Renovated Five-Family Apartment
For Sale
$2,300,000
427 Convent Avenue, New York City, NY 10031
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 Market151
Property Features for 427 Convent Avenue
General Information
Standard status
Active
Size
2,688 SF
Lot size
0.03 Acres
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
1 x 3BR/3BA duplex, 4 x studio
Multifamily Units
5
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,728
Amenities
garden
washer/dryer
Building Details
Building Size
2,688 SF
Year Built
1926
Year Renovated
2016
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
Howard Hanna NYC
Listed By:
Adam Feinberg
(914) 261-9594
Source:
Howardhannanyc
Added: Apr 27
Changed: Sep 11
Last Checked: Sep 22 at 10:29PM
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
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 = 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
$84,100
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
3.66%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,132
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
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 New York City, 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
