Renovated Mixed-Use Townhouse in Hamilton
For Sale
Contact for pricing
474 W 145th St, New York, NY 10031
Turn-key investment property with commercial space and residential duplex.
Property Size4,800 SF
Price / SF$415.63
Days on Market1158
Property Features for 474 W 145th St
General Information
Standard status
Active
Size
4,800 SF
Class
A
Property subtype
Mixed Use, Multifamily
Building Details
Year Built
1901
Year Renovated
2011
Buildings
1
Stories
5
Units
3
Listing Agency:
Harlem Lofts
Listed By:
Robert D. Pair · License #NY 31PA1003506
(212) 280-8866
Source:
Crexi
Added: Jul 6, 2023
Changed: Aug 27
Last Checked: Sep 2 at 8:23PM
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 Harlem Lofts
Investment Insights
Based on property information with market context.
Located in the Hamilton Heights commercial corridor, 474 West 145th Street is a fully renovated, free-market, mixed-use townhouse. The property features commercial space on the ground and basement floors, an office on the first floor, and a duplex residential apartment on the upper two stories, totaling 4,800 square feet of usable space. The first floor offers flexibility and could be converted to residential use, creating two residential units above a commercial duplex. The residential space and office feature open-concept layouts with new appliances and fixtures, high ceilings, large windows, and ample storage space. The commercial space is in turn-key condition. The property is situated on a busy street in the heart of Hamilton Heights, a 10-minute walk to City College, and close to the Dance Theatre of Harlem, Jackie Robinson Park, The Hudson River Greenway, The Ten Mile River Playground, and the Harlem River Drive. Shopping, restaurants, cafes, and bars are within walking distance. The A/B/C/D-line subways at 145th Street are nearby, and the M3, M100, and M101 buses are within a short walk. This property is suitable for an investor or owner-landlord and is poised to generate an excellent return on investment.
Key Highlights
- Fully renovated mixed‑use townhouse in Hamilton Heights, offering immediate turn‑key return on investment.
- 4,800 sq ft of usable space with commercial, office, and duplex residential possibilities.
- Free Market building with flexibility to convert the first floor office into a second residential unit.
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
$153,000
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
7.67%
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%
$3,060,000
$3.1M
Cap Rate 7%
$2,185,714
$2.2M
Cap Rate 9%
$1,700,000
$1.7M
Market Conditions
NOI Build-Up for 4,800 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
$288.0K $60.00/SF
− Vacancy
−$43.2K −$9.00/SF
EGI
$244.8K $51.00/SF
− OpEx
−$91.8K −$19.13/SF
NOI
$153.0K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,060,000
Cap Rate 7%
$2,185,714
Cap Rate 9%
$1,700,000
Alternative Uses
Best Use
Mixed Use
$2.19M
$1.91M – $2.55M
NOI $153,000 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$11.95M
$10.45M – $13.94M
NOI $836,352 @ 7.0% cap · market cap 41.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,150
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Turn-key investment property with commercial space and residential duplex.
Where is this mixed-use property located?
The property is located at 474 W 145th St New York, NY.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Fully renovated mixed‑use townhouse in Hamilton Heights, offering immediate turn‑key return on investment.; 4,800 sq ft of usable space with commercial, office, and duplex residential possibilities.; Free Market building with flexibility to convert the first floor office into a second residential unit.
