Description

- Mixed-Use Free-Market Investment Property FOR SALE in the heart of vibrant East Harlem on the Northwest Corner of East 105th Street & 2nd Avenue - 12 Residential Units above a Commercial Space (currently being occupied by a Mexican Restaurant paying over $130k/annually btwn base rent, tax contribution, and utility reimbursements) - Residential Apts. consist of 3 different layouts with 4 identical units each: studio alcove, one-bedroom, and one-bedroom with home office - Perfect time to invest in this neighborhood is now since the upcoming 2nd Avenue subway extension up to 125th Street will make this property explode & gentrify twofold - Live-In Super and carefully maintained throughout the years - Recent improvements within the last 4 years include: (1) boiler upgrades (2) roof replacement & waterproofing (3) lobby & hallway renovations (new tile floors & complete re-painting of metal pan stairs, apt entry doors, ceilings & walls) (4) new lighting (5) new kitchens, baths, & refinished oak floors inside of select units (6) new EIFS/Stucco & Waterproofing facade system on side & rear (7) brick repointing & power-washing - this building also underwent an Alteration Type I Permit in 2022 for the removal of lot line windows to make ready for new 25k buildable adjacent development site (also owned by same seller on the market and willing to do a package deal for both building & lot). Inquire with listing broker - With over $260K NOI, an asking cap rate of approx. 7%, and recent improvements done over the last 4 years this is turnkey to the new investor making it priced to sell - Setup sheet available upon request depicting gross rent roll, operating expenses, and net income - Seller also has the adjacent development site at 2047 for sale with approx. 25k buildable including air rights from this building and willing to do a package deal (further information available upon request) Listing courtesy of Compass ...
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