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Listing Courtesy of Daniel Gale of Brooklyn LLC
$ 2,549,000
Est. payment /mo
Active
241 E 123rd Street #1-7 Manhattan, NY 10035
7 Beds
7 Baths
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Subdivision East Harlem
MLS Listing ID RLS20087967
Bedrooms 7
Full Baths 7
HOA Y/N Yes
Year Built 1910
Annual Tax Amount $10,490
Property Sub-Type Multi Family
Property Description
PRICE IMPROVEMENT – NOW OFFERED AT $2,549,000.
241 East 123rd Street presents the opportunity to acquire a 7-unit multifamily building in the heart of East Harlem at a 5.4% in-place cap rate with projected returns approaching 6.5%. The property features a balanced mix of 4 free-market and 3 rent-stabilized units, providing stable cash flow today with a clear path to future income growth.
The asset currently generates approximately $136K in NOI and offers multiple opportunities to increase revenue through unit turnover, rent optimization, and operational improvements. Unit 6 is currently owner occupied and Unit 2 is occupied without a formal lease, creating additional avenues for future value creation. The unit mix includes a desirable 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 FAR (buyer to verify), Opportunity Zone designation, and potential assumable financing (subject to lender approval).
Conveniently located near the 4, 5, and 6 subway lines, Metro-North, East River Plaza, and major transportation corridors, the property is well-positioned to benefit from continued neighborhood growth and strong tenant demand.
An attractive value-add investment opportunity offering immediate income, long-term appreciation potential, and multiple paths to future NOI growth.
241 East 123rd Street presents the opportunity to acquire a 7-unit multifamily building in the heart of East Harlem at a 5.4% in-place cap rate with projected returns approaching 6.5%. The property features a balanced mix of 4 free-market and 3 rent-stabilized units, providing stable cash flow today with a clear path to future income growth.
The asset currently generates approximately $136K in NOI and offers multiple opportunities to increase revenue through unit turnover, rent optimization, and operational improvements. Unit 6 is currently owner occupied and Unit 2 is occupied without a formal lease, creating additional avenues for future value creation. The unit mix includes a desirable 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 FAR (buyer to verify), Opportunity Zone designation, and potential assumable financing (subject to lender approval).
Conveniently located near the 4, 5, and 6 subway lines, Metro-North, East River Plaza, and major transportation corridors, the property is well-positioned to benefit from continued neighborhood growth and strong tenant demand.
An attractive value-add investment opportunity offering immediate income, long-term appreciation potential, and multiple paths to future NOI growth.
Location
Rooms
Basement Partially Finished
Interior
Heating Oil
Equipment Call Listing Agent
Fireplace No
Laundry Building None, None
Exterior
Present Use Investment,Multi-Family,Residential,Single Family
Private Pool No
Building
Dwelling Type Multi Family,Townhouse
Story 3
New Construction No
Others
Pets Allowed Pets Allowed
Tax ID 1788-0017
Ownership None
Monthly Total Fees $874
Pets Allowed Building Yes, Yes
RLS Data display by BēKin
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