Historic Duplex with Studio
New
For Sale
$2,595,000
353 W 121st Street, New York City, NY 10027
Period architectural details pair with updated kitchen, finished basement space, private garden, and a separate studio with its own entrance.
Property Size4,268 SF
Price / SF$608.01
Days on Market4
Property Features for 353 W 121st Street
General Information
Standard status
Active
Size
4,268 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,439
Building Details
Building Size
4,268 SF
Year Built
1901
Listing Agency:
Compass
Listed By:
Dianne L Howard
(917) 549-3239
Source:
Carlinwright
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 19 at 1:02PM
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 Compass
Investment Insights
Based on property information with market context.
This 4,268-square-foot duplex, built in 1901, combines preserved period detailing with several functional improvements. Original woodwork, high ceilings, pocket doors, French doors, and decorative fireplaces define the principal rooms. The renovated kitchen includes granite counters and stainless steel appliances, with access to a private decked garden. The layout provides four bedrooms, three full bathrooms, and one half bath, while a finished basement adds flexible space for recreation, exercise, media, or den use.
A separately entered studio apartment has its own renovated kitchen and bathroom, creating options for guests, extended household use, or rental income. Capital improvements include a new gas line, hot water heater, renovated facade and roof, and solar panels. The property is at 353 W 121st Street in Harlem, directly across from Morningside Park and near Columbia University. Shopping, dining, groceries, cafes, and transportation are available along the nearby 125th Street corridor.
A separately entered studio apartment has its own renovated kitchen and bathroom, creating options for guests, extended household use, or rental income. Capital improvements include a new gas line, hot water heater, renovated facade and roof, and solar panels. The property is at 353 W 121st Street in Harlem, directly across from Morningside Park and near Columbia University. Shopping, dining, groceries, cafes, and transportation are available along the nearby 125th Street corridor.
Key Highlights
- 4,268‑square‑foot duplex built in 1901
- Separate studio apartment with private entrance, renovated kitchen, and renovated bathroom
- Four bedrooms, three full bathrooms, and one half bath
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
$144,444
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
5.57%
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%
$2,888,880
$2.9M
Cap Rate 7%
$2,063,486
$2.1M
Cap Rate 9%
$1,604,933
$1.6M
Market Conditions
NOI Build-Up for 4,268 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
$217.7K $51.00/SF
− Vacancy
−$11.3K −$2.65/SF
EGI
$206.3K $48.35/SF
− OpEx
−$61.9K −$14.50/SF
NOI
$144.4K $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%
$2,888,880
Cap Rate 7%
$2,063,486
Cap Rate 9%
$1,604,933
Alternative Uses
Best Use
Multifamily LT 5
$2.06M
$1.81M – $2.41M
NOI $144,444 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,534 @ 7.0% cap · market cap 5.15%
Theoretical Best
Specialty Retail
$10.62M
$9.30M – $12.39M
NOI $743,656 @ 7.0% cap · market cap 28.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Period architectural details pair with updated kitchen, finished basement space, private garden, and a separate studio with its own entrance.
Where is this duplex located?
The property is located at 353 W 121st Street New York City, NY.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: 4,268‑square‑foot duplex built in 1901; Separate studio apartment with private entrance, renovated kitchen, and renovated bathroom; Four bedrooms, three full bathrooms, and one half bath
