Harlem Multifamily Investment
For Sale
$4,800,000
2064 5th Ave, New York, NY 10035
Renovated 9-unit building in Central Harlem near transportation.
Property Size9,221 SF
Lot Size0.06 Acres
Price / SF$520.55
Days on Market154
Property Features for 2064 5th Ave
General Information
Standard status
Active
Size
9,221 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$21,312
Building Details
Building Size
9,221 SF
Year Built
1910
Stories
3
Units
8
Listing Agency:
Compass
(917) 518-9746
Listed By:
Christopher Halliburton
(917) 518-9746
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 12:04PM
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 Fifth Avenue and 127th Street, this 4-story residential building presents a residential investment opportunity. The property is situated near restaurants, bars, shops, Morningside and Marcus Garvey Parks, and transportation options. The building contains 9 renovated free-market residential units, ranging from 1-bed to 4-bed layouts. Several units feature private outdoor spaces. The building also includes a common roof deck and private storage. All units have central air and in-unit laundry. The building's dimensions are 25 ft x 98 ft, situated on a 25 ft x 100 ft lot, with a total building square footage of 9,221. The electric is separately metered for all units. This sale is also being offered as a bundle in conjunction with two other Harlem residential buildings with free-market units, all with one blanket mortgage that can be assumed with the right buyer.
Key Highlights
- Desirable Central Harlem location on Fifth Avenue near retail, parks, and transportation.
- Nine renovated, free‑market residential units offering immediate rental income.
- Units feature central air and in‑unit laundry.
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
$288,500
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
6.01%
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%
$5,770,000
$5.8M
Cap Rate 7%
$4,121,429
$4.1M
Cap Rate 9%
$3,205,556
$3.2M
Market Conditions
NOI Build-Up for 9,221 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
$552.2K $59.88/SF
− Vacancy
−$27.6K −$2.99/SF
EGI
$524.5K $56.89/SF
− OpEx
−$236.0K −$25.60/SF
NOI
$288.5K $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%
$5,770,000
Cap Rate 7%
$4,121,429
Cap Rate 9%
$3,205,556
Alternative Uses
Best Use
Apartment 5plus
$4.12M
$3.61M – $4.81M
NOI $288,500 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$22.95M
$20.08M – $26.78M
NOI $1,606,667 @ 7.0% cap · market cap 33.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,755
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?
Apartment building - Renovated 9-unit building in Central Harlem near transportation.
Where is this apartment building located?
The property is located at 2064 5th Ave New York, NY.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: Desirable Central Harlem location on Fifth Avenue near retail, parks, and transportation.; Nine renovated, free‑market residential units offering immediate rental income.; Units feature central air and in‑unit laundry.
