Four-Unit
For Sale
$2,750,000
251 W 122nd Street, New York City, NY 10027
Each apartment has its own meter, and the building is delivered vacant.
Property Size3,780 SF
Days on Market12
Property Features for 251 W 122nd Street
General Information
Standard status
Active
Size
3,780 SF
Property subtype
Multi Family
Units
Unit Mix
4 x 1BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,055
Building Details
Building Size
3,780 SF
Year Built
1910
Buildings
1
Listing Agency:
Compass
Listed By:
Beth Renee Gittleman
(646) 408-7785
Source:
Serhant
Added: Sep 16
Changed: Sep 25
Last Checked: Sep 26 at 12:18PM
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.
Built in 1910, this 3,780 SF townhouse contains four one-bedroom, floor-through apartments. The building is configured as a four-family property, with each apartment individually metered and no rent-stabilized units. It will be delivered vacant, allowing the next owner to establish the property’s occupancy strategy.
The property is located at 251 W 122nd Street in Harlem, New York City, within the 10027 ZIP code. Its residential townhouse format and four-apartment layout provide a straightforward multifamily configuration for an owner or investor evaluating a free-market asset.
The property is located at 251 W 122nd Street in Harlem, New York City, within the 10027 ZIP code. Its residential townhouse format and four-apartment layout provide a straightforward multifamily configuration for an owner or investor evaluating a free-market asset.
Key Highlights
- Four one‑bedroom floor‑through apartments
- 3,780 SF townhouse built in 1910
- Individually metered apartments
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
$127,929
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
4.65%
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%
$2,558,580
$2.6M
Cap Rate 7%
$1,827,557
$1.8M
Cap Rate 9%
$1,421,433
$1.4M
Market Conditions
NOI Build-Up for 3,780 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
$192.8K $51.00/SF
− Vacancy
−$10.0K −$2.65/SF
EGI
$182.8K $48.35/SF
− OpEx
−$54.8K −$14.50/SF
NOI
$127.9K $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%
$2,558,580
Cap Rate 7%
$1,827,557
Cap Rate 9%
$1,421,433
Alternative Uses
Best Use
Multifamily LT 5
$1.83M
$1.60M – $2.13M
NOI $127,929 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,266 @ 7.0% cap · market cap 4.30%
Theoretical Best
Specialty Retail
$9.41M
$8.23M – $10.98M
NOI $658,627 @ 7.0% cap · market cap 23.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
9,915
Businesses Nearby
Explore this area
Business Placement
Demographics for 10027, NY
64,037
Population
28,038
Households
2.3
Avg Household Size
32
Median Age
52%
College-Educated
87%
High-School Grad
0.9 sq mi
ZIP Area
71,152
Density / Sq Mi
$64,220
Median Household Income
$44,231
Median Earnings
$1,609
Median Rent
$915,000
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 - Each apartment has its own meter, and the building is delivered vacant.
Where is this quadplex located?
The property is located at 251 W 122nd Street New York City, NY.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Four one‑bedroom floor‑through apartments; 3,780 SF townhouse built in 1910; Individually metered apartments
