This townhouse offers an excellent return on investment, with low monthly expenses, including taxes just over $1,200 and owner expenses under $1,500. Whether you're an experienced investor looking to expand your portfolio or a newcomer to the market, this property provides steady rental income and plenty of upside potential. The building is also equipped with unused FAR, adding an extra layer of future development possibilities for the savvy investor.
Located in the heart of Washington Heights, 867 Riverside Drive is perfectly situated in one of Manhattan's most vibrant and sought-after neighborhoods. The area offers a unique mix of historic charm and modern amenities, with a wide variety of dining, shopping, and cultural experiences just a short walk away. In addition, residents have easy access to public transportation, local parks, and the scenic Hudson River waterfront, making this location ideal for both living and investing. This combination of convenience, charm, and potential makes 867 Riverside Drive a truly exceptional opportunity in a prime Manhattan location.
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.