Four-Unit Multifamily
For Sale
$1,699,000
175 E 117th St, New York, NY 10035
Four apartments span multiple levels with a full basement, flexible layouts, and R7A zoning supporting future development potential.
Property Size3,870 SF
Days on Market13
Property Features for 175 E 117th St
General Information
Standard status
Active
Size
3,870 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$6,027
Building Details
Building Size
3,870 SF
Year Built
1900
Units
4
Listing Agency:
Mitra Hakimi Realty Group LLC
(718) 268-5588
Listed By:
Etan Hakimi · License #1014541
(718) 268-5588
Source:
Elliman
Added: Jul 30
Changed: Aug 8
Last Checked: Aug 10 at 6:46AM
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 Mitra Hakimi Realty Group LLC
Investment Insights
Based on property information with market context.
This four-family property at 175 E 117th Street encompasses approximately 3,870 square feet across four floors plus a full basement. The first-floor apartment includes a living room, generously sized kitchen, multiple flexible-use rooms, two full bathrooms, and storage. The second-floor apartment offers a living area, dining space, kitchen, office, two bedrooms, and a full bathroom. The third- and fourth-floor apartments each feature three bedrooms, a living room, dining area, kitchen, and full bathroom. The basement provides additional storage, recreation, or utility space.
The property is located in East Harlem near Thomas Jefferson Park, the Harlem River Greenway, the Museum of the City of New York, Lexington Avenue dining, grocery stores, cafes, local shops, and fitness centers. Transportation includes the 6 train at 116th Street, nearby 2 and 3 train access, and MTA bus routes M101, M102, M103, M15, and M116. R7A zoning and a 4.0 FAR provide approximately 7,668 buildable square feet.
The property is located in East Harlem near Thomas Jefferson Park, the Harlem River Greenway, the Museum of the City of New York, Lexington Avenue dining, grocery stores, cafes, local shops, and fitness centers. Transportation includes the 6 train at 116th Street, nearby 2 and 3 train access, and MTA bus routes M101, M102, M103, M15, and M116. R7A zoning and a 4.0 FAR provide approximately 7,668 buildable square feet.
Key Highlights
- Four‑family layout across four floors plus a full basement
- Approximately 3,870 square feet of existing building area
- R7A zoning with 4.0 FAR
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
$130,975
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
7.71%
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%
$2,619,500
$2.6M
Cap Rate 7%
$1,871,071
$1.9M
Cap Rate 9%
$1,455,278
$1.5M
Market Conditions
NOI Build-Up for 3,870 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
$197.4K $51.00/SF
− Vacancy
−$10.3K −$2.65/SF
EGI
$187.1K $48.35/SF
− OpEx
−$56.1K −$14.50/SF
NOI
$131.0K $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%
$2,619,500
Cap Rate 7%
$1,871,071
Cap Rate 9%
$1,455,278
Alternative Uses
Best Use
Multifamily LT 5
$1.87M
$1.64M – $2.18M
NOI $130,975 @ 7.0% cap · market cap 7.71%
Second Best
Apartment 5plus
$1.73M
$1.51M – $2.02M
NOI $121,082 @ 7.0% cap · market cap 7.13%
Theoretical Best
Specialty Retail
$9.63M
$8.43M – $11.24M
NOI $674,309 @ 7.0% cap · market cap 39.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,943
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?
Quadplex - Four apartments span multiple levels with a full basement, flexible layouts, and R7A zoning supporting future development potential.
Where is this quadplex located?
The property is located at 175 E 117th St New York, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Four‑family layout across four floors plus a full basement; Approximately 3,870 square feet of existing building area; R7A zoning with 4.0 FAR
