Apartment Building with
For Sale
$5,995,000
328 W 88TH Street, New York City, NY 10024
The vacant building contains nine rental apartments and offers scope for a residential reconfiguration.
Property Size6,000 SF
Lot Size0.04 Acres
Price / SF$999.17
Days on Market58
Property Features for 328 W 88TH Street
General Information
Standard status
Active
Size
6,000 SF
Lot size
0.04 Acres
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$64,632
Amenities
garden
Building Details
Building Size
6,000 SF
Year Built
1900
Buildings
1
Construction
Romanesque Revival
Listing Agency:
Leslie J Garfield & Co Inc
Listed By:
Richard D Pretsfelder
(212) 371-8200
Source:
Irynaferenets
Added: Aug 31
Changed: Oct 27
Last Checked: Oct 26 at 7:13PM
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 Leslie J Garfield & Co Inc
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Investment Insights
Based on property information with market context.
This 1900 Romanesque Revival townhouse, designed by Ralph S. Townsend, is currently arranged as nine rental apartments and is delivered vacant. The building measures approximately 6,000 square feet as configured, with an approximately 18-foot width and a depth of about 70 feet on a 100-foot lot. Original architectural elements, high ceilings, natural light and a south-facing garden are among its physical features. A single-family layout of approximately 8,000 square feet is described as a possible future configuration.
The property is on West 88th Street on Manhattan’s Upper West Side, on a block of townhouses and near Riverside Park. Restaurants, shops, schools, public transportation and cultural attractions are also identified in the surrounding neighborhood.
The property is on West 88th Street on Manhattan’s Upper West Side, on a block of townhouses and near Riverside Park. Restaurants, shops, schools, public transportation and cultural attractions are also identified in the surrounding neighborhood.
Key Highlights
- Vacant building currently configured as nine rental apartments
- Approximately 6,000 square feet in its current configuration
- 100‑foot lot with approximately 18 feet of width and a building depth of about 70 feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$187,724
Cap Rate
3.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,754,480
$3.8M
Cap Rate 7%
$2,681,771
$2.7M
Cap Rate 9%
$2,085,822
$2.1M
Market Conditions
NOI Build-Up for 6,000 SF
Gross rent
$359.3K $59.88/SF
− Vacancy
−$18.0K −$2.99/SF
EGI
$341.3K $56.89/SF
− OpEx
−$153.6K −$25.60/SF
NOI
$187.7K $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 Rate 5%
$3,754,480
Cap Rate 7%
$2,681,771
Cap Rate 9%
$2,085,822
Alternative Uses
Best Use
Apartment 5plus
$2.68M
$2.35M – $3.13M
NOI $187,724 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.93M
$13.07M – $17.42M
NOI $1,045,440 @ 7.0% cap · market cap 17.44%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
4,153
Businesses Nearby
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Business Placement
Demographics for 10024, NY
62,250
Population
36,723
Households
1.7
Avg Household Size
43
Median Age
84%
College-Educated
97%
High-School Grad
0.9 sq mi
ZIP Area
69,167
Density / Sq Mi
$182,614
Median Household Income
$117,078
Median Earnings
$2,965
Median Rent
$1,746,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The vacant building contains nine rental apartments and offers scope for a residential reconfiguration.
Where is this apartment building located?
The property is located at 328 W 88TH Street New York City, NY.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: Vacant building currently configured as nine rental apartments; Approximately 6,000 square feet in its current configuration; 100‑foot lot with approximately 18 feet of width and a building depth of about 70 feet
