.6K −$2.99/SF
EGI
$68.4K $56.89/SF
− OpEx
−$30.8K −$25.60/SF
NOI
$37.6K $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%
$752,780
Cap Rate 7%
$537,700
Cap Rate 9%
$418,211
Alternative Uses
Best Use
Apartment 5plus
$537.7K
$470.5K – $627.3K
NOI $37,639 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.99M
$2.62M – $3.49M
NOI $209,611 @ 7.0% cap · market cap 21.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
7,943
Businesses Nearby
Explore this area
Business Placement
Demographics for 10026, NY
35,644
Population
17,648
Households
2
Avg Household Size
37
Median Age
54%
College-Educated
90%
High-School Grad
0.4 sq mi
ZIP Area
89,110
Density / Sq Mi
$74,140
Median Household Income
$56,919
Median Earnings
$1,546
Median Rent
$1,014,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - First-floor duplex with private patio, flexible den space, upgraded kitchen finishes, and in-unit laundry.
Where is this residential income property located?
The property is located at 159 W 118th Street THA New York City, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 1,203‑square‑foot first‑floor duplex with two bedrooms and 1.5 baths; Private fenced patio accessed from the lower‑level den; Kitchen with KitchenAid appliances, gas range, stone counters, and glass‑tile backsplash
