Harlem Townhouse: Investment
For Sale
$2,175,000
2044 Madison Ave, New York, NY 10035
Three-family townhouse in Central Harlem with income potential.
Property Size3,269 SF
Lot Size0.03 Acres
Days on Market149
Property Features for 2044 Madison Ave
General Information
Standard status
Active
Size
3,269 SF
Lot size
0.03 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,927
Building Details
Building Size
3,269 SF
Year Built
1926
Units
3
Listing Agency:
Compass
(330) 904-5936
Listed By:
Brian Bruno
(330) 904-5936
Source:
Elliman
Added: Mar 25
Changed: Aug 18
Last Checked: Aug 20 at 11:34AM
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.
Located in Central Harlem on Madison Avenue between 129th and 130th Streets, this legal three-family townhouse is configured as four one-bedroom residences. The property has been meticulously maintained with recent updates. The garden level, with a private entrance, can function as a one-bedroom apartment or combine with the parlor level to create a two- or three-bedroom owner’s duplex with backyard and basement access. The private garden has been renovated. The upper floors each contain a one-bedroom apartment. The units have been updated with modern finishes. Transportation options include access to multiple subway lines (2, 3, 4, 5, and 6) and bus routes (M101, M102, M103). East River Plaza, with retailers such as Costco, Target, Aldi, and Whole Foods, and Trader Joe's are nearby. The neighborhood features a dynamic dining scene, including Red Rooster Harlem. This property offers potential for investment or customized living space.
Key Highlights
- Legal three‑family townhouse in Central Harlem offering investment and owner‑occupancy potential.
- Configured as four one‑bedroom residences, maximizing income potential and flexibility.
- Meticulously maintained with extensive recent updates throughout the property.
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
$110,635
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
5.09%
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%
$2,212,700
$2.2M
Cap Rate 7%
$1,580,500
$1.6M
Cap Rate 9%
$1,229,278
$1.2M
Market Conditions
NOI Build-Up for 3,269 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
$166.7K $51.00/SF
− Vacancy
−$8.7K −$2.65/SF
EGI
$158.0K $48.35/SF
− OpEx
−$47.4K −$14.50/SF
NOI
$110.6K $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%
$2,212,700
Cap Rate 7%
$1,580,500
Cap Rate 9%
$1,229,278
Alternative Uses
Best Use
Multifamily LT 5
$1.58M
$1.38M – $1.84M
NOI $110,635 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$1.46M
$1.28M – $1.70M
NOI $102,278 @ 7.0% cap · market cap 4.70%
Theoretical Best
Specialty Retail
$8.14M
$7.12M – $9.49M
NOI $569,591 @ 7.0% cap · market cap 26.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,266
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-family townhouse in Central Harlem with income potential.
Where is this triplex located?
The property is located at 2044 Madison Ave New York, NY.
What is the asking price?
The asking price for this property is $2,175,000.
What are key features of this property?
This property features: Legal three‑family townhouse in Central Harlem offering investment and owner‑occupancy potential.; Configured as four one‑bedroom residences, maximizing income potential and flexibility.; Meticulously maintained with extensive recent updates throughout the property.
