152 Sherman Avenue

Renovated Prewar Walkup Apartment Building

152 Sherman Avenue, New York, NY 10034
Asking Price $8,400,000
Type Multifamily
Neighborhood Inwood
Properties 1
Lot Size 7,500 SF
Zoning Code R7-2
Size 23,700 SF
Stories 5 Floors
Units 10
Air Rights 2,100 SF

Investment Highlights:

Meridian Investment Sales is pleased to present exclusively for sale 152 Sherman Avenue, a recently refurbished prewar walk-up apartment building containing 23,700 square feet in the flourishing Upper Manhattan neighborhood of Inwood. The well-maintained building features a total of 40 apartments consisting of 8 studios, 19 one-bedroom units, and 13 two bedroom units. With average monthly rents of approximately $1,500 and an array of unit sizes, the property offers secure and durable income just steps from local parks and public transportation. Additionally, the property offers tremendous future upside as the building possesses over $146,000 of annual preferential rents.

Containing a total of 125 rooms, 152 Sherman Avenue is currently 97% rent stabilized. Current ownership has substantially improved the property in recent years including significant façade improvements, roof renovations, and boiler enhancements. Complementing the renovations, a significant amount of the building’s units have recently undergone renovations, increasing the property’s desirability in an ever-growing area.

152 Sherman Avenue present investors with the opportunity to acquire a stabilized, cash-flowing asset in a prime neighborhood anchored by a plethora of parks and public transportation. The diverse residential enclave of Inwood has enjoyed significantly increased demand in recent years from families, students, and young professionals, given its relative affordability and abundance of mass transportation options. Even more, the historic Fort Tryon and Inwood Hill Park, feature barbecuing areas, basketball courts, baseball fields, eateries, handball courts, canoe/kayaking, roller hockey, playgrounds, marinas, soccer fields, and tennis courts. Potential investors have the opportunity to acquire a cash-flowing asset of scale in one of New York City’s fastest growing residential areas.

Location:

Academy Street and West 204th Street

Property Listing Contact:

Amit Doshi // Senior Executive Managing Director // 800 3rd Ave., New York, NY // 212.468.5959 // adoshi@meridiancapital.com

Shallini B. Mehra // Managing Director // 800 3rd Ave., New York, NY // 212.468.5958 // smehra@meridiancapital.com

Jonathan Shainberg // Director // 800 3rd Ave., New York, NY // 212.468.5957 // jshainberg@meridiancapital.com