Renovated Five-Family Apartment
427 Convent Avenue, Manhattan, NY 10031
For Sale
$2,300,000
Fully leased configuration includes a three-bedroom duplex and four studio apartments.
Property Size2,688 SF
Lot Size0.03 Acres
Price / SF$855.65
Days on Market195
Property Features for 427 Convent Avenue
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Public Transit
Taxes and HOA fees
Annual Taxes
Amenities
garden
washer/dryer
Building Details
Building Size
Year Built
Year Renovated
Buildings
Stories
Tenancy
Listing Agency:
Howard Hanna NYC
Listed By:
Adam Feinberg
(914) 261-9594
Source:
Howardhannanyc
Added: Apr 27
Changed: Nov 3
Last Checked: Nov 6 at 3:51PM
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 Howard Hanna NYC
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Investment Insights
Based on property information with market context.
This five-family apartment building is a 1926 townhouse renovated in 2016. The unit mix includes a three-bedroom, three-bath duplex across the garden and parlor levels, plus two studios on each of the third and fourth floors. The duplex has high ceilings, a washer and dryer, and access to an approximately 425-square-foot garden. East- and west-facing exposures bring natural light into the building, including the garden level. Building systems, including the boiler, roof, and meters, were replaced during the renovation and have been maintained since.
Located at 427 Convent Avenue in the Sugar Hill Historic District of Hamilton Heights, the property is near the City College campus. Five subway lines and five parks are within a 10-minute walk. Convent Avenue is primarily residential, with limited vehicle traffic. The property is fully leased with market-rate rents and offers a 5%+ cap rate.
Located at 427 Convent Avenue in the Sugar Hill Historic District of Hamilton Heights, the property is near the City College campus. Five subway lines and five parks are within a 10-minute walk. Convent Avenue is primarily residential, with limited vehicle traffic. The property is fully leased with market-rate rents and offers a 5%+ cap rate.
Key Highlights
- Five‑family apartment building built in 1926 and renovated in 2016
- Fully leased with market‑rate rents and a 5%+ cap rate
- Unit mix includes a three‑bedroom, three‑bath duplex and four studios
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,100
Cap Rate
3.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,682,000
$1.7M
Cap Rate 7%
$1,201,429
$1.2M
Cap Rate 9%
$934,444
$934.4K
Market Conditions
NOI Build-Up for 2,688 SF
Gross rent
$161.0K $59.88/SF
− Vacancy
−$8.0K −$2.99/SF
EGI
$152.9K $56.89/SF
− OpEx
−$68.8K −$25.60/SF
NOI
$84.1K $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%
$1,682,000
Cap Rate 7%
$1,201,429
Cap Rate 9%
$934,444
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $84,100 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.69M
$5.85M – $7.81M
NOI $468,357 @ 7.0% cap · market cap 20.36%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,132
Businesses Nearby
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Business Placement
Demographics for 10031, NY
56,363
Population
24,110
Households
2.3
Avg Household Size
36
Median Age
41%
College-Educated
79%
High-School Grad
0.7 sq mi
ZIP Area
80,519
Density / Sq Mi
$65,067
Median Household Income
$41,149
Median Earnings
$1,787
Median Rent
$678,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Manhattan, NY
Properties on Market for Apartment buildings in Manhattan
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased configuration includes a three-bedroom duplex and four studio apartments.
Where is this apartment building located?
The property is located at 427 Convent Avenue Manhattan, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Five‑family apartment building built in 1926 and renovated in 2016; Fully leased with market‑rate rents and a 5%+ cap rate; Unit mix includes a three‑bedroom, three‑bath duplex and four studios
