We are pleased to highlight the sale of 580 Saint Nicholas Avenue. The subject property is a 90’ wide 6 story multi-family elevator building with 93 residential units and 1 commercial store located on West 139th Street between St. Nicholas and Edgecombe Avenues directly below City College. Of the 93 units, 14 are studios, 68 are one-bedroom and 11 are two-bedroom apartments. 89 of the units are rent stabilized and 4 are rent controlled (2 of the residences are reserved for the super and the porter). The average apartment size is 531 square feet and the average rent per net square foot is $24.49. The units are spacious, 12 are recently renovated, 12 are vacant and approximately 70% of the units are in original condition. The mechanical systems need updating as the boiler is a 1994-era #6 oil system and the electrical meters are located primarily in the units. This property is ideal for the long-term investors seeking to take advantage of MCI benefits and potential city tax credits.
Public transportation accessible less than 2 blocks away via the B and C train stop at West 135th Street and St. Nicholas Avenue and the numerous bus routes that canvas the area. 580 St. Nicholas Avenue is part of The Hamilton Portfolio. It can be purchased on an individual basis or packaged with other available properties within The Hamilton Portfolio.
