Four-Unit Townhouse
For Sale
$5,500,000
226 E 32ND Street, New York City, NY 10016
Five-story townhouse configured as four residences, including a garden duplex with private outdoor space.
Property Size4,590 SF
Price / SF$1,198
Days on Market125
Property Features for 226 E 32ND Street
General Information
Standard status
Active
Size
4,590 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$67,788
Building Details
Building Size
4,590 SF
Year Built
1910
Stories
5
Tenancy
Multi
Listing Agency:
Leslie J Garfield & Co Inc
Listed By:
Cathy Connolly
(646) 894-3736
Source:
Philipscheinfeld
Added: May 13
Changed: Sep 8
Last Checked: Sep 13 at 11:21AM
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 Leslie J Garfield & Co Inc
Investment Insights
Based on property information with market context.
This beautifully maintained five-story townhouse is configured as four thoughtfully laid-out residences, including a garden duplex with private outdoor space. The property is presented as turnkey, with the ability to move in or rent immediately without needing a renovation. A full staircase provides access to the roof, and any potential roof deck addition would require approval from DOB.
The building is located on a quiet, sun-filled block in the heart of Kips Bay, within moments of Grand Central Station, The Morgan Library & Museum, and the Empire State Building. The area also offers convenient everyday amenities, including a movie theater nearby.
Designed to support both owner-occupancy and rental income, the configuration includes multiple separate residences within a single townhouse building.
The building is located on a quiet, sun-filled block in the heart of Kips Bay, within moments of Grand Central Station, The Morgan Library & Museum, and the Empire State Building. The area also offers convenient everyday amenities, including a movie theater nearby.
Designed to support both owner-occupancy and rental income, the configuration includes multiple separate residences within a single townhouse building.
Key Highlights
- 1910 five‑story townhouse configured as four residences
- Includes a garden duplex with private outdoor space
- Full staircase to the roof for easier potential roof deck access (check with DOB for approval)
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
$155,342
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
2.82%
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%
$3,106,840
$3.1M
Cap Rate 7%
$2,219,171
$2.2M
Cap Rate 9%
$1,726,022
$1.7M
Market Conditions
NOI Build-Up for 4,590 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
$234.1K $51.00/SF
− Vacancy
−$12.2K −$2.65/SF
EGI
$221.9K $48.35/SF
− OpEx
−$66.6K −$14.50/SF
NOI
$155.3K $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%
$3,106,840
Cap Rate 7%
$2,219,171
Cap Rate 9%
$1,726,022
Alternative Uses
Best Use
Multifamily LT 5
$2.22M
$1.94M – $2.59M
NOI $155,342 @ 7.0% cap · market cap 2.82%
Second Best
Apartment 5plus
$2.05M
$1.80M – $2.39M
NOI $143,609 @ 7.0% cap · market cap 2.61%
Theoretical Best
Specialty Retail
$11.43M
$10.00M – $13.33M
NOI $799,762 @ 7.0% cap · market cap 14.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,550
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Five-story townhouse configured as four residences, including a garden duplex with private outdoor space.
Where is this quadplex located?
The property is located at 226 E 32ND Street New York City, NY.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 1910 five‑story townhouse configured as four residences; Includes a garden duplex with private outdoor space; Full staircase to the roof for easier potential roof deck access (check with DOB for approval)
