East Harlem Mixed-Use
For Sale
$3,750,000
Pending
2049 2nd Ave, New York, NY 10029
Mixed-use property with residential units and commercial space for sale.
Property Size8,530 SF
Lot Size0.11 Acres
Days on Market212
Property Features for 2049 2nd Ave
General Information
Standard status
Pending
Size
8,530 SF
Lot size
0.11 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$97,200
Building Details
Building Size
8,530 SF
Year Built
1900
Stories
3
Units
12
Listing Agency:
Compass
Listed By:
JONATHAN KRAMER
(516) 423-9581
Source:
Elliman
Added: Mar 11
Changed: Oct 6
Last Checked: Oct 7 at 2:24PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
Located in East Harlem, this mixed-use investment property features 12 residential units above a commercial space occupied by a Mexican restaurant. The restaurant contributes over $130,000 annually through base rent, tax contributions, and utility reimbursements. The residential apartments include studio alcoves, one-bedroom units, and one-bedroom units with a home office, with four identical units of each layout. Recent improvements within the last four years include boiler upgrades, roof replacement and waterproofing, lobby and hallway renovations with new tile floors and repainting, new lighting, select unit upgrades with new kitchens and baths and refinished oak floors, a new EIFS/Stucco and Waterproofing facade system on the side and rear, and brick repointing and power-washing. An Alteration Type I Permit was obtained in 2022 for the removal of lot line windows, preparing the property for a new adjacent development site with approximately 25,000 buildable square feet. A live-in superintendent maintains the property. The seller also owns the adjacent development site and is willing to do a package deal for both the building and lot. The neighborhood is expected to benefit from the upcoming 2nd Avenue subway extension up to 125th Street.
Key Highlights
- High Net Operating Income (NOI) of over $260,000 and an approximate 7% cap rate.
- Commercial space occupied by a restaurant generating over $130,000 annually.
- Recent renovations (boiler, roof, lobby, hallways, select kitchens/baths, facade) provide a turnkey investment.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$325,290
Cap Rate
8.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,505,800
$6.5M
Cap Rate 7%
$4,647,000
$4.6M
Cap Rate 9%
$3,614,333
$3.6M
Market Conditions
NOI Build-Up for 8,530 SF
Gross rent
$614.2K $72.00/SF
− Vacancy
−$22.7K −$2.66/SF
EGI
$591.4K $69.34/SF
− OpEx
−$266.1K −$31.20/SF
NOI
$325.3K $38.13/SF
Area
ZIP 10029
Vacancy
3.70%
Lease Rate
$72.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,505,800
Cap Rate 7%
$4,647,000
Cap Rate 9%
$3,614,333
Alternative Uses
Best Use
Mixed Use
$16.45M
$14.39M – $19.19M
NOI $1,151,550 @ 7.0% cap · market cap 30.71%
Second Best
Apartment 5plus
$4.65M
$4.07M – $5.42M
NOI $325,290 @ 7.0% cap · market cap 8.67%
Theoretical Best
Specialty Retail
$30.43M
$26.63M – $35.51M
NOI $2,130,368 @ 7.0% cap · market cap 56.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
11,342
Businesses Nearby
Explore this area
Business Placement
Demographics for 10029, NY
78,141
Population
36,955
Households
2.1
Avg Household Size
36
Median Age
36%
College-Educated
78%
High-School Grad
1.2 sq mi
ZIP Area
65,118
Density / Sq Mi
$38,308
Median Household Income
$41,951
Median Earnings
$1,183
Median Rent
$818,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with residential units and commercial space for sale.
Where is this mixed-use property located?
The property is located at 2049 2nd Ave New York, NY.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: High Net Operating Income (NOI) of over $260,000 and an approximate 7% cap rate.; Commercial space occupied by a restaurant generating over $130,000 annually.; Recent renovations (boiler, roof, lobby, hallways, select kitchens/baths, facade) provide a turnkey investment.
