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    1873 Lexington Ave New York, NY 10035

    Sponsored
    For Sale
    $1,950,000

    East Harlem, NY: Value-add opportunity

    Property size:
    3,612 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional mixed-use property at 1873 Lexington Avenue in East Harlem, New York, NY 10035 presents a compelling value-add investment opportunity. The four-story brick building encompasses 3,612 square feet on a 21ft x 86ft lot and comprises four units: one street-level retail space, one second-floor commercial unit (currently vacant), and two residential units. The property is situated directly above the 116th Street (6) train station, benefiting from high foot traffic of approximately 16,000 daily riders. This prime location offers significant potential for increased revenue and value appreciation. A key feature is the substantial 10,632 square feet of available air rights, providing significant development potential for expansion or future construction. The building is zoned R9, C2-5, and EHC, allowing for a variety of uses. The asking price for this unique investment property is $1,950,000. The 100% free-market commercial space on the second floor presents an immediate opportunity for lease income generation. This property is ideal for investors seeking a value-add project in a high-demand location with significant upside potential. The combination of existing income streams, vacant commercial space, and substantial air rights makes this a truly unique opportunity in the vibrant East Harlem market.

    Property Features for 1873 Lexington Ave

    General Information

    Property type
    Mixed-use properties
    Square Feet
    3,612 SF

    Building Details

    Units
    4

    HighLights

    • $1,950,000 asking price for a mixed‑use building.
    • Value‑add investment opportunity with development potential.
    • 3,612 square feet, four units (two commercial, two residential).
    • 10,632 square feet of available air rights.
    • Prime East Harlem location directly above the 116th Street (6) train station, seeing approximately 16,000 daily riders.
    Property Profile Location Intelligence

    Current Use by Public Records

    Abastos LLC, tienda ... Mexican Grocery Store アクセス トゥ マネー Atm Vuelos Aereos a Nueva ... Travel Agency

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9411827
    Latitude
    40.7988744

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    FAQs

    What type of property is this?
    Mixed-use property - East Harlem, NY: Value-add opportunity
    Where is this mixed-use property located?
    The property is located at 1873 Lexington Ave New York, NY.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: $1,950,000 asking price for a mixed-use building.; Value-add investment opportunity with development potential.; 3,612 square feet, four units (two commercial, two residential).
    (646) 668-4801
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    1873 Lexington Ave New York, NY 10035
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1873 Lexington Ave New York, NY 10035
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