Two-Family Rowhouse with
New
For Sale
$2,590,000
232 W 135th St, New York, NY 10030
Two distinct residential units offer flexibility for multigenerational occupancy or rental use.
Property Size4,301 SF
Days on Market2
Property Features for 232 W 135th St
General Information
Standard status
Active
Size
4,301 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,628
Building Details
Building Size
4,301 SF
Year Built
1910
Listed By:
Stephen Love
(646) 221-6576
Source:
Elliman
Added: Sep 30
Last Checked: Oct 1 at 10:46AM
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 Stephen Love
Investment Insights
Based on property information with market context.
Built in 1910, this Romanesque Revival rowhouse is configured as a legal two-family residence. The garden and parlor levels form a two-bedroom, 1.5-bath unit, while the upper floors contain five bedrooms and 1.5 baths. A renovation in the early 1990s and updated mechanical systems are among the property’s improvements. Both units have access to the private backyard, with southern exposure at the rear. The layout may also be adapted for single-family occupancy or a live-work arrangement, subject to applicable requirements.
The property is on W 135th Street in Harlem, near shopping, St. Nicholas Park, City College, Strivers Row and Harlem Hospital. Access to the B, C, 2 and 3 subway lines is nearby. Zoning is R7-2 with a C1-4 overlay; buyers should have an architect review zoning applicability for the specific property.
The property is on W 135th Street in Harlem, near shopping, St. Nicholas Park, City College, Strivers Row and Harlem Hospital. Access to the B, C, 2 and 3 subway lines is nearby. Zoning is R7-2 with a C1-4 overlay; buyers should have an architect review zoning applicability for the specific property.
Key Highlights
- Legal two‑family configuration with a two‑bedroom lower unit and five‑bedroom upper unit
- Lower unit includes 1.5 baths; upper unit also includes 1.5 baths
- Private backyard accessible from both residences
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
$145,561
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
5.62%
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%
$2,911,220
$2.9M
Cap Rate 7%
$2,079,443
$2.1M
Cap Rate 9%
$1,617,344
$1.6M
Market Conditions
NOI Build-Up for 4,301 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
$219.4K $51.00/SF
− Vacancy
−$11.4K −$2.65/SF
EGI
$207.9K $48.35/SF
− OpEx
−$62.4K −$14.50/SF
NOI
$145.6K $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%
$2,911,220
Cap Rate 7%
$2,079,443
Cap Rate 9%
$1,617,344
Alternative Uses
Best Use
Multifamily LT 5
$2.08M
$1.82M – $2.43M
NOI $145,561 @ 7.0% cap · market cap 5.62%
Second Best
Apartment 5plus
$1.92M
$1.68M – $2.24M
NOI $134,567 @ 7.0% cap · market cap 5.20%
Theoretical Best
Specialty Retail
$10.71M
$9.37M – $12.49M
NOI $749,406 @ 7.0% cap · market cap 28.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
7,375
Businesses Nearby
Explore this area
Business Placement
Demographics for 10030, NY
29,686
Population
14,602
Households
2
Avg Household Size
36
Median Age
35%
College-Educated
78%
High-School Grad
0.3 sq mi
ZIP Area
98,953
Density / Sq Mi
$42,738
Median Household Income
$37,388
Median Earnings
$1,204
Median Rent
$810,100
Median Home Value
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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?
Duplex - Two distinct residential units offer flexibility for multigenerational occupancy or rental use.
Where is this duplex located?
The property is located at 232 W 135th St New York, NY.
What is the asking price?
The asking price for this property is $2,590,000.
What are key features of this property?
This property features: Legal two‑family configuration with a two‑bedroom lower unit and five‑bedroom upper unit; Lower unit includes 1.5 baths; upper unit also includes 1.5 baths; Private backyard accessible from both residences
