Move-in Ready Income
For Sale
$3,450,000
353 W 120th St, New York, NY 10027
Townhouse near Morningside Park with owner's triplex and rental units.
Property Size4,878 SF
Days on Market101
Property Features for 353 W 120th St
General Information
Standard status
Active
Size
4,878 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,151
Building Details
Building Size
4,878 SF
Year Built
1899
Units
3
Listing Agency:
(212) 769-9600
Listed By:
Dexter A Guerrieri
(212) 769-9600
Source:
Elliman
Added: May 21
Changed: Aug 25
Last Checked: Aug 28 at 12:57PM
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 Dexter A Guerrieri
Investment Insights
Based on property information with market context.
This townhouse, located half a block from Morningside Park, offers generous proportions, refined finishes, and natural light. The property is configured as an owner’s triplex with two full-floor rental residences above, presenting an opportunity for end users and investors. The owner’s residence includes entertaining areas, indoor-outdoor living, and renovated interiors, while the upper floor-through units provide layouts with rental appeal. Recent capital improvements include a new boiler, upgraded heating, and replaced windows. The garden level serves as a private retreat with access to the approximately 850-square-foot garden, two bedrooms, a large hallway storage closet, and a full bath. The primary suite includes an en-suite bathroom with a soaking tub and a walk-in closet. The parlor floor features a 60-foot-long living and dining area, a wood-burning fireplace, and an open kitchen. An additional flexible room can function as a bedroom, library, or home office. The finished cellar level offers approximately 575 square feet of flexible space designed for storage, recreation, and everyday utility, including a dedicated gym area, laundry with washer and dryer, and three separate utility rooms. The third-floor rental unit is a floor-through residence with northern garden views, a pass-through kitchen, a living and dining area with exposed brick detail and three oversized windows, two north-facing bedrooms, a full bathroom, and a hallway utility closet. The fourth-floor rental unit is a floor-through apartment with south-facing exposures and private outdoor access. It includes a living room with three large south-facing windows, a pass-through kitchen, a full hallway bathroom, an entry foyer, a primary suite with direct access to a private terrace and two closets, and an in-unit washer and dryer. The property has a bike score of 70, a walk score of 91, and a transit score of 100.
Key Highlights
- Live‑with‑Income Townhouse: Owner's triplex with two full‑floor rental units offering income potential.
- Exceptionally Low Taxes: Significant cost savings due to low multi‑family taxes.
- Prime Location: Half a block from Morningside Park, close to green space, culture, dining, and convenient transportation (Transit Score: 100).
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
$165,089
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
4.79%
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%
$3,301,780
$3.3M
Cap Rate 7%
$2,358,414
$2.4M
Cap Rate 9%
$1,834,322
$1.8M
Market Conditions
NOI Build-Up for 4,878 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
$248.8K $51.00/SF
− Vacancy
−$12.9K −$2.65/SF
EGI
$235.8K $48.35/SF
− OpEx
−$70.8K −$14.50/SF
NOI
$165.1K $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%
$3,301,780
Cap Rate 7%
$2,358,414
Cap Rate 9%
$1,834,322
Alternative Uses
Best Use
Multifamily LT 5
$2.36M
$2.06M – $2.75M
NOI $165,089 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$2.18M
$1.91M – $2.54M
NOI $152,619 @ 7.0% cap · market cap 4.42%
Theoretical Best
Specialty Retail
$12.14M
$10.62M – $14.17M
NOI $849,943 @ 7.0% cap · market cap 24.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9,585
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Townhouse near Morningside Park with owner's triplex and rental units.
Where is this triplex located?
The property is located at 353 W 120th St New York, NY.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: Live‑with‑Income Townhouse: Owner's triplex with two full‑floor rental units offering income potential.; Exceptionally Low Taxes: Significant cost savings due to low multi‑family taxes.; Prime Location: Half a block from Morningside Park, close to green space, culture, dining, and convenient transportation (Transit Score: 100).
