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 Market187
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
Listed By:
Ariel Ben Ezra · License #10311210512
Source:
Crexi
Added: Apr 11
Changed: Oct 13
Last Checked: Oct 12 at 6:33PM
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 / Yr
$211,095
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
10,836
Businesses Nearby
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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
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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?
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
