UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Subdivision Central Harlem
MLS Listing ID 1032679
Rental Info No
Year Built 1887
Annual Tax Amount $3,150
Property Sub-Type Quadruplex
Source onekey2
Property Description
188 Lenox is a rare architectural canvas located on historic Lenox Avenue. Built in 1887, this turn-of-the-century, mixed-use townhouse is situated along one of Upper Manhattan's most iconic corridors and is available for sale.
188 Lenox Avenue is a 4-unit, mixed-use building located between 119th and 120th Streets. This property features ground-floor commercial space—currently being used as a hardware store—and three vacant residential units above. The property can be restored to its original beauty to generate passive rental income, or it can be renovated and converted into condos. For comparison, condos at 192 Lenox (just two buildings down) have sold in the $700K to $1M range. The building can be delivered with a Certificate of Non-Harassment and DOB-approved plans to convert into a legal 4-family building plus commercial space.
Approved Plans Include:
* 2nd Floor: Two (2) studio apartments, projected to rent for a minimum of $2,646/month each.
* 3rd & 4th Floors: Two (2) floor-through 2-bedroom apartments, projected to rent for a minimum of $3,058/month each.
* 1st Floor: Commercial space with excellent retail frontage near the Mount Morris Park Historic District. Can be rented for approximately $90/sq. ft., bringing in roughly $10,500/month.
Unleash immediate upside in Harlem's historic and commercial heart!
Grand Totals
* Total Monthly Income (4 Residential + 1 Commercial):$11,408 + $10,500= $21,908 / Month
* Total Annual Gross Income:$21,908 x 12 = $262,896 / Year
At a fair aqcuisition price, with conservative expense estimates, this property can bring in a double-digit cap rate (11.5% to 13.1%) which is an extraordinary return.
Schedule your showing today!
Location
State NY
County New York (manhattan)
Rooms
Basement Full, Unfinished
Interior
Interior Features Original Details
Heating Steam
Cooling None
Fireplace No
Exterior
Parking Features None
Utilities Available Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected, Sewer Connected, Trash Collection Public, Water Available, Water Connected
Garage false
Building
Sewer Public Sewer
Water Public
Structure Type Brick
Schools
Elementary Schools Contact Agent
Middle Schools Call Listing Agent
High Schools Contact Agent
School District Contact Agent
Others
Senior Community No
Special Listing Condition None
Nearby School & Business
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