116Th St New York, NY 10029
- Retail properties
- 3,825 SF
Current Use by Public Records
- Retail properties
Property Details for 0 116Th St
- Property size
- 3,825 SF
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This exceptional mixed-use property at 175 East 116th Street in New York, NY 10029, presents a compelling value-add investment opportunity. The four-story brick building encompasses 3,825 square feet on a 1,741 square foot lot and features four units: one street-level retail space currently occupied by H&R Block, one first-floor commercial unit, and two free-market residential units. The property boasts a 25% occupancy rate and a pro-forma cap rate of 6.80%, offering significant upside potential. Its strategic location in East Harlem places it within a vibrant retail corridor, surrounded by established businesses such as Chase Bank, Burger King, Chipotle, Taco Bell, T-Mobile, Dunkin', and Popular Bank. The property benefits from a favorable Tax Class 2A assessment, resulting in annual taxes of $5,418. Furthermore, an impressive 3,482 square feet of air rights are available, presenting substantial opportunities for expansion and increased value. This property is ideal for investors seeking to capitalize on a strong retail location and add value through increased occupancy and potential development. The asking price is $2,200,000.
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
- -73.9407
- Latitude
- 40.7982
