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    453 162Nd St New York, NY 10032

    Sponsored
    For Sale
    $1,399,000

    Prime Location, Redevelopment Opportunity

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    Exceptional redevelopment opportunity in Washington Heights, Manhattan, presents a 9,224 sq ft buildable lot (as of right) zoned R7-2. Proposed plans include a twelve-unit elevator building with eleven two-bedroom and one one-bedroom apartment. This vacant lot is situated in an Opportunity Zone, offering significant tax advantages. The property enjoys excellent connectivity, being a short walk from the C train line and the A, C trains at 155th Street. Nearby amenities include a supermarket, library, City Drug & Surgical, and various restaurants and banks. Its proximity to the Morris-Jumel Mansion and Columbia University further enhances its appeal. The lot is adjacent to the Morris-Jumel Community Garden, ensuring abundant natural light and ventilation. This location offers investors a compelling combination of development potential, prime location, and strong rental demand. The asking price is $1,399,000. The lot size is 2,306 square feet. This is a truly unique opportunity for a savvy investor seeking a high-return project in a rapidly appreciating neighborhood.

    Property Features for 453 162Nd St

    General Information

    Property type
    Multifamily properties

    Building Details

    Buildings
    1

    HighLights

    • 9,224 sq ft buildable lot, approved plans for a 12‑unit multifamily building (11 two‑bedroom, 1 one‑bedroom).
    • Prime Washington Heights location, 2‑minute walk to Morris‑Jumel Mansion, 0.5 miles from Columbia University.
    • Excellent development opportunity near amenities including supermarket, library, and community garden, ensuring natural light and ventilation.
    • Half block from C train at West 163rd Street & St. Nicholas Ave, and near A/C trains at 155th St.
    • Convenient access to library, pharmacy, supermarkets (Super Foodtown, C Town), gym (Planet Fitness), bank (TD Bank), and restaurants (McDonald's, Dunkin').
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.939274243814
    Latitude
    40.835516777379

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    FAQs

    What type of property is this?
    Multifamily property - Prime Location, Redevelopment Opportunity
    Where is this multifamily property located?
    The property is located at 453 162Nd St New York, NY.
    What is the asking price?
    The asking price for this property is $1,399,000.
    What are key features of this property?
    This property features: 9,224 sq ft buildable lot, approved plans for a 12-unit multifamily building (11 two-bedroom, 1 one-bedroom).; Prime Washington Heights location, 2-minute walk to Morris-Jumel Mansion, 0.5 miles from Columbia University.; Excellent development opportunity near amenities including supermarket, library, and community garden, ensuring natural light and ventilation.
    Request Owner's contact information
    453 162Nd St New York, NY 10032
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    New York, NY 10032
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    453 162Nd St New York, NY 10032
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