Multifamily Property at 515 West 170th Street Listed by New York Multifamily Team

The New York Multifamily Team at Marcus & Millichap is pleased to present the following opportunity in the heart of Washington Heights. 515 West 170th Street is an ideally positioned walk-up composed of 35 apartments, including 12 one- bedroom units, 18 two-bedroom units, and 5 three-bedroom apartments. 10 of these units have been deregulated through individual apartment improvements, achieving an average monthly rent of $2,238, and providing investors with both immediate and long-term upside. Situated between Audubon and Amsterdam Avenue, the asset spans 29,250 square feet and provides investors with both immediate and long-term upside. 515 West 170th Street has been meticulously maintained by the same family for nearly 25 years. This building is in close proximity to New York-Presbyterian / Columbia University Medical Center, Audubon Playground, P.S. 513 Castle Bridge School, and the 168th Street A & C train.

The Opportunity

• Free Market Component: 29% of apartments in this asset have been destabilized through IAI’s providing investors with both immediate   and long- term upside. The 10 free market units have an average monthly rent of $2,238.

• The Metrics: 5.4x GRM | $111,429per Unit | $133 per Square Foot

• Prime Location: 515 West 170th Street is conveniently located near New York- Presbyterian / Columbia University Medical Center,  Audubon Playground, P.S. 513 Castle Bridge School, and the 168th Street A & C train.