16 Washington Ter New York, NY 10033

Property Details for 16 Washington Ter

Property size

2,040 SF

Property type

Commercial real estate

Description

This three-story brick apartment building at 16 Washington Terrace in New York City's Washington Heights neighborhood presents a compelling investment opportunity. The property, situated on a 1,109 sq ft lot, features three occupied, two-bedroom free-market apartments totaling 2,040 square feet. One ground floor unit boasts access to a roughly 400 sq ft private rear yard. A single parking space is also included. The building is zoned R7-2 and currently benefits from a tax class 1 designation. Significant upside potential exists through rent increases to market rates upon tenant turnover, projected to boost revenue by 12-15%. Alternatively, the property offers the possibility of owner-occupancy, offsetting mortgage payments while generating rental income from the remaining units. The convenient location near the 1 and A train stations at 181st Street, Yeshiva University, High Bridge Park, and numerous retail amenities (Marshals, Target, Key Foods, banks, cafes, and restaurants) enhances its desirability. This turnkey investment asset is poised for near-term growth in a developing market.