Six-Unit Brownstone
For Sale
$2,450,000
323 E 116TH Street, New York City, NY 10029
Six updated residential apartments in a brownstone with on-site laundry and distinct outdoor space for select units.
Property Size4,760 SF
Price / SF$514.71
Days on Market48
Property Features for 323 E 116TH Street
General Information
Standard status
Active
Size
4,760 SF
Property subtype
Multi Family
Additional Details
Cap Rate
6%
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$26,388
Amenities
private backyard
private terrace
on-site laundry
Building Details
Building Size
4,760 SF
Year Built
1910
Construction
brownstone
Tenancy
Multi
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(212) 381-2665
Listed By:
Olga Zoria
(212) 381-2665
Source:
Bondnyre
Added: Jul 8
Changed: Aug 23
Last Checked: Aug 22 at 7:42AM
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
Investment Insights
Based on property information with market context.
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 = 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
$181,522
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
7.41%
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%
$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
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
$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 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%
$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 7.41%
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 48.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,138
Businesses Nearby
Explore this area
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
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 - 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 New York City, NY.
What is the asking price?
The asking price for this property is $2,450,000.
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
