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.
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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.
