Description

Asking Price: $4,430,000

This well-maintained 5-story mixed-use walk-up is located at 172 East 112th Street in East Harlem. The property sits on an approximately 25 ft 100.92 ft lot ( 2,523 sq ft) and has a total building area of approximately 8,610 sq ft. The building consists of 20 total units, including 18 one-bedroom apartments and 2 street-level retail stores.

Property Details:

• 18 residential units: all one-bedroom apartments
• 17 rent-stabilized, 1 rent-controlled apartment (Unit 2D), currently occupied but not paying, offering immediate upside
• 2 retail stores, one currently vacant with projected rent of $2,900/month
• Utilities: most apartments have separate electric meters; retail tenants pay their own electric
• Building systems: boiler replaced approximately 2-3 years ago
• Lot size: approx. 25 ft 100.92 ft ( 2,523 sq ft)
• Building square footage: approx. 8,610 sq ft

Financial Highlights:

• Current gross income (collected): $391,200/year
• Current NOI: $229,000
• Stabilized NOI: $288,000 (including lease-up of the vacant rent-controlled apartment and vacant store)
• Asking price reflects a 6.5% cap rate on stabilized income

Investment Summary:

An excellent opportunity to acquire a Manhattan mixed-use asset with strong existing cash flow and clear upside through lease-up. Immediate upside is available by leasing the vacant rent-controlled apartment and the vacant retail store. Ideal for investors seeking a stable income-producing property with long-term value in a high-demand East Harlem location.