Turnkey 8-Unit Multifamily Investment Opportunity in Central Harlem. 115 West 136th Street presents an opportunity to acquire a renovated multifamily property consisting of 5 studio apartments and 3 one-bedroom apartments, with a current gross residential rent roll of $218,280 per year. The property consists of 8 free-market units and offers an attractive combination of strong in-place income and future rental upside.
The building has undergone extensive renovations and features updated apartments with modern kitchens, stainless-steel appliances, stone countertops, dishwashers, microwaves, wall-mounted heating/cooling units and contemporary finishes. Additional features include smart-lock/keyless entry, video intercom, basement laundry facilities and renovated common areas. Unit 1B is a one-bedroom with access to the rear yard, while 4B is a studio featuring a private rear balcony, providing outdoor space for those apartments. The building also includes a full basement.
Current rents total approximately $18,190 per month / $218,280 annually. The property has an estimated NOI of approximately $170,359, representing an approximately 7.25% cap rate Investors also have the potential to increase income over time as units turn over and rents are brought toward market levels. All financial information and projections are subject to purchaser verification.
Located on West 136th Street between Lenox Avenue/Malcolm X Boulevard and Adam Clayton Powell Jr. Boulevard, the property is exceptionally well positioned in Central Harlem. The 135th Street 2/3 subway station is nearby, providing convenient access to Midtown and Lower Manhattan, while multiple bus routes serve the surrounding neighborhood. The property is also close to NYC Health + Hospitals/Harlem, City College of New York, the Schomburg Center for Research in Black Culture, St. Nicholas Park, neighborhood shopping, restaurants and the extensive retail and services along Lenox Avenue and 125th Street. MTA's neighborhood map confirms the nearby 135th Street subway stations, Harlem Hospital, City College and numerous bus connections.
An excellent opportunity for an investor seeking a renovated, income-producing Central Harlem multifamily asset with strong current cash flow and additional long-term upside.