7 Units Multi Family in East Harlem, NY

(Existing building + Vacant Lot)

 

-Property type:  Multifamily

-Terms : For Sale

-Price :  $3,100,000.00

-City   :    Harlem, NY

-Year built (if applicable) :

-Construction type (if applicable) :

-Lot size :  5,046 SF

-Additional features :

          – 7 current + (new building will add another 7 units) = 14

  • Vacant Lot; Walk-Up Building
  • No. of Properties: 3
  • Bldg Size: 4,730 SF (Approx)
  • No. of Units: 7
  • Lot Size: 5,046 SF (Approx)
  • Buildable SF: 10,092 SF (Approx) • Zoning Code: R7B/ R7X / C1-5 • FAR: 3.0 • Verified: 4/17/2017

Investment Highlights

  • A contiguous 7-unit multifamily walk-up building and 32’ wide vacant lot, located on  East Harlem.
  • Four (4) story building spanning approximately 4,730 gross square feet. The property contains seven (7) residential units, all of which are rent stabilized. The unit mix consists of six (6) one-bedroom apartments and one (1) floor-through, four-bedroom apartment. Average rents for the building are currently operating at $20 per square foot, well below the area average.
  • A 32’ wide vacant lot zoned R7B (3.0 FAR), permitting approximately 10,092 buildable square feet (as of-right) for residential development. The site offers investors the opportunity to capitalize on a growing rental and condo market.
  • The properties are located in the rapidly expanding neighborhood of East Harlem where notable developments. The properties also enjoy easy access to lower Manhattan and the outer boroughs via the 6 train just three blocks west at Lexington Avenue and East 116th Street.

      -Financial summary    

Purchase :

Acquisitions                                                               $3,100,000 .00

new const + expenses                                              $6,200,000.00

________________________________________

 

Projected Selling Price:                                       $12,390,000.00

 

           Potential Net Profit            

 $3,090,000.00

      – Why is this a great deal?

               – High ROI, Great Cash Flow, demanding market.