217 115th St New York, NY 10029-2190

Property Details for 217 115th St

Year built

1910

Lot size

0.04 lot acres

Property size

4,639 SF

Zone code

R7A

Property type

Apartment buildings

APN

01665-0009

APU

16650009

Description

This 8-unit apartment building, located at 217 E 115th St in New York, NY 10029, presents a compelling investment opportunity. The property, built in 1910, comprises a three-story, 4,639 square foot building situated on a 1,817 square foot lot. It features a mix of one studio and seven one-bedroom apartments, currently generating an average monthly rent of $2,749 per unit. The building benefits from recent renovations and upgrades to major systems, minimizing deferred maintenance. The property is zoned R7A and enjoys a protected Tax Class 2B designation, limiting annual assessed value increases to a maximum of 8% or 30% over five years. Its prime location in East Harlem offers convenient access to Central Park, Mount Sinai Hospital, and the 4/6 train at 116th Street. The asking price is $3,250,000, representing a price per unit of $406,250 and a price per square foot of $700.58. The current Net Operating Income (NOI) is $243,750, yielding a 7.5% cap rate. Pro forma projections indicate an 8.89% cash-on-cash return. This fully free-market walk-up building offers investors the potential for significant appreciation through market rent increases upon vacancy. The building's updated facade and high-quality finishes in each unit further enhance its appeal.

Location Insight

City

New York

County

New York

State

New York

Longitude

-73.9395

Latitude

40.7971

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments