764 Saint Nicholas Ave New York, NY 10031

Property Details for 764 Saint Nicholas Ave

Year built

1890

Property size

2,431 SF

Property type

Small apartment buildings

Description

This exceptional 2,431 square foot duplex commercial condominium, located at 764 Saint Nicholas Avenue, #C1/C2 in New York City's Hamilton Heights/Sugar Hill Historic District, presents a compelling investment opportunity. The property, built in 1890 and renovated in 2008, boasts two units currently vacant and available for occupancy starting November 15, 2023. With a permitted commercial zoning, the property offers flexibility for various uses, including office, medical, retail, or daycare. The asking price is $649,000, translating to a price per square foot of $266.97 and a price per unit of $324,500. The property features central HVAC and updated electrical, plumbing, water, drain, and sprinkler systems. Low monthly common charges of $933 and taxes of $663 contribute to a strong pro-forma NOI of $56,207 and a pro-forma cap rate of 8.66%. The property also includes private access to a 1,000 square foot backyard and access to a shared roof deck. Its convenient location near the 145th Street A/B/C/D express subway station and Jackie Robinson Park adds to its appeal. Architectural plans for potential residential conversion are available. This property is ideal for an owner-user or investor seeking a high-return investment in a desirable neighborhood. The lot size is 2,500 square feet.