Upper West Side Multifamily
For Sale
Contact for pricing
54 W 71st St, New York, NY 10023
10-unit multifamily building in Manhattan's Upper West Side.
Property Size6,667 SF
Price / SF$892.46
Days on Market869
Property Features for 54 W 71st St
General Information
Standard status
Active
Size
6,667 SF
Property subtype
Multifamily
Zoning
R8B
Listing Agency:
Wexler Health Care Properties Team
(212) 836-1075
Listed By:
Paul Wexler · License #NY 30WE0902877
Source:
Crexi
Added: Apr 9, 2024
Changed: Aug 25
Last Checked: May 12 at 8:44PM
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 Wexler Health Care Properties Team
Investment Insights
Based on property information with market context.
Located in Manhattan’s Upper West Side neighborhood of New York City, 54 West 71st Street is a 10-unit multifamily building. The 20-foot wide building spans over 6,600 square feet. Each of the five floors above the cellar contains two apartments. Seven of the ten apartments are free market, while the remaining three units are rent regulated. The seven free market apartments have had extensive renovations, and two of these apartments have large south-facing sun-drenched terraces. The apartments generally feature ample natural light and high ceilings. Five of the free market apartments include in-unit washers and dryers. The building’s façade has been beautifully restored and repaired. Situated on a park block between Central Park West and Columbus Avenue in Manhattan’s Upper West Side neighborhood, the property is just north of Lincoln Square. The combined areas provide an abundance of neighborhood options to enjoy cultural institutions, recreational and fitness activities, dining, shopping, entertainment, medical care, educational institutions, and endless modes of transportation. The neighborhood is known for its picturesque brownstone, tree-lined streets. The property is steps from Central Park and Riverside Park, offering access to green space in a high-density urban setting. The property is fully occupied with the exception of one unit which will be delivered vacant upon sale. The pro forma gross potential rent for the apartments is approximately $391,000.
Key Highlights
- Prime Upper West Side location on a park block, steps from Central Park and Riverside Park.
- Seven out of ten units are free market, offering significant upside potential.
- Substantial renovations in the free market apartments, including two with large, south‑facing terraces.**
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
$209,450
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
3.52%
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%
$4,189,000
$4.2M
Cap Rate 7%
$2,992,143
$3.0M
Cap Rate 9%
$2,327,222
$2.3M
Market Conditions
NOI Build-Up for 6,667 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
$400.0K $60.00/SF
− Vacancy
−$19.2K −$2.88/SF
EGI
$380.8K $57.12/SF
− OpEx
−$171.4K −$25.70/SF
NOI
$209.5K $31.42/SF
Area
ZIP 10023
Vacancy
4.80%
Lease Rate
$60.00 /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%
$4,189,000
Cap Rate 7%
$2,992,143
Cap Rate 9%
$2,327,222
Alternative Uses
Best Use
Apartment 5plus
$2.99M
$2.62M – $3.49M
NOI $209,450 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.74M
$4.15M – $5.53M
NOI $331,819 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12,709
Businesses Nearby
Explore this area
Business Placement
Demographics for 10023, NY
71,164
Population
46,272
Households
1.5
Avg Household Size
42
Median Age
84%
College-Educated
98%
High-School Grad
1.0 sq mi
ZIP Area
71,164
Density / Sq Mi
$157,866
Median Household Income
$109,508
Median Earnings
$3,050
Median Rent
$1,401,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 10-unit multifamily building in Manhattan's Upper West Side.
Where is this apartment building located?
The property is located at 54 W 71st St New York, NY.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: Prime Upper West Side location on a park block, steps from Central Park and Riverside Park.; Seven out of ten units are free market, offering significant upside potential.; Substantial renovations in the free market apartments, including two with large, south‑facing terraces.**
