Listed by Marcus & Millichap - NYM Group, Marcus & Millichap - Atlanta
$8,500,000
237 West 72nd Street
Details
APN 1164/17
Property Type Multifamily, Mixed Use
Sub Type Apartment Building
Square Footage 8,440
Units 6
Cap Rate 6.00%
NOI $510,000
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 6.40%
Price per SqFt $1,007
Class A
Year Built 1900
Buildings 1
Lot Size (SqFt) 2,350
Zoning C4-6A / R10A
Investment Type Stabilized
Ground Lease No
Multifamily | 6 Units | $416,667/unit
Marketing description
The New York Multifamily team is pleased to offer the following opportunity located in the heart of the Lincoln Square/Upper West Side neighborhood. 237 West 72nd Street is located on the north side of West 72nd Street between Broadway and West End Avenue. The property boasts an approximate gross square footage of 8,440, is zoned C4-6A / R10A, and is built 23 ft x 94 ft on a 23 ft x 102.17 ft lot (Block: 1164; Lot: 17).
Investment highlights
- 100% Free Market Asset: 237 West 72nd Street is among the rarest of offerings on the Upper West Side, a fully free market residential building with zero regulatory overhang, providing any investor with uncapped upside through lease renewals, mark-to-market rents, and unit turnover. In one of Manhattan's most supply-constrained and high-demand corridors, free market status translates directly into maximum operational flexibility and long-term income growth.
- Finished Product with Condo-Level Finishes: Ownership has completed a comprehensive renovation, delivering a true turnkey asset that requires no capital outlay from day one. The apartments have been meticulously redesigned with condo-quality finishes throughout, featuring new kitchens, bathrooms, hardwood flooring, and modern fixtures, positioning each unit to command top-of-market rents and attract the caliber of tenants this neighborhood consistently draws. Upgraded common areas, building systems, and façade further reinforce the institutional quality of this offering. A new owner steps in with nothing left to do but collect and benefit consistent year over year rental growth.
- Protected Tax Class 2A: The property benefits from the highly coveted Tax Class 2A designation, one of the friendliest tax classification available in New York City. Under this structure, real estate taxes are capped at a maximum annual increase of 8% and no more than 30% over any given five-year period, providing exceptional expense predictability and meaningful downside protection in a rising tax environment.
- Creditworthy Retail Tenancy – Institutional-Grade Operator: The ground floor commercial space is occupied by RSM, a premier test preparation and academic tutoring organization with locations throughout the country. RSM operates a high-revenue, cash-generative business model with an exceptionally loyal and affluent customer base, generating financials that reflect an institutional-grade tenancy rarely found in a mixed-use asset of this size.
- Prime Upper West Side Location: 237 West 72nd Street sits on one of the Upper West Side's most iconic and heavily trafficked residential corridors, steps from the cultural, retail, and lifestyle amenities that define the neighborhood. With immediate access to Central Park, Lincoln Center, Riverside Park, and a deep concentration of premier dining and retail along Broadway and Amsterdam Avenue, the property occupies an irreplaceable position in Manhattan's most established and supply-constrained submarket. With seamless access to the 1/2/3 subway lines and neighborhood conveniences at every turn, high-profile renters continue to pay a premium for the lifestyle, accessibility, and long-term desirability the Upper West Side offers. Any purchaser or investor will benefit from this irreplaceable location for generations to come.
Listing Contacts
Listed by Marcus & Millichap - NYM Group, Marcus & Millichap - Atlanta
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$510,000.00
$42,500.00/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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