Pre-War Apartment Building with 8
For Sale
$2,000,000
621 W 138th Street, New York, NY 10031
Commercial Sale, New York, NY
Property Size2,535 SF
Price / SF$788.95
Days on Market79
Property Features for 621 W 138th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 5, Bedroom 6, Bathroom 2, Bathroom 7, Bathroom 8, Bedroom 2, Bedroom 8, Bathroom 5, Bedroom 7, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 4, Bathroom 6
Subdivision
Hamilton Heights
High school district
000000
Standard status
Active
Size
2,535 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Mitchell Simmons
Added: Jun 3
Changed: Aug 20
Last Checked: Aug 20 at 11:06AM
MLS# 11801399
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
621 W 138th Street is a pre-war, townhouse-style apartment building built in 1920. The four-story property contains eight residential units and is described as solid brick construction. With 2,535 SF of property size, it offers a straightforward residential configuration designed for consistent renter demand.
The building is positioned on a tree-lined block in Hamilton Heights between Broadway and Riverside Drive. The area is highlighted for proximity to higher education and healthcare, including Columbia University’s Manhattanville Campus, The City College of New York (CCNY), and NewYork-Presbyterian Hospital. Residents are noted as being steps from the 1 subway line at 137th St-City College, with nearby access to Riverside Park and Riverbank State Park.
Overall, 621 W 138th Street presents a small multifamily asset with a pre-war architectural style, brick construction, and an eight-unit layout in a neighborhood shaped by ongoing education, healthcare, and transit demand.
The building is positioned on a tree-lined block in Hamilton Heights between Broadway and Riverside Drive. The area is highlighted for proximity to higher education and healthcare, including Columbia University’s Manhattanville Campus, The City College of New York (CCNY), and NewYork-Presbyterian Hospital. Residents are noted as being steps from the 1 subway line at 137th St-City College, with nearby access to Riverside Park and Riverbank State Park.
Overall, 621 W 138th Street presents a small multifamily asset with a pre-war architectural style, brick construction, and an eight-unit layout in a neighborhood shaped by ongoing education, healthcare, and transit demand.
Key Highlights
- Built in 1920 pre‑war townhouse‑style apartment building
- Four‑story building with 8 residential units
- Solid brick construction
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
$79,313
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
3.97%
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%
$1,586,260
$1.6M
Cap Rate 7%
$1,133,043
$1.1M
Cap Rate 9%
$881,256
$881.3K
Market Conditions
NOI Build-Up for 2,535 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
$151.8K $59.88/SF
− Vacancy
−$7.6K −$2.99/SF
EGI
$144.2K $56.89/SF
− OpEx
−$64.9K −$25.60/SF
NOI
$79.3K $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%
$1,586,260
Cap Rate 7%
$1,133,043
Cap Rate 9%
$881,256
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$991.4K – $1.32M
NOI $79,313 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.31M
$5.52M – $7.36M
NOI $441,698 @ 7.0% cap · market cap 22.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
4,496
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
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 - Eight-unit, four-story pre-war townhouse-style building built in 1920.
Where is this apartment building located?
The property is located at 621 W 138th Street New York, 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: Built in 1920 pre‑war townhouse‑style apartment building; Four‑story building with 8 residential units; Solid brick construction
