245 Lenox Ave New York, NY 10027
- Retail properties
- 5,225 SF
Current Use by Public Records
- Retail properties
Property Details for 245 Lenox Ave
- Year built
- 1910
- Property size
- 5,225 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a meticulously renovated, mixed-use building located at 245 Lenox Avenue in the vibrant South Harlem neighborhood of New York City. Built in 1910, this five-story property boasts 5,225 square feet and offers a compelling blend of residential and commercial space. The building comprises four residential units, each spanning a full floor, ideal for long-term rentals, and one ground-floor commercial space currently occupied by Harlem Haberdashery, providing additional income potential. All units are free-market, offering flexibility for future use, including potential conversion to a single-family home. The property's asking price is $3,600,000, representing an attractive price per square foot under $700 and a 5.50% cap rate. Situated between West 122nd and 123rd Streets, the building benefits from its proximity to Marcus Garvey Park, Whole Foods Market, and a diverse array of restaurants and boutiques. This turn-key investment is perfect for both owner-occupants and investors seeking a property that seamlessly combines historic charm with modern conveniences in a thriving, culturally rich community. The C1-4/R7-2 zoning permits a variety of uses, enhancing the property's long-term value and potential. This is a rare opportunity to acquire a renovated mixed-use building in a prime Harlem location.
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
- -73.947
- Latitude
- 40.8062
