Great opportunity for a condo conversion to eight units or get a 4.4% Cap Rate with some minor layout changes. Built in 1900, this 19ftx58ft semi-attached property legal four-unit, four-story plus cellar, big garden and roof access is located on the south side of 115th Street between 1st Avenue and Pleasant Avenue. Contact the seller's broker for a showing: Rene Fauchet at Douglas Elliman.
The building has been owned and operated by current ownership for over 14 years. It consists of four large floor-through, two bedroom apartments of approx. 1,044SF per unit. The four units are free market and currently rented. Building can be delivered vacant or with leases.
With a total of approx. 4,176SF above grade, on a lot of 19ft x 100.92ft, the building comes with 900SF of air right, allowing the addition of a spacious roof deck. The good rental income combined with the exceptional low annual RET ($1,800) give you a cap rate above 4%.
Located in a burgeoning neighborhood of East Harlem, this townhouse is ideal for an owner-user looking to live in a townhouse and receive rental income.
The flexibility of the layout allows you to reconfigure the four apartments to a 3BD and increase the revenue by 36%. (Alternative DOB approved floor plan available)
Walking distance from public transportation with Local, Express (M15 SBS on First Ave to downtown), Crosstown (M116 to the West) busses, and 4, 5, and 6 subway lines that run along Lexington Ave. Easy access throughout Manhattan and the outer boroughs with FDR Expressway close by. Conveniently located one block from the East River Plaza Shopping Mall home to Target, Marshalls, Costco, Planet Fitness and more.
Developers respond to the housing demands, several new condominium and rental developments are popping up within less than a half-mile radius.
Young students from Manhattan Center for Science & Mathematics, Isaac Newton MS, Dream Charter and Dwight School of Athletics create a campus atmosphere in the neighborhood. Other schools include PS/MS 57M, Tag Young Scholars MS, Tito Puento Education Complex, Park East HS 495.
Steps away you will enjoy the pleasant space of Thomas Jefferson Park with its playground, running track, soccer field, basketball courts, dog run, outdoor olympic pool, barbecue grills and picnic tables. Within short distance: - the East River Esplanade including the Bobby Wagner Walk. - and via the pedestrian bridge, Randall's Island Park offering a great variety of sports, attractions and cultural events such as the famous Frieze international Art Fair.
New restaurants and shops are opening among long-time installed local stores and restaurants, like the original Patsy's and New York's most exclusive Italian restaurant Rao's giving to the neighborhood a village feel and attracting new residents in search of authenticity. El Museo Del Barrio located in the northern end of Museum Mile is one of the neighborhood's most important cultural institutions. Mount Sinai hospital is a short drive away.
Have the vision and invest in one of the rare remaining up and coming neighborhoods in Manhattan. Financials available upon request, contact Rene Fauchet.
Do you know that around the bock, the restaurant Rao is considered by many to be the most exclusive to get into. Zagat writes that "it practically takes an act of Congress to score a coveted table." Martin Scorsese filmed Goodfellas and returned to the iconic venue for a scene with Leonardo DiCaprio and Bo Dietl in "The Wolf of Wall Street". Since 1896, the family-owned restaurant has hosted many celebrities: Frank Sinatra, Woody Allen, Bill and Hillary Clinton, Warren Buffett, Bill Gates, baseball legend Hank Aaron, Mariah Carey, Bruce Willis, Denzel Washington.....
Listing Agent: Rene Fauchet
Courtesy of: Douglas Elliman 1995 Broadway
Office Phone: 212.362.9600
Updated: 21st April, 2018 7:52 AM.
414 East 115th St New York, NY