East Harlem Multifamily Portfolio Opportunity – 1980 2nd Avenue
Address: 1980 2nd Avenue, New York, NY, 10029
Asking Price Range: $10,000,000 – $65,000,000
Price per Unit: $588,235
Cap Rate: 2.73%
Sale Type: Investment
Asset Type: 3-Star Mid-Rise Apartment Building
Location: Urban – East Harlem
Units: 17
Stories: 5
Class: C
Gross Building Area (GBA): 10,625 SF
Typical Floor Size: 2,125 SF
Buildings on Site: 1
Units per Acre: 283/AC
Rent Type: Affordable
Affordable Category: Rent Controlled
Property Overview:
1980 2nd Avenue represents a compelling long-term multifamily investment opportunity in the rapidly evolving East Harlem submarket. Featuring 17 units across a 5-story mid-rise, this rent-controlled asset offers stability, upside potential through gradual turnover, and a rare chance to own a building with deeply rooted tenancy in one of Manhattan’s last remaining affordable housing strongholds.
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Investment Highlights:
✔ Affordable Housing Stability: All 17 units are rent-controlled, ensuring consistent occupancy with predictable long-term revenue.
✔ Prime Corner Location: Situated at the intersection of 2nd Avenue and East 102nd Street, with strong visibility and easy access to public transportation.
✔ Value-Add Potential: Though currently restricted under rent control, turnover of units over time allows for potential rent increases and repositioning.
✔ Expanding Neighborhood Growth: East Harlem continues to see investment in infrastructure, residential development, and retail expansion — including the nearby 2nd Avenue Subway extension and Columbia University projects.
✔ Rare Ownership Opportunity: Properties with this tenant profile and pricing structure seldom come to market, making this a unique buy-and-hold opportunity for investors focused on stable yield and long-term capital preservation.
Building Summary:
- Units: 17
- Stories: 5
- Gross Building Area: 10,625 SF
- Price Range: $10M – $65M
- Cap Rate: 2.73%
- Building Class: C
- Rent Type: Affordable (Rent Controlled)
- Market Segment: All
Conclusion:
1980 2nd Avenue offers investors a rare, steady-income property with long-term upside in a Manhattan neighborhood poised for continued transformation. With a favorable price per unit, protected tenancy, and potential for future growth, this building is ideal for investors seeking generational assets in the heart of New York City.
Contact us today for the Offering Memorandum, financials, and to schedule a private tour.
