Massey Knakal Sells Multifamily Building In Marble Hill
An apartment building at 36 Marble Hill Avenue, located between West 225th and West 228th Streetsin Manhattan’s Marble Hill neighborhood, was sold in an all-cash transaction valued at $1,125,000.
The four-story, walk-up building contains approximately 10,310 square feet and sits on a 30’ x 100’ lot. It consists of five rent stabilized apartments and four free market apartments. All of the units are three-bedroom, with the exception of the basement apartment, which is a two-bedroom unit that comes with its own private backyard. The average unit size of approximately 975 square feet. The building was recently pointed and has undergone electrical upgrades including individual meters for electric and gas.The sale price equates to approximately $125,000 per unit.
This property is centrally located just one block from Marble Hill Metro North train stop and only two blocks from the 1 train stop at West 225th Street. The newly constructed River Plaza shopping center, which is a short walk away offers tenants a variety of retail stores and restaurants such as Target, Marshalls, Planet Fitness, Applebee’s, and Starbucks.
“The Marble Hill neighborhood continues to remain a highly desirable neighborhood where investors are able to achieve solid rent growth and steady revenue streams.” said Massey Knakal First Vice President of Sales Robert M. Shapiro, who exclusively handled this transaction with Associate Daniel Maurer.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.