Multifamily Building with Rear
For Sale
Contact for pricing
8 West 87th Street, New York, NY 10024
Mostly vacant multifamily property with 10 units, flexible layouts, rear terraces, and garden-level living space.
Property Size6,747 SF
Price / SF$1,052
Days on Market142
Property Features for 8 West 87th Street
General Information
Standard status
Active
Size
6,747 SF
Property subtype
Multifamily
Net Operating Income
$375,000
Building Details
Year Built
1900
Year Renovated
2025
Listing Agency:
Wingate Advisors
(212) 776-1206
Listed By:
Ariel Ben Ezra · License #10311210512
Source:
Crexi
Added: Apr 11
Changed: Aug 29
Last Checked: Jul 19 at 2:10AM
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 Wingate Advisors
Investment Insights
Based on property information with market context.
Built in 1898, this multifamily property contains 10 units across approximately 7,105 usable square feet, with 8 units currently vacant. The existing configuration includes generously sized residences with high ceilings, natural light, rear terraces on the second and fourth floors, and a garden-level unit with potential to connect to the lower level. Private rear garden access and Southern light exposure add to the building’s physical features.
The property is located at 8 W 87th St in New York, steps from Central Park, with 20' of frontage on the south side of the block. The owner has obtained a Certification of No Harassment from HPD and filed DOB plans for a seven-unit configuration that includes full-floor residences, studios, a duplexed basement, and a private rear garden. Available air rights and filed plans provide additional flexibility for an investor, converter, or user.
The property is located at 8 W 87th St in New York, steps from Central Park, with 20' of frontage on the south side of the block. The owner has obtained a Certification of No Harassment from HPD and filed DOB plans for a seven-unit configuration that includes full-floor residences, studios, a duplexed basement, and a private rear garden. Available air rights and filed plans provide additional flexibility for an investor, converter, or user.
Key Highlights
- 1898‑built multifamily building with 10 units, including 8 currently vacant
- Approximately 7,105 usable square feet
- Rear terraces on the second and fourth floors
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
$211,095
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
2.97%
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%
$4,221,900
$4.2M
Cap Rate 7%
$3,015,643
$3.0M
Cap Rate 9%
$2,345,500
$2.3M
Market Conditions
NOI Build-Up for 6,747 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
$404.0K $59.88/SF
− Vacancy
−$20.2K −$2.99/SF
EGI
$383.8K $56.89/SF
− OpEx
−$172.7K −$25.60/SF
NOI
$211.1K $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%
$4,221,900
Cap Rate 7%
$3,015,643
Cap Rate 9%
$2,345,500
Alternative Uses
Best Use
Apartment 5plus
$3.02M
$2.64M – $3.52M
NOI $211,095 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$16.79M
$14.69M – $19.59M
NOI $1,175,597 @ 7.0% cap · market cap 16.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
10,836
Businesses Nearby
Explore this area
Business Placement
Demographics for 10024, NY
62,250
Population
36,723
Households
1.7
Avg Household Size
43
Median Age
84%
College-Educated
97%
High-School Grad
0.9 sq mi
ZIP Area
69,167
Density / Sq Mi
$182,614
Median Household Income
$117,078
Median Earnings
$2,965
Median Rent
$1,746,400
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 - Mostly vacant multifamily property with 10 units, flexible layouts, rear terraces, and garden-level living space.
Where is this apartment building located?
The property is located at 8 West 87th Street New York, NY.
What is the asking price?
The asking price for this property is $7,100,000.
What are key features of this property?
This property features: 1898‑built multifamily building with 10 units, including 8 currently vacant; Approximately 7,105 usable square feet; Rear terraces on the second and fourth floors
