3 128Th St New York, NY 10035

Property Details for 3 128Th St

Year built

1909

Property size

4,520 SF

Property type

Commercial real estate

Description

This stunning four-unit brownstone, located at 3 E 128th St in New York City, presents a compelling investment opportunity. Built in 1909 and renovated in 2003, this 20-foot-wide Neo-Grec townhouse offers 4,520 square feet of living space, plus a cellar and backyard. Each of the four floor-through units features two bedrooms and one-and-a-half bathrooms, boasting high ceilings, large windows, hardwood floors, exposed brick, and updated kitchens and bathrooms with modern appliances (microwave and dishwasher). Currently operating at 100% occupancy, the property generates a substantial pro-forma NOI of $137,780, representing a 5.88% pro-forma cap rate. The asking price is $2,345,000, translating to $518.81 per square foot. This property benefits from an additional 1,480 square feet of available air rights, offering significant potential for future expansion. Situated in a desirable Central Harlem location, close to restaurants, shopping, and transportation (2/3 and B/C subway lines, M2, M7, M101 bus lines, and Metro North), this property is also conveniently located between Mount Morris Park and Morningside Park. All units are separately metered, with current rents averaging approximately $3,300 per month. The property will be delivered with all necessary paperwork and current tenants. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a prime location.