308 EAST 109 STREET

For Sale - Manhattan - East Harlem

$14,500,000

Net Operating Income: $793,419

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Key Details

Property Type
Mixed Use
Neighborhood
East Harlem
Property Dimensions
59.0 x 68.0
Property Area
24,655 sq.ft.
Total Units:
21
Stories:
8
NOI
$793,419
Price
$14,500,000
Price Per Unit
$690,476
Cap Rate
5.5%

Listing Description

JLL has been retained on an exclusive basis to arrange for the sale of 308 East 109th Street, a 59’ wide, elevatored, mixed-use building located in the heart of East Harlem.

Completed in 2014, the 8-story property features 20 apartments and 1 street-level commercial space, currently occupied by Dear Mama Coffee. The retail space consists of approximately 1,273 rentable square feet and is achieving a monthly rent of $5,250 which equates to approximately $49/PSF. The property benefits from a 15 year 421-A tax abatement that expires in 2029 at which point all of the units will become Free Market.

Property Details

Block/Lot:
1680/148
Lot Dimensions
59.0 x 100.92
Lot Area
4,835 sq.ft
Zoning:
R7A
FAR as Built:
5.1
Max FAR:
4.0
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