Historic Five-Unit
For Sale
$1,850,000
309 W 138TH Street, New York City, NY 10030
Historic five-unit Neoclassical townhouse built in 1888 with original architectural features and decorative fireplaces.
Property Size2,800 SF
Price / SF$660.71
Days on Market116
Property Features for 309 W 138TH Street
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$7,212
Building Details
Building Size
2,800 SF
Year Built
1888
Listing Agency:
Serhant
(212) 714-0717
Listed By:
Bruce A Mishell
(212) 714-0717
Source:
Miradorrealestate
Added: May 1
Changed: Aug 23
Last Checked: Aug 24 at 1:23PM
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 Serhant
Investment Insights
Based on property information with market context.
309 W 138th St is a historic five-unit Neoclassical townhouse built in 1888. The property features Renaissance-inspired craftsmanship throughout, including hand-carved wood stairways, original doors, ornate moldings, and original fireplaces. While the fireplaces are currently decorative, they offer an opportunity for restoration and personalization. The property can be delivered vacant and is available by appointment.
The home is directly adjacent to the Strivers Row historic district. It is located near multiple subway lines, with nearby A, B, C, and D service, and within a short walk of dining and entertainment options.
Shown by appointment.
The home is directly adjacent to the Strivers Row historic district. It is located near multiple subway lines, with nearby A, B, C, and D service, and within a short walk of dining and entertainment options.
Shown by appointment.
Key Highlights
- Historic five‑unit Neoclassical townhouse built in 1888 at 309 W 138th Street
- Original architectural details include hand‑carved wood stairways, original doors, ornate moldings, and original fireplaces
- Fireplaces are currently decorative and may offer restoration or personalization potential
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
$87,604
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
4.74%
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%
$1,752,080
$1.8M
Cap Rate 7%
$1,251,486
$1.3M
Cap Rate 9%
$973,378
$973.4K
Market Conditions
NOI Build-Up for 2,800 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
$167.7K $59.88/SF
− Vacancy
−$8.4K −$2.99/SF
EGI
$159.3K $56.89/SF
− OpEx
−$71.7K −$25.60/SF
NOI
$87.6K $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%
$1,752,080
Cap Rate 7%
$1,251,486
Cap Rate 9%
$973,378
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.10M – $1.46M
NOI $87,604 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.97M
$6.10M – $8.13M
NOI $487,872 @ 7.0% cap · market cap 26.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
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
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 - Historic five-unit Neoclassical townhouse built in 1888 with original architectural features and decorative fireplaces.
Where is this apartment building located?
The property is located at 309 W 138TH Street New York City, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Historic five‑unit Neoclassical townhouse built in 1888 at 309 W 138th Street; Original architectural details include hand‑carved wood stairways, original doors, ornate moldings, and original fireplaces; Fireplaces are currently decorative and may offer restoration or personalization potential
