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,… Read More 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. Read Less
Listing Courtesy of: Liam Killie, Daniel Gale of Brooklyn LLC
Listing Snapshot
Days Online
88
Last Updated
Property Type
MultiFamily
Beds
7
Full Baths
7
Square Ft.
3,600
Lot Size
0.05 Acres
Year Built
1910
MLS Number
RLS20087967
Additional Details
Basement
Basement YN: t
Building
Living Area Units: SquareFeet, Rooms Total: 31, Structure Type: MultiFamily, Townhouse
Information herein is deemed reliable but not guaranteed and is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. RLS Data display by Coldwell Banker Warburg. If you have any questions regarding the accuracy of this data, please contact us at [email protected]. Data updated:
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