172 East 112th Street
East Harlem | Lexington Avenue & Third Avenue
Ownership
Rental Property
Floors/Apts
5/18
Status
Active
Real Estate Taxes
[Per Annum]
$ 83,484
Building Type
Townhouse
Year Built
1910
ASF/ASM
8,610/800
Property Description
172 East 112th Street presents a 20-unit mixed-use investment opportunity in East Harlem, Manhattan, offered at $3,240,000.
The property consists of 18 rent-stabilized residential apartments and two ground-floor retail spaces. The property currently generates approximately $406,450 in annual gross operating revenue and $228,230 in actual NOI, representing a 7.04% current capitalization rate.
Apartments 2D and 3B are currently vacant, with no income from either unit included in the current NOI. Apartment 2D is currently undergoing renovation, with ownership projecting approximately $2,500 per month upon completion, while Apartment 3B is projected at approximately $2,100 per month. Together, the two units represent approximately $55,200 in potential additional annual gross income, resulting in a projected 8.75% pro forma capitalization rate.
Both ground-floor retail spaces are occupied under long-term leases, providing an established commercial income stream.
Asking Price: $3,240,000 Current Cap: 7.04% Pro Forma Cap: 8.75% $162,000 Per Unit
172 East 112th Street presents a 20-unit mixed-use investment opportunity in East Harlem, Manhattan, offered at $3,240,000.
The property consists of 18 rent-stabilized residential apartments and two ground-floor retail spaces. The property currently generates approximately $406,450 in annual gross operating revenue and $228,230 in actual NOI, representing a 7.04% current capitalization rate.
Apartments 2D and 3B are currently vacant, with no income from either unit included in the current NOI. Apartment 2D is currently undergoing renovation, with ownership projecting approximately $2,500 per month upon completion, while Apartment 3B is projected at approximately $2,100 per month. Together, the two units represent approximately $55,200 in potential additional annual gross income, resulting in a projected 8.75% pro forma capitalization rate.
Both ground-floor retail spaces are occupied under long-term leases, providing an established commercial income stream.
Asking Price: $3,240,000 Current Cap: 7.04% Pro Forma Cap: 8.75% $162,000 Per Unit
Listing Courtesy of Douglas Elliman Real Estate
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Apartment Features
A/C
Building Details [172 East 112th Street]
Ownership
Rental Property
Service Level
Voice Intercom
Access
Walk-up
Block/Lot
1639/42
Building Type
Townhouse
Year Built
1910
Floors/Apts
5/18
Mortgage Calculator in [US Dollars]
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Listing ID: 104438TH