Multi-family

Property Description for 2015 1st Ave, New York, NY, 10029

Investment Opportunity in East Harlem

Address: 2015 1st Ave, New York, NY, 10029
Price: $3,000,000 ($230,769/Unit)
Type: 2-Star Mid-Rise Apartments
Units: 13
Cap Rate: 6.96%
Stories: 6
Gross Building Area (GBA): 14,875 SF
Typical Floor Area: 1,900 SF
Class: C
Location: Urban

Overview:
Located in the vibrant neighborhood of East Harlem, this 6-story mid-rise apartment building offers a compelling investment opportunity. With 13 market-rate units and an average unit size of 700 SF, this property combines stable income potential with an attractive cap rate of 6.96%. Priced at $3,000,000, it represents a strategic acquisition in an urban market with strong demand.

Key Features:

Strategic Urban Location:
Situated on 1st Avenue, the property benefits from the cultural richness and connectivity of East Harlem, attracting a diverse tenant base and steady rental demand.

Strong Income Potential:
The property offers 13 market-rate units with a favorable cap rate of 6.96%, making it a sound investment for consistent rental income and long-term returns.

Functional Layouts:
With an average unit size of 700 SF and a typical floor area of 1,900 SF, the apartments provide practical living spaces suitable for a variety of tenants.

Proximity to Amenities:
Close to local shops, dining options, parks, and public transportation, the property offers convenient access to essentials and enhances its appeal to tenants.

Transit Connectivity:
The building enjoys excellent access to public transportation, including nearby subway lines and bus routes, ensuring ease of commute for residents.

Highlights:

This Class C mid-rise apartment building offers a robust investment in a dynamic New York City market. Its urban location, solid rental income potential, and manageable scale make it an ideal choice for investors seeking entry into the East Harlem real estate market or looking to diversify their portfolio.

Position your investment for growth and stability with this strategically located property in one of Manhattan’s most promising neighborhoods.