Romanesque Revival Four-Unit
For Sale
$2,000,000
531 W 149TH Street, New York City, NY 10031
Four free-market residences in a Romanesque Revival building with recent roof replacement and a skylit central stair hall.
Property Size4,300 SF
Price / SF$465.12
Days on Market62
Property Features for 531 W 149TH Street
General Information
Standard status
Active
Size
4,300 SF
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$24,480
Building Details
Building Size
4,300 SF
Year Built
1899
Listing Agency:
Corcoran Group
Listed By:
Stefania Cardinali · License #10301201130
(516) 443-0171
Source:
Miradorrealestate
Added: Jul 15
Changed: Sep 13
Last Checked: Sep 13 at 12:43PM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Located at 531 West 149th Street, this Romanesque Revival building is currently arranged as four free-market residences. Interiors feature mosaic tile floors, rich wood paneling, wainscoting, transoms, millwork, and carved fireplace ensembles throughout key rooms, including carved wood mantels with overmantel mirrors, patterned ceramic tile surrounds, and sculptural cast-iron fireboxes. Elevated ceilings, moldings, trim, and tall windows with interior shutters add to the period character, while a galvanized steel skylight illuminates the central stair hall with changing light. Each full-floor residence includes both front and rear entrances, offering flexibility while preserving the home’s original flow. A roof replacement has been completed as part of ongoing maintenance.
Set in the historic Sugar Hill area of Hamilton Heights, the property is described as being within blocks of Riverside Park and Riverbank State Park, and within minutes of institutions including Columbia University and City College. The surrounding area also provides access to essential amenities, with convenient bridge, tunnel, train, bus, and highway options for travel in and out of Manhattan.
Set in the historic Sugar Hill area of Hamilton Heights, the property is described as being within blocks of Riverside Park and Riverbank State Park, and within minutes of institutions including Columbia University and City College. The surrounding area also provides access to essential amenities, with convenient bridge, tunnel, train, bus, and highway options for travel in and out of Manhattan.
Key Highlights
- Romanesque Revival building with four free‑market residences
- Recent roof replacement
- Skylit central stair hall with galvanized steel skylight
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
$145,527
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
7.28%
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%
$2,910,540
$2.9M
Cap Rate 7%
$2,078,957
$2.1M
Cap Rate 9%
$1,616,967
$1.6M
Market Conditions
NOI Build-Up for 4,300 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
$219.3K $51.00/SF
− Vacancy
−$11.4K −$2.65/SF
EGI
$207.9K $48.35/SF
− OpEx
−$62.4K −$14.50/SF
NOI
$145.5K $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%
$2,910,540
Cap Rate 7%
$2,078,957
Cap Rate 9%
$1,616,967
Alternative Uses
Best Use
Multifamily LT 5
$2.08M
$1.82M – $2.43M
NOI $145,527 @ 7.0% cap · market cap 7.28%
Second Best
Apartment 5plus
$1.92M
$1.68M – $2.24M
NOI $134,535 @ 7.0% cap · market cap 6.73%
Theoretical Best
Specialty Retail
$10.70M
$9.37M – $12.49M
NOI $749,232 @ 7.0% cap · market cap 37.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,193
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
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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?
Quadplex - Four free-market residences in a Romanesque Revival building with recent roof replacement and a skylit central stair hall.
Where is this quadplex located?
The property is located at 531 W 149TH Street New York City, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Romanesque Revival building with four free‑market residences; Recent roof replacement; Skylit central stair hall with galvanized steel skylight
