Updated 7 years ago
Off Market
576 West 183rd Street
Washington Heights, Manhattan | Wadsworth Ave & Broadway
6 Rooms6 Beds6 Baths2,340 Square FeetMixed Use
$2,750,000
floors / apts4 / 8
Lot Size15'x104'
ZoneR7-2
Building TypeTownhouse
RE Taxes$7,945
Price Per SF
$1,175
Outdoor space and views
- Backyard
Building Amenities
- Voice Intercom
- Garden
Property Description for 576 West 183rd Street
Unique multi-family opportunity in prime Washington Heights in the center of a continually evolving neighborhood! This 2340 SF (not including the basement) three-story Class A building is comprised of six units and one community facility, store or restaurant (still to be converted) with all but two apartments vacant at this time. Available FAR of 5415 SF, with 3075 SF as yet unused. Annual costs include real estate taxes of $7944, insurance of $4200, and $1200 in utilities, totaling approximately $13,500. Currently classified as rent-stabilized, the owner is going through the process to deregulating the building based on improvements, so apartments should be able to be rented at free-market rates in the future.
The property, built in 1900 and renovated/upgraded multiple times since 2000, has been very well-maintained, with new heating appliances in each studio and updated roof, plus all new plumbing throughout the building. Each unit has their own hot water tank & heating system.
Additionally, there is new electric wiring throughout the property and each studio, including the community facility space, has their own independent electric meter, so all tenants pay their own heat and hot water. The lot is 15' x 105' with the build 15' x 52' and a back garden of approximately 795 SF.
There are two studios on each floor, and all apartments are approximately the same size, just under 300 SF, with kitchenettes and recently renovated bathrooms. The community facility/store/restaurant has direct access to the backyard garden plus a full dry basement with high ceilings, which is perfect for storage. More details and appointments to view available upon request by serious buyers only.
Conveniently located within a couple of blocks from the 181st Street A and 1 subways and other major transportation facilities, Yeshiva University and other local elementary and junior high schools, as well as local supermarkets, fine restaurants and all variety of shops.
This is rare indeed, to find a Class-A property with a potential cap rate over 3% in Manhattan, especially one in such excellent condition that offers substantial sustainable income while maintaining very low expenses!
The property, built in 1900 and renovated/upgraded multiple times since 2000, has been very well-maintained, with new heating appliances in each studio and updated roof, plus all new plumbing throughout the building. Each unit has their own hot water tank & heating system.
Additionally, there is new electric wiring throughout the property and each studio, including the community facility space, has their own independent electric meter, so all tenants pay their own heat and hot water. The lot is 15' x 105' with the build 15' x 52' and a back garden of approximately 795 SF.
There are two studios on each floor, and all apartments are approximately the same size, just under 300 SF, with kitchenettes and recently renovated bathrooms. The community facility/store/restaurant has direct access to the backyard garden plus a full dry basement with high ceilings, which is perfect for storage. More details and appointments to view available upon request by serious buyers only.
Conveniently located within a couple of blocks from the 181st Street A and 1 subways and other major transportation facilities, Yeshiva University and other local elementary and junior high schools, as well as local supermarkets, fine restaurants and all variety of shops.
This is rare indeed, to find a Class-A property with a potential cap rate over 3% in Manhattan, especially one in such excellent condition that offers substantial sustainable income while maintaining very low expenses!
Listing History for 576 West 183rd Street
Now
09/01/2019
POM by Tracie Hamersley
Douglas Elliman
06/03/2019
Expired by Tracie Hamersley
Douglas Elliman
Building Details for 576 West 183rd Street
OwnershipMixed Use
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1900
Floors/Apts4/8
Transit and Citi Bike
Subway
181 St
0.07 miles
181 St
0.3 miles
191 St
0.39 miles
175 St
0.42 miles
Citi Bike
Amsterdam Ave & W 183 St
0.14 miles
W 186 St & St Nicholas Ave
0.16 miles
Washington Heights | Manhattan
Quick Profile
Washington Heights, a hilly neighborhood on Manhattan’s northern tip known for its affordable apartments, preserved pre-war buildings, and Dominican food. Some would argue that it's a hidden gem and one of Manhattan's last neighborhoods that has retained its culture. The large swath of land is bordered by Inwood to the north along Dyckman Street, by Harlem to the South along 155th Street, by the Harlem River to the east, and the Hudson River to the West. It is the highest natural point on the Island of Manhattan.
Despite its high residential density, Washington Heights and Inwood have not seen modern housing construction in more than a decade other than relatively small housing units. Midtown Manhattan, Battery Park, TriBeCa, Chelsea, and Hell’s Kitchen, on the other hand, have seen an increase in building. Most of the high rise construction belongs to hospitals such as New York Presbyterian, Columbia University Medical Center, and educational institutions like Yeshiva University and Boricua College.
Washington Heights has access to amazing green spaces like The Cloisters, Fort Washington Park, Highbridge Park and Fort Tryon Park. There is no shortage of historical landmarks either. Remember General George Washington set up his camp in Washington Heights during the Revolutionary War. He used the elevated neighborhood to his tactical advantage to spot the Redcoats. As history would have it, his plan didn’t work out so well and the British occupied New York for seven years.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 71503TH
Find home. Discover happiness.