Multi-family

Introducing 1978 2nd Ave, New York, NY, 10029—an active investment opportunity comprising 4 properties within the urban landscape of East Harlem. With two listings available for $10,000,000 to $65,000,000, this 2-Star Mid-Rise Apartment Complex offers flexibility and potential for diverse investment strategies.

Property Highlights:

Investment Metrics:

• Price Range: $10,000,000–$65,000,000
• Price Per Unit: $625,000
• Cap Rate: 2.73%, providing a stable income for long-term investors.

Building Details:

• Units: 16, catering to market-rate renters.
• Gross Building Area (GBA): 10,625 square feet.
• Typical Floor Area: 2,198 square feet across 5 stories.
• Class: C – an opportunity for enhancements or upgrades to align with evolving market demands.

Density:

• Units per Acre: 267, ensuring efficient use of urban space.

Prime Urban Location:

Situated in the bustling East Harlem district, 1978 2nd Ave is perfectly positioned to benefit from the neighborhood’s dynamic growth and cultural diversity. The location offers:

• Easy access to transportation, shops, and restaurants.
• Proximity to local landmarks and community amenities.

Neighborhood Overview:

East Harlem, also known as “El Barrio,” is a vibrant and historic neighborhood experiencing a resurgence in popularity. The area’s mix of cultural institutions, public parks, and diverse dining options ensures steady demand for rental properties, making this listing an attractive investment for those targeting urban real estate markets.

Conclusion:

1978 2nd Ave represents a unique opportunity to invest in a centrally located multi-property portfolio in one of Manhattan’s evolving neighborhoods. With a steady cap rate, market-rate units, and significant urban appeal, this property is ideal for investors looking to establish or expand their presence in New York City’s competitive real estate market. Schedule a tour to explore this opportunity today!