2127 3rd Ave New York, NY 10035-4738
- Retail residential properties
- 6,900 SF
- 0.04 lot acres
Current Use by Public Records
- Silvermen Corp. / Perfume Store / Jewelry Store
Property Details for 2127 3rd Ave
- Year built
- 1910
- Lot size
- 0.04 lot acres
- Property size
- 6,900 SF
- Zone code
- C4-6
- Property type
- Retail residential properties
- APN
- 01666-0002
- APU
- 16660002
Description
This exceptional mixed-use property at 2127 3rd Avenue in New York City's vibrant East Harlem presents a compelling investment opportunity. The five-story, 6,908 square foot building sits on a 0.039-acre lot and boasts eleven units: seven one-bedroom/one-bathroom apartments, one studio apartment, two ground-floor retail spaces, and one office suite. Currently housing ten tenants, the property offers a strong 7.23% cap rate and a substantial net operating income (NOI) of $151,865. The asking price is $2,100,000, translating to $304 per square foot and $190,909 per unit. Built in 1867, the building is zoned C4-6, allowing for potential future development and expansion. The property benefits from significant air rights (approximately 9,982 square feet), adding considerable value. Its prime location offers convenient access to public transportation (including subway lines and bus routes), major roadways (FDR Drive, Interstates 278 and 95), and bridges. Nearby amenities include Central Park, Marcus Garvey Park, Thomas Jefferson Park, numerous restaurants, shops, and businesses. The strong demographics of the area, with high household incomes and a large workforce within a one-mile radius, further enhance the investment potential. The property also benefits from its proximity to several area schools and major universities. Rent bumps are permitted, providing additional income growth opportunities. This well-maintained asset represents a rare chance to acquire a high-performing mixed-use property in a rapidly developing and desirable Manhattan neighborhood. The fee-simple ownership provides complete control and flexibility for the new owner.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9396
- Latitude
- 40.798
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
