Price Improvement | $2,395,000 | 5.71% In-Place Cap Rate
241 East 123rd Street is a seven-unit multifamily building between Second and Third Avenues in East Harlem. At the revised asking price, the property is offered at approximately $342,143 per unit. Stated annual NOI of $136,763 equates to a 5.71% in-place cap rate. Illustrative projected NOI of approximately $165,000 equates to a 6.89% projected cap rate, subject to leasing assumptions, legally permissible rent changes and operating expenses.
The building contains a mix of free-market and rent-stabilized apartments, including a garden-level two-bedroom with full-height ceilings and private outdoor space. For buyers considering owner occupancy, Unit 6 is currently occupied by a member of the owners family. Potential vacant delivery of that apartment can be discussed, giving a buyer the option to explore living on-site while retaining rental income from the remaining apartments.
The existing mortgage may be assumable, subject to lender approval and purchaser qualification. The rate is fixed at 4.40% through July 2030, adjusts thereafter and matures in July 2050. The property is in an R7B zoning district and a designated Opportunity Zone. Potential additional zoning floor area is subject to independent verification.
The building is near the 4, 5 and 6 trains at 125th Street, Metro-Norths Harlem125th Street station, East River Plaza and major transportation corridors including the FDR Drive. The MTAs Second Avenue Subway Phase 2 will bring future Q service to 125th Street and Lexington Avenue.
Contact Liam Killie for the offering memorandum, rent roll, operating figures and financing summary, or to arrange a private showing.