Multifamily Property for Sale at 120 Haven Avenue

The New York Multifamily Team at Marcus & Millichap is pleased to offer the following opportunity in prime Washington Heights. 120 Haven Avenue is situated right off Riverside Drive on the corner of Haven Avenue and 172nd Street. The building spans 25,755 square feet and comprises 35 residential units. This corner walk-up building has been owned and operated by the same family for over 26 years and shall consist of six one-bedroom, 25 two-bedroom, and four three-bedroom apartments. In addition, the property has two free-market apartments that were properly stabilized through Individual apartment improvements. This offers investors a unique opportunity to acquire a legacy asset in a highly desirable submarket of Upper Manhattan, with future rental upside from a $364,182 annual preferential rent delta between actual and DHCR-registered rents. 120 Haven Avenue is conveniently located a few steps from Jay Hood Wright Park, the George Washington Bridge, and the 175th Street A Train.

• The Building: This 35‐unit walk‐up building comprises six one‐bedroom, 25 two‐bedroom, and four three‐bedroomapartments.
• The Metrics: 7.0% Cap Rate | 6.3x GRM | $157,143 Per Unit | $214 Per Sqft.
• High Average Rent & Additional Upside: With a high average rent of $2,084 per month, the building offers investors a
• steady annual cash flow of $382,993. Additionally, there is $364,182 in delta upside between the actual and legal rent, which owners can capitalize upon vacancy.
• Prime Location: 120 Haven Avenue is well located, close to Jay Hood Wright Park, the George Washington Bridge, and the 175th Street A Train