Four-Unit Multifamily
For Sale
$1,699,000
175 E 117th Street New York, Manhattan, NY 10035
Four residences span multiple levels with a full basement, flexible layouts, and access to parks, cultural destinations, dining, and transit.
Property Size3,870 SF
Price / SF$439.02
Days on Market19
Property Features for 175 E 117th Street New York
General Information
Standard status
Active
Size
3,870 SF
Property subtype
Quadruplex
Zoning
R7A
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,027
Building Details
Building Size
3,870 SF
Year Built
1900
Stories
4
Listing Agency:
Mitra Hakimi Realty Group LLC
(718) 268-5588
Listed By:
Etan Hakimi · License #1014541
Source:
Serhant
Added: Jul 29
Changed: Aug 4
Last Checked: Aug 4 at 2:30AM
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.
Built in 1900, this four-unit multifamily property extends across four floors with a full basement. The approximately 3,870-square-foot building includes varied residential layouts: the first-floor residence has a living room, kitchen, multiple flexible-use rooms, two full bathrooms, and storage; the second-floor unit provides living, dining, kitchen, office, two bedrooms, and one bathroom; the third- and fourth-floor units each offer three bedrooms, living and dining areas, a kitchen, and one 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, and neighborhood retail and services. Transit access includes the 6 train at 116th Street, the 2 and 3 trains at 116th Street, and MTA bus routes M101, M102, M103, M15, and M116. R7A zoning and a 4.0 FAR correspond to 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, and neighborhood retail and services. Transit access includes the 6 train at 116th Street, the 2 and 3 trains at 116th Street, and MTA bus routes M101, M102, M103, M15, and M116. R7A zoning and a 4.0 FAR correspond to approximately 7,668 buildable square feet.
Key Highlights
- Four residential units across four floors with a full basement
- Approximately 3,870 square feet in an existing 1900 building
- R7A zoning with a 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
Current Use
Lease Details
4
Residential units
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 residences span multiple levels with a full basement, flexible layouts, and access to parks, cultural destinations, dining, and transit.
Where is this quadplex located?
The property is located at 175 E 117th Street New York Manhattan, 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 residential units across four floors with a full basement; Approximately 3,870 square feet in an existing 1900 building; R7A zoning with a 4.0 FAR
