Landmarked Four-Family
New
For Sale
$2,995,000
232 W 137th Street, New York City, NY 10030
Flexible layout includes rental apartments, a studio, and an owner's duplex.
Property Size4,045 SF
Price / SF$740.42
Days on Market2
Property Features for 232 W 137th Street
General Information
Standard status
Active
Size
4,045 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$21,998
Amenities
private garden
Building Details
Building Size
4,045 SF
Year Built
1910
Buildings
1
Tenancy
Multi
Listing Agency:
Triumph Property Group Ltd
Listed By:
Althea E Ffrench
(646) 812-7655
Source:
Howardhannanyc
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 16 at 8:53PM
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 Triumph Property Group Ltd
Investment Insights
Based on property information with market context.
This 1910 townhouse is configured as a four-family property with two floor-through apartments, a parlor-level studio, and an owner's duplex across the garden and parlor floors. The residence retains original wainscoting, interior shutters, and a formal staircase, while each floor-through apartment has its own washer and dryer. The property is currently occupied by tenants and may also be delivered vacant.
A landscaped south-facing garden extends the living space outdoors. The finished basement includes laundry, storage, and open space suitable for uses such as recreation, a gym, an office, or a studio. The upper-floor apartment includes private outdoor space with a retractable awning, and the owner's duplex features 10' and 12' ceilings. Multiple entrances and the existing layout support potential reconfiguration as a three-family, two-family, or single-family residence. The recently landmarked property is near Strivers' Row and convenient to the B, C, 2, and 3 subway lines, bus routes, and the 125th Street retail corridor.
A landscaped south-facing garden extends the living space outdoors. The finished basement includes laundry, storage, and open space suitable for uses such as recreation, a gym, an office, or a studio. The upper-floor apartment includes private outdoor space with a retractable awning, and the owner's duplex features 10' and 12' ceilings. Multiple entrances and the existing layout support potential reconfiguration as a three-family, two-family, or single-family residence. The recently landmarked property is near Strivers' Row and convenient to the B, C, 2, and 3 subway lines, bus routes, and the 125th Street retail corridor.
Key Highlights
- Four‑family configuration with two floor‑through apartments, a studio, and an owner's duplex
- 1910 townhouse with original wainscoting, interior shutters, and a formal staircase
- Landscaped south‑facing garden and private outdoor space with retractable awning
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
$136,897
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
4.57%
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%
$2,737,940
$2.7M
Cap Rate 7%
$1,955,671
$2.0M
Cap Rate 9%
$1,521,078
$1.5M
Market Conditions
NOI Build-Up for 4,045 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
$206.3K $51.00/SF
− Vacancy
−$10.7K −$2.65/SF
EGI
$195.6K $48.35/SF
− OpEx
−$58.7K −$14.50/SF
NOI
$136.9K $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%
$2,737,940
Cap Rate 7%
$1,955,671
Cap Rate 9%
$1,521,078
Alternative Uses
Best Use
Multifamily LT 5
$1.96M
$1.71M – $2.28M
NOI $136,897 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$1.81M
$1.58M – $2.11M
NOI $126,557 @ 7.0% cap · market cap 4.23%
Theoretical Best
Specialty Retail
$10.07M
$8.81M – $11.75M
NOI $704,801 @ 7.0% cap · market cap 23.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,019
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?
Quadplex - Flexible layout includes rental apartments, a studio, and an owner's duplex.
Where is this quadplex located?
The property is located at 232 W 137th Street New York City, NY.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Four‑family configuration with two floor‑through apartments, a studio, and an owner's duplex; 1910 townhouse with original wainscoting, interior shutters, and a formal staircase; Landscaped south‑facing garden and private outdoor space with retractable awning
