Description

All open houses are by appointment only. 273 Lenox Avenue is a mixed-use building located just off West 125th Street in the heart of Harlem, steps from the 2/3 express trains, Trader Joe’s, Whole Foods, and numerous neighborhood retailers and restaurants. Positioned within a C4-4 zoning district, the property contains approximately 3,778 square feet above grade plus a dry, high-ceiling cellar of approximately 1,082 square feet. The 17' x 75' lot is built nearly full on the ground level, maximizing commercial utility, and includes approximately 500 square feet of additional air rights. The upper two floors are configured as a renovated two-bedroom, two-bathroom duplex with high ceilings and strong natural light. The unit is currently leased at $4,800 per month through December 23, 2026. Market rent for comparable renovated duplex units in this immediate corridor is approximately $6,500 per month, indicating clear residential upside upon lease expiration. The ground-floor commercial space measures approximately 1,224 square feet and is supported by approximately 1,085 square feet of clean, high-ceiling cellar space directly below. The space has been delivered vacant and is suitable for retail, office, or owner-user occupancy. Market rent for the ground floor and cellar combined is estimated at approximately $10,000 per month. The parlor level is configured as a separate commercial office unit with two private offices and a private rear terrace, and is projected to achieve approximately $4,000 per month at market. At full stabilization using market rents of $10,000 for the ground floor and cellar, $6,500 for the residential duplex, and $4,000 for the parlor-level office, the property offers a projected gross monthly income of approximately $20,500, or $246,000 annually. 273 Lenox Avenue presents a flexible opportunity for an investor or owner-user seeking scale, multiple income streams, and prime positioning within one of Harlem’s most active commercial corridors. ...
More >