1461 St Nicholas Ave, New York, NY, USA

Washington Heights, Manhattan

NW corner of St Nicholas Avenue and W 183rd Street

Google Map

Asking Price

$17,500,000

Frontage

175' wraparound

Capitalization Rate

7.44%

Net Operating Income

$1,301,993

Fully Occupied · Cash Flowing
100% leased to three established tenants across 33,779 SF. The building has been fully occupied for decades, producing stable, predictable cash flow from day one.
Government-Backed Anchor Tenant
Anchor tenant occupies 30,779 SF (91%) under a government lease expiring July 2027. Tenant has been at this location for 50+ years - institutional-grade tenancy with bond-level credit quality.
Tax Reimbursements Boost Yield
Tenants reimburse $378,631 per year in property taxes, materially boosting effective yield. Total EGI including reimbursements reaches $1,832,082, producing NOI of $1,301,993.
Prime Washington Heights Corner
175' of wraparound frontage at the high-traffic corner of St Nicholas Avenue and West 183rd Street. Steps from the George Washington Bridge transport hub and Yeshiva University.
Mark-to-Market Rent Upside
The anchor tenant's lease ($36/SF) is well below market, presenting significant rent growth optionality at expiration in July 2027 — a near-term catalyst for new ownership to capture.
Ideal 1031 Exchange Vehicle
Fully occupied, government-anchored asset with zero near-term leasing risk and a strong, tax-reimbursement-enhanced yield creating a textbook 1031 acquisition for a patient investor.