Six-Unit Brownstone
323 E 116TH Street, Manhattan, NY 10029
For Sale
$2,200,000
Six updated residential apartments in a brownstone with on-site laundry and distinct outdoor space for select units.
Property Size4,760 SF
Price / SF$462.18
Days on Market123
Property Features for 323 E 116TH Street
General Information
Standard status
Size
Property subtype
Additional Details
Cap Rate
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
private backyard
private terrace
on-site laundry
Building Details
Building Size
Year Built
Construction
Tenancy
Listing Agency:
Brown Harris Stevens Residential Sales LLC
Listed By:
Olga Zoria
(212) 381-2665
Source:
Bondnyre
Added: Jul 8
Changed: Nov 7
Last Checked: Nov 6 at 5:34PM
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 Brown Harris Stevens Residential Sales LLC
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Investment Insights
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This for-sale six-unit brownstone features updated residential apartments while preserving original architectural character. The property includes a first-floor duplex with a private backyard and a studio-style space, along with loft-like layouts that incorporate additional sleeping lofts or storage areas. The second-floor apartment has a spacious private terrace overlooking the landscaped backyard. Throughout, residences feature exposed brick, soaring ceilings, oversized windows, decorative fireplaces, original wood doors, floor-to-ceiling mirrors, hardwood floors, and detailed wood trim.
The building is located at 323 E 116th St, New York, NY 10029, with access to nearby transportation, restaurants, shopping, parks, and neighborhood amenities. WalkScore is listed as 96 (Walker’s Paradise), transitScore is listed as 100 (Rider’s Paradise), and bikeScore is listed as 82 (Very Bikeable).
Current gross residential rent income is approximately $197,800 annually, with additional income sources noted from the property. Several leases extend into 2027. The owner is obtaining an amended Certificate of Occupancy reflecting a conversion from four to six residential units. Delivery can be vacant or with income-producing leases in place. On-site laundry is included, providing additional income.
The building is located at 323 E 116th St, New York, NY 10029, with access to nearby transportation, restaurants, shopping, parks, and neighborhood amenities. WalkScore is listed as 96 (Walker’s Paradise), transitScore is listed as 100 (Rider’s Paradise), and bikeScore is listed as 82 (Very Bikeable).
Current gross residential rent income is approximately $197,800 annually, with additional income sources noted from the property. Several leases extend into 2027. The owner is obtaining an amended Certificate of Occupancy reflecting a conversion from four to six residential units. Delivery can be vacant or with income-producing leases in place. On-site laundry is included, providing additional income.
Key Highlights
- Six updated residential apartments in a brownstone built in 1910
- Annual gross income of approximately $197,800 from residential rents and additional income sources
- About a 6% capitalization rate based on current income and operating expenses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$181,522
Cap Rate
8.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,630,440
$3.6M
Cap Rate 7%
$2,593,171
$2.6M
Cap Rate 9%
$2,016,911
$2.0M
Market Conditions
NOI Build-Up for 4,760 SF
Gross rent
$342.7K $72.00/SF
− Vacancy
−$12.7K −$2.66/SF
EGI
$330.0K $69.34/SF
− OpEx
−$148.5K −$31.20/SF
NOI
$181.5K $38.13/SF
Area
ZIP 10029
Vacancy
3.70%
Lease Rate
$72.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,630,440
Cap Rate 7%
$2,593,171
Cap Rate 9%
$2,016,911
Alternative Uses
Best Use
Apartment 5plus
$2.59M
$2.27M – $3.03M
NOI $181,522 @ 7.0% cap · market cap 8.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$16.98M
$14.86M – $19.81M
NOI $1,188,810 @ 7.0% cap · market cap 54.04%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,138
Businesses Nearby
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Business Placement
Demographics for 10029, NY
78,141
Population
36,955
Households
2.1
Avg Household Size
36
Median Age
36%
College-Educated
78%
High-School Grad
1.2 sq mi
ZIP Area
65,118
Density / Sq Mi
$38,308
Median Household Income
$41,951
Median Earnings
$1,183
Median Rent
$818,100
Median Home Value
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Market
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Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Six updated residential apartments in a brownstone with on-site laundry and distinct outdoor space for select units.
Where is this apartment building located?
The property is located at 323 E 116TH Street Manhattan, NY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Six updated residential apartments in a brownstone built in 1910; Annual gross income of approximately $197,800 from residential rents and additional income sources; About a 6% capitalization rate based on current income and operating expenses
