Residential Investment Property for Sale – 2049 2nd Avenue, New York, NY 10029

Asking Price: $3,750,000 ($288,462 / Unit)
Cap Rate: 7.04%
Sale Type: Investment
Property Type: 2-Star Mid-Rise Apartments
Location: Urban – East Harlem, Manhattan (10029)
Availability: Immediate

Property Overview

2049 2nd Avenue offers a 13-unit multifamily investment opportunity in East Harlem, one of Manhattan’s most active and evolving rental submarkets. The 5-story, 8,530 SF building combines market-rate and rent-stabilized units, giving investors both steady cash flow and long-term upside potential.

With a Cap Rate of 7.04%, this property presents strong in-place income performance that is well above typical Manhattan averages, making it particularly attractive for investors seeking yield in a supply-constrained market.

Key Features

• Total Units: 13
• Asking Price per Unit: $288,462
• Stories: 5
• Gross Building Area (GBA): 8,530 SF
• Typical Floor Size: 1,501 SF
• Number of Buildings: 1
• Building Class: C (2-Star Mid-Rise)
• Units per Acre: ~108/AC
• Construction: Masonry
• Year Built: Not specified (prewar structure, consistent with East Harlem housing stock)

Market Profile

• Rent Type: Primarily market units with rent-stabilized component
• Target Tenant Base: Working professionals, families, and long-term residents
• Neighborhood Demand: East Harlem continues to experience investment momentum, supported by new residential development, proximity to Central Manhattan, and improving infrastructure
• Competitive Advantage: Strong 7.04% cap rate, rare for Manhattan multifamily, providing both stability and potential appreciation

Financial Highlights

• Asking Price: $3,750,000
• Price per Unit: $288,462
• Price per SF: ~$440/SF
• Cap Rate: 7.04% (based on in-place NOI)
• Upside Potential: Long-term rent growth from East Harlem redevelopment, potential repositioning of stabilized units over time

Location Advantages

• Neighborhood: East Harlem – culturally vibrant, historically affordable, and increasingly attractive to investors
• Proximity: Near 2nd Avenue retail, Central Park North, and Mount Sinai Hospital
• Transit: 6 train at 110th Street, multiple bus routes, and future 2nd Avenue Subway extension
• Tenant Demand: Strong, driven by affordability relative to other Manhattan neighborhoods, plus proximity to Midtown

Summary

The 13-unit, 8,530 SF multifamily property at 2049 2nd Avenue, East Harlem is offered at $3.75M (~$288K/unit, ~$440/SF) with a 7.04% cap rate. With a mix of market and rent-stabilized units, this property delivers immediate, above-market cash flow while offering long-term appreciation potential in a growing Manhattan submarket.