0 116Th StNew York, NY 10029

For Sale
$2,200,000

Prime East Harlem location, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
96
This exceptional mixed-use property at 175 East 116th Street in New York, NY 10029, presents a compelling value-add investment opportunity. The four-story brick building encompasses 3,825 square feet on a 1,741 square foot lot and features four units: one street-level retail space currently occupied by H&R Block, one first-floor commercial unit, and two free-market residential units. The property boasts a 25% occupancy rate and a pro-forma cap rate of 6.80%, offering significant upside potential. Its strategic location in East Harlem places it within a vibrant retail corridor, surrounded by established businesses such as Chase Bank, Burger King, Chipotle, Taco Bell, T-Mobile, Dunkin', and Popular Bank. The property benefits from a favorable Tax Class 2A assessment, resulting in annual taxes of $5,418. Furthermore, an impressive 3,482 square feet of air rights are available, presenting substantial opportunities for expansion and increased value. This property is ideal for investors seeking to capitalize on a strong retail location and add value through increased occupancy and potential development. The asking price is $2,200,000.

Highlights

  • $2,200,000 asking price for a mixed-use (office and retail) value-add investment property.
  • Tax Class 2A with annual taxes of $5,418.
  • H&R Block is the current retail tenant.
  • 100% free-market lease.
  • Excellent retail location near Chase Bank, Burger King, Chipotle, Taco Bell, T-Mobile, Dunkin', and Popular Bank.
  • 3,482 square feet of available air rights.

Property Details for 0 116Th St

Property type
Other retail properties, Other office properties
Square Feet
3,825 SF
Units
4

Location Insight

City
New York
County
New York
State
New York
Latitude
40.798235828889
Longitude
-73.940718678405
116Th St, New York, New York

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0 116Th St
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