8-Unit Value-Add Multifamily
For Sale
Contact for pricing
91 W 119th St, New York, NY 10026
Built in 1909, this 8-unit multifamily property includes additional buildable area subject to approvals.
Property Size4,620 SF
Lot Size0.04 Acres
Price / SF$476.19
Days on Market168
Property Features for 91 W 119th St
General Information
Standard status
Active
Size
4,620 SF
Lot size
0.04 Acres
Property subtype
Multifamily
Zoning
R7-2 / C1-4
Net Operating Income
$152,000
Additional Details
Multifamily Units
8
Building Details
Year Built
1909
Stories
4
Construction
masonry
Tenancy
Multi
Listing Agency:
Wingate Advisors
Listed By:
Ariel Ben Ezra · License #10311210512
Source:
Crexi
Added: Feb 23
Changed: Aug 8
Last Checked: Aug 10 at 11:59AM
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.
91 W 119th St is an 8-unit multifamily building built in 1909. The property consists of a classic masonry structure with existing residential space of 4,620 SF. The site includes an additional buildable area of approximately 1,635 SF, which is subject to applicable approvals.
Located in the Mount Morris Park Historic District in Central Harlem, the building is positioned in a rental submarket and benefits from the area’s historic and architectural character. The property’s lot size is 1,817 SF (18’ x 100.92’).
The property is listed with zoning of R7-2 / C1-4, and the current FAR is 2.54 with a residential FAR of 3.44 (with the additional buildable area contingent on approvals). Tax class is 2B. Financials and further due diligence materials are available upon request.
Located in the Mount Morris Park Historic District in Central Harlem, the building is positioned in a rental submarket and benefits from the area’s historic and architectural character. The property’s lot size is 1,817 SF (18’ x 100.92’).
The property is listed with zoning of R7-2 / C1-4, and the current FAR is 2.54 with a residential FAR of 3.44 (with the additional buildable area contingent on approvals). Tax class is 2B. Financials and further due diligence materials are available upon request.
Key Highlights
- 8‑unit multifamily building built in 1909 in the Mount Morris Park Historic District (Central Harlem, Manhattan)
- Existing building totals 4,620 SF on a 1,817 SF lot (18' x 100.92')
- Zoning R7‑2 / C1‑4 with current FAR 2.54 and residential FAR 3.44
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
$144,547
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
6.57%
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%
$2,890,940
$2.9M
Cap Rate 7%
$2,064,957
$2.1M
Cap Rate 9%
$1,606,078
$1.6M
Market Conditions
NOI Build-Up for 4,620 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
$276.6K $59.88/SF
− Vacancy
−$13.8K −$2.99/SF
EGI
$262.8K $56.89/SF
− OpEx
−$118.3K −$25.60/SF
NOI
$144.5K $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%
$2,890,940
Cap Rate 7%
$2,064,957
Cap Rate 9%
$1,606,078
Alternative Uses
Best Use
Apartment 5plus
$2.06M
$1.81M – $2.41M
NOI $144,547 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$11.50M
$10.06M – $13.42M
NOI $804,989 @ 7.0% cap · market cap 36.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,671
Businesses Nearby
Explore this area
Business Placement
Demographics for 10026, NY
35,644
Population
17,648
Households
2
Avg Household Size
37
Median Age
54%
College-Educated
90%
High-School Grad
0.4 sq mi
ZIP Area
89,110
Density / Sq Mi
$74,140
Median Household Income
$56,919
Median Earnings
$1,546
Median Rent
$1,014,100
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 - Built in 1909, this 8-unit multifamily property includes additional buildable area subject to approvals.
Where is this apartment building located?
The property is located at 91 W 119th St New York, NY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 8‑unit multifamily building built in 1909 in the Mount Morris Park Historic District (Central Harlem, Manhattan); Existing building totals 4,620 SF on a 1,817 SF lot (18' x 100.92'); Zoning R7‑2 / C1‑4 with current FAR 2.54 and residential FAR 3.44
