Description

241 East 123rd Street presents the opportunity to acquire a 7-unit multifamily building in the heart of East Harlem. The property features a balanced mix of free market and rent-stabilized units, providing stable in-place income with a clear path to future growth. The current configuration offers immediate cash flow with approximately $136K in NOI, alongside the ability to increase revenue through unit turnover and rent alignment. The unit mix includes a garden-level 2-bedroom apartment with full ceiling height and private outdoor space, supporting strong rental demand. Located within an R7B zoning district, the property benefits from additional buildable potential (buyer to verify) and is positioned within an Opportunity Zone. The property benefits from excellent connectivity, located near the 4, 5, and 6 subway lines, Metro-North, and major transportation routes including the RFK and Willis Avenue Bridges. Proximity to East River Plaza and surrounding retail amenities supports strong tenant demand and long-term rental stability. Ideal for investors seeking a combination of in-place income and long-term upside.