20′ Wide SRO Multifamily For Sale

533 West 162nd Street, Manhattan, New York, NY, USA
Price: $1,450,000
Building Type: Multi-Family Apartment Building
Lot Sq Ft 2,000 SF
Lot Dimensions 20' x 100'
Zoning: R7-2
Residential Units: 13
Units: 13

About this property

ONE Commercial Realty Services has been retained on an exclusive basis for the sale of 533 West 162nd Street. The subject property is located on the north side of West 162nd Street between Saint Nicholas Avenue and Broadway.  Rarely available on the market, the townhouse boasts 20’ of frontage and is currently configured as a thirteen (13) unit SRO multifamily building, of which eight (8) units will be delivered vacant.  The property retains much of its original details, including woodwork from the early 20th century and fireplaces in multiple units.  The garden level apartments have access to a private backyard and, once fenced in, these tenants will enjoy an outdoor garden in the rear of the building. Once vacant, this represents an incredible opportunity for a 1-4 family conversion where an end user can live and/or collect income. Investors can increase the rents that are currently at $19.22/SF, in a market that can achieve $40/SF. 533 West 162nd Street is four blocks away from the Columbia Presbyterian Hospital, Fort Washington Park and Highbridge Park. Public transportation is easily accessible via the C local train at West 162nd Street and Saint Nicholas Avenue, the 1 local and A express train which are located at West 157th Street and Broadway, as well as the numerous bus lines that canvas the neighborhood. Shopping, restaurants and entertainment are all in close proximity as the property is one block from the Broadway retail corridor, which  is home to a variety of nationally recognized and local tenants such as TD Bank, Planet Fitness, Heights Tavern, Dallas BBQ, Coogan’s, Chipotle, Dunkin’ Donuts & Starbucks, among others. Additionally, the adjacent property at 531 West 162nd Street is for sale and is approx. 3,648 square feet.  This presents investors with the ability to purchase an assemblage totaling 39’ of frontage.  DHCRs are available upon request as are the rules/regulations surrounding owner-occupied destabilization.

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