422 St Nicholas Ave New York, NY 10027

Property Details for 422 St Nicholas Ave

Year built

1932

Property size

13,326 SF

Property type

Apartment buildings

Description

This exceptional 10-unit apartment building at 422 St. Nicholas Avenue in Manhattan presents a compelling investment opportunity. Boasting 13,326 square feet on a 2,765 square foot lot, this well-maintained property offers a strong 7.17% cap rate and a net operating income (NOI) of $358,349. Built in 1932 and extensively renovated in 2018, the five-story building features a desirable mix of units: eight free-market apartments and two rent-controlled units, providing value-add potential. The building is currently 100% occupied. Recent upgrades include a new roof, boiler, and renovated common areas. Residents enjoy a common rear yard and basement laundry facilities. The property also includes underutilized basement space, offering potential for additional income-generating amenities or tenant storage. Located in a prime Manhattan location, it's just across from St. Nicholas Park and a short walk to the 135th and 125th Street subway stations (A, B, C, & D trains), providing easy access to public transportation. The vibrant 125th Street retail hub, with stores like Trader Joe's, Marshalls, and the Apollo Theater, is also within easy reach. The building utilizes a gas-fired boiler for heating and individual electric meters. The property is zoned R8. This is a rare opportunity to acquire a well-positioned, high-performing multifamily asset in a rapidly appreciating market. The asking price is $5,000,000, with a price per unit of $500,000 and a price per square foot of $375.21. The net rentable square footage is 11,000 square feet.