Building Details

Architectural style Other

Listing Agency: Compass Show Phone

Listed By: Jonathan Kramer Show Phone

Added: Jul 15, 2025 Changed: Oct 17 Last Checked: Oct 17 at 6:06PM

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MLS# 11536785

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Investment Insights

Based on property information with market context.

This 8,530-square-foot mixed-use building combines 12 free-market apartments with commercial space at street level, currently occupied by a Mexican restaurant. The apartments are arranged in three layouts, with four units of each: studio alcove, one-bedroom, and one-bedroom with a home office. A live-in superintendent is also noted. Improvements completed within the last four years include boiler upgrades, roof replacement and waterproofing, lobby and hallway renovations, new lighting, and selected apartment kitchen, bath, and oak-floor updates. Exterior work included a waterproofed EIFS/stucco system on the side and rear, plus brick repointing and power-washing.

The property is at the northwest corner of East 105th Street and 2nd Avenue in East Harlem. A 2022 Alteration Type I permit covered removal of lot-line windows in preparation for a development site next door.

Key Highlights

• 12 free‑market apartments above street‑level commercial space
• 8,530 square feet
• Four studio‑alcove units, four one‑bedroom units, and four one‑bedroom units with home offices

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

Is this asking price fair?

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 (±1% cap)

NOI $1,151,550 @ 7.0% cap · market cap 30.71%

Second Best

Apartment 5plus

$4.65M

$4.07M – $5.42M (±1% cap)

NOI $325,290 @ 7.0% cap · market cap 8.67%

Theoretical Best

Specialty Retail

$30.43M

$26.63M – $35.51M (±1% cap)

NOI $2,130,368 @ 7.0% cap · market cap 56.81%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Lupitas Restaurant Restaurant

Suggested Use

Top Pick Law Firm Real Estate Agency Accounting Firm Acupuncture Big Box & Wholesale Store Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

12

Residential units

Multi-tenant

Tenancy

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Street-level commercial space is occupied by a restaurant, with free-market apartments on the floors above.

Where is this mixed-use property located?

The property is located at 2049 2nd Avenue 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: 12 free‑market apartments above street‑level commercial space; 8,530 square feet; Four studio‑alcove units, four one‑bedroom units, and four one‑bedroom units with home offices