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Listing Courtesy of Douglas Elliman Real Estate
$ 4,430,000
Est. payment | /mo
18 Beds
18 Baths
$ 4,430,000
Est. payment | /mo
18 Beds
18 Baths
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Subdivision East Harlem
MLS Listing ID RLS20067855
Style Walk-Up
Bedrooms 18
Full Baths 18
HOA Fees $13,510/mo
HOA Y/N Yes
Year Built 1910
Property Sub-Type Apartment
Property 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.
Location
State NY
County New York
Rooms
Basement Other
Interior
Fireplace No
Appliance Washer Dryer Allowed
Laundry Building None
Exterior
Exterior Feature None
View Y/N Yes
View City
Porch None
Private Pool No
Building
Story 5
New Construction No
Others
Tax ID 1639-0042
Ownership Rental Building
Monthly Total Fees $13, 510
Special Listing Condition Standard
Pets Allowed Building Yes, No
RLS Data display by WJFNY