Listed by RIPCO Real Estate, B6 Real Estate Advisors
$17,500,000
1461-1467 St Nicholas Avenue
Details
Property Type Office, Retail
Sub Type Traditional Office
Square Footage 33,779
Units 3
Cap Rate 7.44%
NOI $1,301,993
Occupancy 100%
Tenancy Multi
Lease Expiration 07/01/2027
Price per SqFt $518
Year Built 1928
Year Renovated 1970
Buildings 1
Stories 3
Lot Size (SqFt) 7,492
Zoning R7-2, C1-4
Investment Type Stabilized
Ground Lease No
Sale Condition 1031 exchange
Retail | 7.44% CAP | 33,779 SqFt
Marketing description
1461-1467 St Nicholas Avenue (601 West 183rd Street) is a three-story, fully-occupied commercial building situated on a prominent corner in Washington Heights, Manhattan. The building comprises a single 7,492 SF lot with 33,779 above-grade gross SF, encompassing one school tenant and two ground-level retail units. The anchor tenant has occupied the building for over 50 years — a testament to institutional-quality tenancy and location. With 175' of wraparound frontage at one of Northern Manhattan's busiest intersections, the property benefits from exceptional visibility, foot traffic, and transit access.
Investment highlights
- 100% leased to three established tenants across 33,779 SF. The building has been fully occupied for decades, producing stable, predictable cash flow from day one.
- Anchor tenant occupies 30,779 SF (91%) under a government lease expiring July 2027. Tenant has been at this location for 50+ years — institutional-grade tenancy with bond-level credit quality.
- Tenants reimburse $378,631 per year in property taxes, materially boosting effective yield. Total EGI including reimbursements reaches $1,832,082, producing NOI of $1,301,993.
- 175' of wraparound frontage at the high-traffic corner of St Nicholas Avenue and West 183rd Street. Steps from the George Washington Bridge transport hub and Yeshiva University.
- The anchor tenant's lease ($36/SF) is well below market, presenting significant rent growth optionality at expiration in July 2027 — a near-term catalyst for new ownership to capture.
- Fully occupied, government-anchored asset with zero near-term leasing risk and a strong, tax-reimbursement-enhanced yield — a textbook 1031 acquisition for a patient investor.
Listing Contacts
Listed by RIPCO Real Estate, B6 Real Estate Advisors
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$1,301,993.00
$108,499.42/mo
Valuation Metrics
0
DSCR
7.44%
Cap Rate
7.44%
ROI
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