7 Beds
7 Baths
7 Beds
7 Baths
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
241 East 123rd Street is a seven-unit multifamily building between Second and Third Avenues in East Harlem. At the revised asking price, the property is offered at approximately $342,143 per unit. Stated annual NOI of $136,763 equates to a 5.71% in-place cap rate. Illustrative projected NOI of approximately $165,000 equates to a 6.89% projected cap rate, subject to leasing assumptions, legally permissible rent changes and operating expenses.
The building contains a mix of free-market and rent-stabilized apartments, including a garden-level two-bedroom with full-height ceilings and private outdoor space. For buyers considering owner occupancy, Unit 6 is currently occupied by a member of the owner's family. Potential vacant delivery of that apartment can be discussed, giving a buyer the option to explore living on-site while retaining rental income from the remaining apartments.
The existing mortgage may be assumable, subject to lender approval and purchaser qualification. The rate is fixed at 4.40% through July 2030, adjusts thereafter and matures in July 2050. The property is in an R7B zoning district and a designated Opportunity Zone. Potential additional zoning floor area is subject to independent verification.
The building is near the 4, 5 and 6 trains at 125th Street, Metro-North's Harlem–125th Street station, East River Plaza and major transportation corridors including the FDR Drive. The MTA's Second Avenue Subway Phase 2 will bring future Q service to 125th Street and Lexington Avenue.
Contact Liam Killie for the offering memorandum, rent roll, operating figures and financing summary, or to arrange a private showing.
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
Nearby Locations
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