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    188 St Nicholas Ave New York, NY 10026

    Sponsored
    For Sale
    $9,500,000

    42-Unit Value-Add Opportunity in NYC

    Property size:
    64,058 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This seven-story, 64,058 square foot elevator building at 188 St. Nicholas Avenue, New York, NY 10026 presents a compelling value-add investment opportunity. Built in 1920, this corner property boasts 42 residential units, with approximately 33% free-market and 67% rent-regulated. The building sits on an 11,523 square foot lot (APN 1925/50) and is zoned R7A. The asking price is $9,500,000, translating to $148.30 per square foot and $226,190.48 per unit. Its prime location, just five blocks from Harlem's vibrant 125th Street retail core, offers significant upside potential. Short-term value can be realized through renovations of existing free-market units and currently vacant units. Long-term appreciation is anticipated due to the potential for increased rental income from larger units within the Harlem market. The building's corner location ensures excellent natural light and ventilation throughout. This is a rare chance to acquire a stable, cash-flowing asset with substantial growth prospects in a thriving New York City neighborhood.

    Property Features for 188 St Nicholas Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    64,058 SF

    Building Details

    Year Built
    1920
    Buildings
    1
    Stories
    7
    Units
    42

    HighLights

    • Corner building with elevator, offering excellent natural light and ventilation.
    • Located five blocks from Harlem's vibrant 125th Street retail corridor.
    • Significant value‑add opportunity through unit renovations and lease‑up of vacant space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis Gift Shop Party City Party Store Skunk Funk Wholesaler Carl's Trading Co Hat Shop Bushka's Kitchen LLC Outdoor Clothing And Equipment Shop

    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
    -73.9525956
    Latitude
    40.8063004

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    FAQs

    What type of property is this?
    Multifamily property - 42-Unit Value-Add Opportunity in NYC
    Where is this multifamily property located?
    The property is located at 188 St Nicholas Ave New York, NY.
    What is the asking price?
    The asking price for this property is $9,500,000.
    What are key features of this property?
    This property features: Corner building with elevator, offering excellent natural light and ventilation.; Located five blocks from Harlem's vibrant 125th Street retail corridor.; Significant value-add opportunity through unit renovations and lease-up of vacant space.
    Request Owner's contact information
    188 St Nicholas Ave New York, NY 10026
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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
    188 St Nicholas Ave New York, NY 10026
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