311 W 139th St - Apartments FOR SALE


New York, NY 10030- Central Harlem
$2,300,000 USD
212-951-8418
311 W 139th St, New York, NY for Sale
$2,300,000 USD
Apartments - FOR SALE
1/14
null | 7.32% Cap Rate

311 W 139th St
New York, NY 10030
Central Harlem


HIGHLIGHTS

  • 100% occupied providing stable cash-flow
  • 9-out-of-11 studio units (82%) are averaging $1,967/month (FHEPS Program)
  • Recent renovations of ~$500,000 include new roof, new boiler, new floors & appliances
  • Well-maintained property requiring minimal near-term capital and low maintenance costs. Minimal violations.
  • Tax Class 2B preserves a low and stable expense ratio, as well as capping increases in assessed values
  • Quiet tree-lined street located 1-block from St. Nicholas Park

OVERVIEW

Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale 311 West 139th Street, New York, NY 10030 (the “Property”) located on the north side if West 139th Street between Edgecombe Avenue and Frederick Douglass Boulevard in the Harlem neighborhood of Manhattan. The subject property is a 3-story 3,400± SF multifamily building built on a 1,699± SF lot. Zoned R7-2 with 11 residential units. 2 blocks from 135th Street [A, B, C] subway station. INVESTMENT HIGHLIGHTS 100% occupied providing stable cash-flow 9-out-of-11 studio units (82%) are averaging $1,967/month (FHEPS Program) Recent renovations of ~$500,000 include new roof, new boiler, new floors & appliances Well-maintained property requiring minimal near-term capital and low maintenance costs. Minimal violations. Tax Class 2B preserves a low and stable expense ratio, as well as capping increases in assessed values Quiet tree-lined street located 1-block from St. Nicholas Park Four blocks from the 135th Street [C,B] Subway Station CAPITAL IMPROVEMENTS & LOW EXPENSES: 2020-2024 building-wide improvements include a new boiler, new hot water heater, painted hallways, and new flooring and appliances, requiring minimal capital improvements and low maintenance costs. Tax Class 2B preserves a low and stable expense ratio, as well as capping increases in assessed values. CONVENIENT TRANSPORTATION ACCESS: The residents are well served by public transportation, with the A,B,C,D subway stations at 145th Street and the A,B,C subway station at 135th Street within five blocks of the Property. There is also a network of bus lines available throughout the neighborhood, including the north/south M10 bus stop, which is directly around the corner of the property, and the M3 which runs along St. Nicholas Avenue, providing access to the east and west sides of Manhattan.

FOR SALE DETAILS

PRICE

$2,300,000 USD

PRICE/SF

$676 USD /SF

# OF UNITS

11

PRICE/UNIT

$209,091

CAP RATE

7.32%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1899

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,699 SF

ZONING

R72

APN/PARCEL ID

2042-0108

ASK ABOUT THIS PROPERTY

Harris SonnenklarBesen PartnersMore Info
212-951-8418

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Harris SonnenklarBesen PartnersMore Info
212-951-8418

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.