1904-1906 3 AVENUE

For Sale - Manhattan - East Harlem

$9,250,000

Net Operating Income: $467,358

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Key Details

Property Type
Mixed Use
Neighborhood
East Harlem
Property Dimensions
50.0 x 96.0
Property Area
19,615 sq.ft.
Total Units:
23
Stories:
5
NOI
$467,358
Price
$9,250,000
Price Per Unit
$402,173
Cap Rate
5.1%

Listing Description

Venture Capital Properties has been retained exclusively to arrange for the sale of Two Adjacent 5-Story Mixed-Use Buildings at 1904-1906 Third Avenue located on the northwest corner of Third Avenue and East 105th Street in East Harlem.

The combined properties consists of 20 Apartments and 3 Retail Stores in addition to a revenue-generating antenna. This strong value-add asset offers upside potential as only 50% of the units are Free Market and need renovation.

6 Units paying a Preferential Rent.

Average Rents are 30-35% below free market value.

10 Apartments are Free Market, 9 are Rent Stabilized, and 1 is Rent Controlled.

Property Details

Block/Lot:
1633/33,34
Lot Dimensions
50.0 x 100.0
Lot Area
5,042 sq.ft
Zoning:
R8A
FAR as Built:
3.94
Max FAR:
6.0
Kevin DarouvarVenture Capital Properties
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