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Move-in Ready Income Townhouse
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 Market147

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
Listed By: Dexter A Guerrieri
Source: Elliman
Added: May 21 Changed: Oct 10 Last Checked: Oct 12 at 8:48PM

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 / Yr
$165,089
Cap Rate
4.79%
Suggested Prices Based on Cap Rates
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
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 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 (±1% cap)
NOI $165,089 @ 7.0% cap · market cap 4.79%
Second Best
Apartment 5plus
$2.18M
$1.91M – $2.54M (±1% cap)
NOI $152,619 @ 7.0% cap · market cap 4.42%
Theoretical Best
Specialty Retail
$12.14M
$10.62M – $14.17M (±1% cap)
NOI $849,943 @ 7.0% cap · market cap 24.64%
Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Law Firm Real Estate Agency Building Supply Acupuncture Accounting Firm Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

9,585
Businesses Nearby

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
Check the figures for this property Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022
4.6% 2023
5.3% 2024
5.6% 2025
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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).
More about this property
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