419 EAST 117 STREET

For Sale - Manhattan - East Harlem

$4,500,000

Net Operating Income: Contact Agent

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Key Details

Property Type
MultiFamily
Neighborhood
East Harlem
Property Dimensions
18.0 x 59.0
Property Area
5,655 sq.ft.
Total Units:
8
Stories:
6
NOI
Contact Agent
Price
$4,500,000

Listing Description

Avison Young has been engaged by ownership as the exclusive agent to sell 419 East 117th Street in the East Harlem neighborhood of Manhattan. Located on the north side of East 117th Street between Pleasant Avenue and First Avenue, the property features eight residential apartments across 6,440± gross square feet.

The property, which was renovated in 2014, is currently comprised of three studio apartments, three one-bedroom apartments, one two-bedroom apartment and one duplex two-bedroom apartment. The recently renovated building features state-of-the- art finishes, including in-unit washer/dryers. All eight of the units are free market and boast a superior average rental rate of $50/ SF.

East Harlem’s residential feel, combined with major economic drivers and its proximity to major commercial hubs, thanks to multiple transportation options, continues to attract residents and investors to the neighborhood. 419 East 117th Street offers a potential investor the opportunity to generate future cash flow from one of Manhattan’s most sought-after locations.

419 East 117th Street is being offered as part of a 171-unit, four- property portfolio.

• 8 residential units
• 100% free market units with strong in-place rents
• Recently renovated building with contemporary finishes and in-unit washer / dryer
• Steps from the multiple shops at the East River Plaza
• Blocks from the NYC Economic Development Corporations revitalization project along 125th Street
• Tax class 2B limits tax increases to 8% per year and 30% over five years
• Close proximity to the 6 subway line

Property Details

Block/Lot:
1711/10
Lot Dimensions
18.75 x 100.92
Lot Area
1,892 sq.ft
Zoning:
R7B
FAR as Built:
2.99
Max FAR:
3.0
Allan FriesAvison Young
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