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1889 Lexington Ave New York, NY 10035

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For Sale
$1,890,000

12-unit multifamily building in East Harlem with strong rental demand.

Lot size:
0.03 Acres

Property Features for 1889 Lexington Ave

General Information

Property type
Commercial
Standard status
Active
Lot size
0.03 Acres

Building Details

Year built
1890

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Listing Contact
Wen Pin Tsai
Source: Elliman

Listing Agency: Chous Consolidated Enterprise Listing Agent: Wen Pin Tsai

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

East Harlem Multifamily Investment Opportunity

This is a 12-unit multifamily building located in East Harlem, New York. The renovated walk-up property features spacious pre-war apartments, including five one-bedroom units, six studio apartments, and one two-bedroom apartment. The building is fully occupied, with all apartments rent-stabilized and no rent control. The property is situated in a prime location, surrounded by numerous shopping and dining options. The building is zoned for hotel operation if desired. The property offers immediate income as well as long-term appreciation potential. The building has a fire sprinkler system installed. There is potential to build an additional three stories. The rental income is $160,200, with operating expenses of $40,506, resulting in a net operating income of $119,694.
Location Intelligence

Current Use by Public Records

Zipcar Location Freight Service SuuChef Restaurant Fernando Faraldo Newspaper & Magazine

Suggested Use

Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

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  • Local Demand
City
New York
County
New York
State
New York
Longitude
-73.9406805
Latitude
40.7996561

FAQs

What type of property is this?
Apartment building - 12-unit multifamily building in East Harlem with strong rental demand.
Where is this apartment building located?
The property is located at 1889 Lexington Ave New York, NY.
What is the asking price?
The asking price for this property is $1,890,000.
What are key features of this property?
This property features: - Strong Net Operating Income of $119,694 and a 6% CAP rate provide immediate income.; - Prime East Harlem location offers high rental demand and steady cash flow.; - Zoned for potential hotel operation.
More about this property
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