35
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Listing Courtesy of Compass
$2,350,000
Est. payment /mo
12 Beds
14 Baths
5,795 SqFt
New
1672 Park Avenue Manhattan, NY 10035
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,795 sqft
Price per Sqft $405
Subdivision Harlem
MLS Listing ID RLS20034866
Style Walk-Up
Bedrooms 12
HOA Fees $1,195/mo
HOA Y/N Yes
Year Built 1910
Annual Tax Amount $65,568
Property Sub-Type Multi Family
Property Description
This charming and well-maintained pre-war building offers a rare investment opportunity in one of New York City's most vibrant neighborhoods. Situated in East Harlem, 1672 Park Avenue is a solid 12-unit, four-story red-brick walk-up building that is fully occupied with no rent-controlled or rent-stabilized units.
The building features a diverse mix of apartments, including 4 mini lofts studios, 4 one-bedroom units, 2 two-bedroom/one-bath apartments, and 2 two-bedroom/two-bath apartments. Apartment sizes range from 350 to 900 square feet, providing a variety of options for tenants. With all 12 units currently below market rent and 10 expired leases, this property offers immediate significant upside potential investor through rent increases to market rate.
The building generates an annual income of $289,884.00 with a projected annual income of $385,800 once rents are adjusted. Additionally, the ground-floor apartment (1B) offers flexibility, as it is zoned for both commercial/retail and residential use, providing potential for future value-added opportunities. This approximately 900-square-foot space can be delivered vacant, making it an attractive prospect for either commercial or residential conversion.
Located walking distance of multiple parks, including Marcus Garvey Park, Dana Discovery Center, and Thomas Jefferson Park, this building is ideally situated to capitalize on the area's growing demand. The property is also a short distance from the bustling shopping and entertainment district on 125th Street. Notably, this property has historical significance, having been featured in the 1993 film Carlito's Way starring Al Pacino. East Harlem continues to emerge as one of New York City's hottest neighborhoods, making this a prime investment opportunity.
Subway Access:
6 at Lexington Ave & 116th St 0.15 miles, 4-minute. 4, 5, 6 at Lexington Ave & 125th St 0.36 miles, 6-minute. 2, 3 at Lenox Ave & 116th St 0.37 miles, 7-minute.
Recent Improvements:
New water heater – Few months
Boiler 8-years old
New roof layer 4-year old
Brick repointed 4-year old
Windows re-caulked 4-year old
Property is currently 90% occupied offering investors a cash flowing turnkey asset currently yield 6.4% cap rate.
Financial Overview:
Income: $289,884(Annual)
Operating Expenses: $138,460 (Annual)
Net Operating Income: $151,424 (Annual)
The building features a diverse mix of apartments, including 4 mini lofts studios, 4 one-bedroom units, 2 two-bedroom/one-bath apartments, and 2 two-bedroom/two-bath apartments. Apartment sizes range from 350 to 900 square feet, providing a variety of options for tenants. With all 12 units currently below market rent and 10 expired leases, this property offers immediate significant upside potential investor through rent increases to market rate.
The building generates an annual income of $289,884.00 with a projected annual income of $385,800 once rents are adjusted. Additionally, the ground-floor apartment (1B) offers flexibility, as it is zoned for both commercial/retail and residential use, providing potential for future value-added opportunities. This approximately 900-square-foot space can be delivered vacant, making it an attractive prospect for either commercial or residential conversion.
Located walking distance of multiple parks, including Marcus Garvey Park, Dana Discovery Center, and Thomas Jefferson Park, this building is ideally situated to capitalize on the area's growing demand. The property is also a short distance from the bustling shopping and entertainment district on 125th Street. Notably, this property has historical significance, having been featured in the 1993 film Carlito's Way starring Al Pacino. East Harlem continues to emerge as one of New York City's hottest neighborhoods, making this a prime investment opportunity.
Subway Access:
6 at Lexington Ave & 116th St 0.15 miles, 4-minute. 4, 5, 6 at Lexington Ave & 125th St 0.36 miles, 6-minute. 2, 3 at Lenox Ave & 116th St 0.37 miles, 7-minute.
Recent Improvements:
New water heater – Few months
Boiler 8-years old
New roof layer 4-year old
Brick repointed 4-year old
Windows re-caulked 4-year old
Property is currently 90% occupied offering investors a cash flowing turnkey asset currently yield 6.4% cap rate.
Financial Overview:
Income: $289,884(Annual)
Operating Expenses: $138,460 (Annual)
Net Operating Income: $151,424 (Annual)
Location
State NY
County New York
Rooms
Basement Full
Interior
Interior Features High Ceilings, Recessed Lighting
Flooring Hardwood
Equipment Intercom
Furnishings Unfurnished
Fireplace No
Laundry See Remarks
Exterior
View Y/N No
Private Pool No
Building
Story 4
New Construction No
Others
Ownership None
Monthly Total Fees $6, 659
Pets Allowed Building No, No
RLS Data display by New York (LondonFosterNY.com)